Best Financing

Best Financing – Chicago Market

“…shopping for the best financing should start long before you start shopping for a home.”

When you’re looking to buy a home, the first thing most homebuyers do is start the process of house hunting. However, experience proves that this is one of the last steps you should be taking if you want to get the most home for the least amount of money. In fact, shopping for the best financing should start long before you start shopping for a home.

This report outlines 3 important steps you should take to obtain the best financing rates when you buy a home. Read on to find out where you can enquire, what questions you should ask, and how to manage the process to your personal advantage.

3 Point Plan – 3 Critical Questions to Ask When you’re looking for an agent to assist you in finding a home, make sure you find out the answers to these important questions:

1. Can you get me quick, easy and FREE mortgage preapproval?
2. Can I get preferred access to special low down payments, monthly pay­ments and interest rates?
3. Can I get special advance notice of listings that computer-match my homebuying criteria?
You owe it to yourself to benefit from these cost saving benefits.

1. Get Preapproved for a Mortgage …Getting preapproved for a mortgage will give you a number of important benefits including emotional security in the house-hunting process, and insurance against rising interest rates in the market place. Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage brokers can obtain written preapproval for you at no cost and no obligation. More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank. It entails a completed credit application, and a certificate, which guarantees you a mortgage to the specified level when you find the home you’re looking for. Preapproval means no last minute shopping around for money and rates. With a preapproved mortgage, if rates go up, you still get the preapproved rate, but if rates go down, you receive the lower rate.

2. Receive Preferred Access to Special Low Financing…Agents that conduct hundreds of real estate transac­tions every year may be able to offer you certain negotiating advantages with lending institutions. These lenders are often anxious to do business with such agents and their clients, and may be willing to extend better than average rates. This can make purchasing a home much easier and more affordable for many buyers to qualify for a minimum down payment, and low monthly pay­ments. Therefore many more buyers can own the home of their dreams much sooner than they ever thought possible.

3. House hunting Service…Most agents offer a house-hunting service to make it easier for you to find the home you want. Through these programs you can find out in advance which homes on the market match your home buying criteria. To do this you simply provide your agent with a brief description of the type of home you’re looking for, for example, number of bedrooms, price range, neighborhood and so on. Then you should receive advance notice (including pictures) of all the homes for sale that match your requirements. This will give you the competitive edge to find out before other buyers which homes that are likely to be of interest to you. Because you are there before most other buyers, perhaps you can even negotiate a better price. You can then drive by these homes, without the assis­tance of an agent. to see which ones you want to view. Then it’s simply a matter of you advising your agent about which homes you like and want to see.

If you would like more information on buying a home, please contact me 708-966-9282 or email me now. Click Here for additional information on Best Financing.

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CAUTION: Buyer Traps To Avoid

How to Avoid 9 Common Buyer Traps Before Buying a Home

Chicago IL Market – Buying a home is a major investment no matter which way you look at it.  But for many homebuyers, it’s an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either paying too much for the home they want, or losing their dream home to another buyer or, worse, buying the wrong home for their needs.  A systemized approached to the homebuying process can help you steer clear of these common traps, allowing you to not only cut cost, but also buy the home that’s best for you.  An industry report has just been released entitled “Nine Buyer Traps and How to Avoid Them”.  This important report discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avoid them.

Click here to order a FREE Special Report, or call (708) 966-9282.  Get your free special report NOW to learn how to avoid costly buyer mistakes before you purchase your next home.

Pass Your Home Inspection…

Pass Your Home Inspection
Homebuyers Want to Know Your Home Inside And Out

“According to industry experts, there are at least 33 physical problems that will come under scrutiny during a home inspection when your home is for sale. Here are 11 you should know about if you’re planning to put your home up for sale.”

While homebuyers are as individual as the homes they plan on purchasing, one thing they share is a desire to ensure that the home they will call their own is as good beneath the surface as it appears to be.  –  Will the roof end up leaking? Is the wiring safe? What about the plumbing? –  These, and others, are the ques­tions that the buyers looking at your home will seek professional help to answer. According to industry experts, there are at least 33 physical problems that will come under scrutiny during a home inspec­tion. We’ve identified the 11 most common of these and, if not iden­tified and dealt with, any of these 11 items could cost you dearly in terms of repair. In most cases, you can make a reasonable pre-inspection your­self if you know what you’re looking for. And knowing what you’re looking for can help you prevent little problems from growing into costly and unman­ageable ones. 

11 Things You Need to Know to Pass Your Home Inspection

1. Defective Plumbing.  –  Defective plumbing can manifest itself in two different ways: leaking, and clogging. A visual inspection can detect leaking, and an inspector will gauge water pressure by turning on all faucets in the highest bath­room and then flushing the toilet. If you hear the sound of running water, it indicates that the pipes are undersized. If the water appears dirty when first turned on at the faucet, this is a good indication that the pipes are rusting, which can result in severe water quality problems.

2. Damp or Wet Basement.  –  An inspector will check your walls for a powdery white mineral deposit a few inches off the floor, and will look to see if you feel secure enough to store things right on your basement floor. A mildew odor is almost impossible to eliminate, and an inspector will certainly be conscious of it. It could cost you $200-$1,000 to seal a crack in or around your basement foundation depending on severity and location. Adding a sump pump and pit could run you around $750 – $1,000, and complete waterproofing (of an average 3 bedroom home) could amount to $5,000-$15,000. You will have to weigh these figures into the calculation of what price you want to net on your home.

