Bill Bein's (wbein) Blog

QUALIFYING FOR THE MORTGAGE: Most lenders require that your monthly payment range between 25-28% of your gross monthly income.  Your mortgage payment to the lender includes the following items: The principal on the loan (P) The interest on the loan (I) Property taxes (T), The homeowner's insuranc...

CLOSING COSTS: You will be required to pay fees for loan processing and other closing costs.  These fees must be paid in full at the final settlement, unless you are able to include them in your financing.  Typically, total closing costs will range between 2-5% of your mortgage loan.  Visit our w...

DOWN PAYMENT REQUIREMENTS: Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan.  If you are able to come up with a 20-25% down payment, you may be eligible to take advantage of special fast-track programs and possibly eliminate mortgage ins...

HOW MUCH CAN YOU AFFORD? There are three key factors to consider:  The down payment  Your ability to qualify for a mortgage The closing costs associated with your transaction. Visit our website to read more about Chicago multi-family homes.  Click here if you are interested in selling or buying m...

In the Chicago area, it is customary for buyers to get a full pre-approval from a lender before they find the home they want to buy.  Why? A seller may choose to make concessions only if they know that your financing is secured. You can select the best loan package without being under pressure. V...

Purchasing a home is a very important decision and a big undertaking in your life.  In fact, most people only choose a few homes in their lifetime.  You should be well equipped and armed with up-to-date information for your big decision.  Visit our website to read more about Chicago multi-family ...

What to watch for with single-family homes:: In general, be aware that it is very easy to make a home sound good on paper-we always recommend drive-by's before setting up any showings!!! Our agents will be able to help you see how each neighborhood breaks on the price points-cheaper property may ...

What to watch for with condos:: 3.  We never recommend buying a minimal conversion where little was done other than to paint things; eventually all the older mechanicals will have to be cared for-at the owners' expense! Visit our website to read more about Chicago multi-family homes.  Click here ...

What to watch for with condos:: 3.  We never recommend buying a minimal conversion where little was done other than to paint things; eventually all the older mechanicals will have to be cared for-at the owners' expense! Visit our website to read more about Chicago multi-family homes.  Click here ...

What to watch for with condos:: 2.  A mid-level conversion describes a project where some amount of updating did occur but less than a full gut rehab. Mid-level conversions are lower in price and of a more vintage look- perhaps ideal if on a tight budget and we can verify that all the mechanicals...