Chicago Real Estate

What Is A Reverse Mortgage?

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by Kurt Clements A reverse mortgage is a way to use the equity value that built up in a home to improve the quality of life for those who have appropriate circumstances when they reach the retirement age of 62 or older. With a reverse mortgage, a person continues to live in their own home and retains the title to it …

South Side Chicago Real Estate

Can I Qualify For A Mortgage Without W-2 Income?

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by Kurt Clements It’s more common these days to have non-traditional income that doesn’t fall into the W-2 category. Many people work in what is referred to as the “gig economy,” where income might come from a variety of freelance sources. Other times, people don’t have W-2 income because they are retired or have an independent source of wealth that generates …

South Side Chicago Real Estate

4 Ways To Pay Off My Mortgage Faster

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by Kurt Clements For most people, the mortgage payment is the biggest monthly expense. Whether you’re facing retirement or still working, it would be nice to be free of this debt. Although you probably can’t pay it off in one lump sum, it is possible to pay off your mortgage sooner than expected and take advantage of homeownership in the South …

South Side Chicago Realtor

Managing Finances Before Applying For A Mortgage

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by Kurt Clements Are you planning on using a mortgage to help cover the cost of your new home purchase in the South Side of Chicago? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let’s take a look at how to run a quick financial health check to …

South Side Chicago Real Estate

5 Key Tips To Prepare For A Quick Mortgage Approval

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by Kurt Clements I love working with my South Side Chicago buyers and giving them the news that they have a mortgage approval. Whether you’re finally prepared to get into the real estate market or you want to know how you can make a deal quick, there are a few necessary documents you’ll need to prove your reliability to a mortgage …

South Side Chicago Real Estate

What’s Ahead For Mortgage Rates This Week – February 26th, 2019

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by Kurt Clements As a Realtor in the South Side of Chicago and South Suburbs of Chicago I know how important an adjustment of interest rates can be.  Last week’s economic news included readings on homebuilder confidence in housing market conditions, minutes of January’s Federal Open Market Committee meeting, and existing home sales reported by the National Association of Realtors®. Weekly …

South Side Chicago Realtor

Mortgage Challenges For Self-Employed Home Buyers

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by Kurt Clements Self-employed business ownership is alive and well in the South Side of Chicago.  This makes real estate purchases difficult for self-employed borrowers and frustrating for a south side Realtor like me.  It’s no secret that mortgage lending institutions look favorably on steady paychecks and positive debt-to-income ratios. That can leave many self-employed prospective home buyers feeling anxious about …

You Ask, We Answer: What is Private Mortgage Insurance or ‘PMI’ and How Does It Work?

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by Kurt Clements For many homeowners, their mortgage payment contains more than just principal and interest. A little something called PMI could be representing a significant portion of that payment, and it’s important for home buyers to understand this cost. I do my best to explain both in this article for my South Side Chicago homebuyers. What Is PMI? PMI stands …

Best Things To Do Now To Get Your Finances Mortgage Ready

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by Kurt Clements You probably already know that strong finances to qualify for a mortgage can be the biggest hurdle — aside from actually finding that dream Chicago property — along the path to home ownership. Rather than agonizing about it, however, there are some positive actions you can take in advance to help you realize your dream.  I am a …

Conventional mortgage rate

4 Things You Should Know About Conventional Mortgage Rates

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By Kurt Clements Securing the best conventional mortgage rate possible can pose a challenge for even veteran property buyers. Your mortgage rate will be determined by a variety of factors that pertain to your unique financial portfolio as well as economic forces. While no one has full control over all of the things that influence the process, understanding the manageable aspects …