3. Inadequate Wiring & Electrical.  –  Your home should have a minimum of 100 amps service, and this should be clearly marked. Wire should be copper or aluminum. Home inspectors will look at octopus plugs as indicative of inadequate circuits and a potential fire hazard.

4. Poor Heating & Cooling Systems.  –  Insufficient insulation, and an inadequate or a poorly functioning heating system, are the most common causes of poor heating. While an adequately clean furnace, without rust on the heat exchanger, usually has life left in it, an inspector will be asking and checking to see if your furnace is over its typical life span of 15-25 yrs. For a forced air gas system, a heat exchanger will come under particular scrutiny since one that is cracked can emit deadly carbon monoxide into the home. These heat exchangers must be replaced if damaged -they cannot be repaired.

5. Roofing Problems.  –  Water leakage through the roof can occur for a variety of reasons such as physical deteriora­tion of the asphalt shingles (e.g. curling or splitting), or mechanical damage from a wind storm. When gutters leak and downspouts allow water to run down and through the exte­rior walls, this external problem becomes a major internal one.

6. Damp Attic Spaces.  –  Aside from basement dampness, problems with ventilation, insulation and vapor barriers can cause water, moisture, mold and mildew to form in the attic. This can lead to prema­ture wear of the roof, structure and building materials. The cost to fix this damage could easily run over $2,500. 

7. Rotting Wood.  –  This can occur in many places (door or win­dow frames, trim, siding, decks and fences). The building inspector will sometimes probe the wood to see if this is present – especially when wood has been freshly painted.

8. Masonry Work.  –  Rebricking can be costly, but, left unattended, these repairs can cause problems with water and moisture penetration into the home, which in turn could lead to a chimney being clogged by fallen bricks or even a chimney, which falls onto the roof. It can be costly to rebuild a chimney or to have it repointed.

9. Unsafe or Overfused Electrical Circuit.  –  A fire hazard is created when more amperage is drawn on the circuit than was intended. 15 amp circuits are the most common in a typical home, with larger service for large appli­ances such as stoves and dryers. It can cost several hundred dollars to replace your fuse panel with a circuit panel.

10. Adequate Security Features. pass your home inspection –  More than a purchased security system, an inspector will look for the basic safety fea­tures that will protect your home such as proper locks on windows and patio doors, dead bolts on the doors, smoke and even car­bon monoxide detectors in every bedroom and on every level. Even though pricing will vary, these components will add to your costs. Before purchasing or installing, you should check with your local experts.

11. Structural/Foundation Problems.  –  An inspector will certainly investigate the underlying footing and foundation of your home as structural integrity is fundamental to your home. 

When you put your home on the market, you don’t want any unpleasant surprises that could cost you the sale of your home. By having an understanding of these 11 problem areas as you walk through your home, you’ll be arming yourself against future disappointment.

For more information contact “The Realty Team” (708) 966-9282.

Pass Your Home Inspection

Mortgage Regulations Have Changed…

“Subtle changes in the way you approach mortgage shopping, and even small differ­ences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.”

Mortgage regulations have changed significantly over the last few years, making your options wider than ever.

Get the right Information

Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors involved.

Industry research has revealed that there are 6 common mistakes that most homebuyers make in mortgage shopping that can have a significant impact on the outcome of this critical negotiation. If handled correctly, these issues could result in a mortgage that will cost you less over a shorter period of time.

6 Things You Must Know Before Obtaining a Mortgage

Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important areas can make your pay­ments work much harder for you.

1. You can, and should, get pre-approved for a mortgage before you go looking for a home.  –  Pre-approval is easy, and can give you com­plete peace-of-mind when shopping for your home. Your local lending institution can pro­vide you with written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate, which guarantees you a mortgage to the specified level when you find the home you’re look­ing for.

2. Know what monthly dollar amount you feel comfortable committing to.  –  When you discuss mortgage pre-approval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a pre-approval amount that is higher (or lower) than the amount of money you would want to pay out each month. By work­ing back and forth with your lending institu­tion to determine what this monthly amount is, and what value of home this translates into at today’s rates, you won’t waste time looking at homes that are not in your price range.

3. You should be thinking about your longterm goals, and expected situation, to determine the type of mortgage that will best suit your needs.  –  There are a number of questions you should be asking yourself before you commit to a cer­tain type of mortgage. How long do you think you will own this home? What direction are interest rates going in. and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking

4. Make sure you understand what prepayment privileges and payment frequency options are available to you.  –  More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. Simply by structuring your pay­ments so that they come out more frequently, will significantly lessen the amount of interest that you will be charged over the term. For the same reason, authorized prepayment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably. These two payment options can cut years off your mortgage, and save you thousands of dollars in interest. However, not every mortgage has these prepayment privileges built in, so make sure you ask the proper questions.

5. Ask if your mortgage is both portable and/or assumable.  –  A portable mortgage, where available, is one that you can carry with you when you buy your next home and avoid paying any dis­charge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home. An assumable mortgage is one that the buyer for your home can take over when you move to your next home. This can be a very pow­erful tool at the negotiating table making it much easier and more desirable for a buyer to buy your home, and again saves you any dis­charge penalties.

6. You should seriously consider dealing with a Mortgage Expert.– —Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain. For example they can make the process faster thereby avoiding costly delays. Typically there is no cost or obligation to enquire.

For additional information contact “The Realty Team” 708-966-9282 or Click Here

This post was written by Chrisha Mitchell of Prospect Equities Real Estate.
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without the express written permission of the author