South Side Chicago Realtor

Pros And Cons Of Buying A Foreclosure

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by Kurt Clements In the South Side of Chicago when a homeowner stops making regular mortgage payments, the bank can foreclose on the property. This means that the bank takes possession of the property in an attempt to recover the debt the homeowner owes. In some cases, the bank may try to recover this debt by selling the property at auction. …

South Side Chicago Real Estate

4 Ways To Get Your Home Loan Closed Faster

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by Kurt Clements You’ve finally found the perfect South Side Chicago home for your family. Now the only thing standing between you and domestic bliss is the loan process. Use these techniques to shorten the amount of time between placing your bid and getting the final approval on your new home mortgage. Perfect Your Credit Rating Your credit score is 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 …

Should Future Chicago Homeowners Pay Discount Points When Getting a Mortgage?

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One of the challenges future Chicago homeowners will face when deciding how much money to put down on their new home is whether to put down a larger down payment or to take a bit of money from their down payment and use it to buy “discount points” to lower their interest rate. RELATED ARTICLES: What Are The Benefits And Drawbacks …

Manage These 3 Items Before Applying For A Mortgage

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Mortgage lenders weigh the risk of getting their principal and interest paid back by looking at the qualities of the prospective borrower. And due to the amount of money being requested and lent to purchase homes, those requirements can become daunting.  Working with a trusted and qualified mortgage professional makes this sometimes confusing process a little clearer. To this end, …

Trillions Of Dollars In Home Equity May Lead To More Cash Out Transactions

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US homeowners now have over 5 trillion dollars in home equity which is a very large amount of money! So this year may be the year for a lot of cash out refinances and other home equity mortgage products. Most often, when you are purchasing a home, you are buying at or below the appraised value and you are making …

What Important Items Can Upset My Chicago Mortgage Pre-Approval Status?

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When you are purchasing a home, your lender may recommend you obtain a Chicago mortgage pre-approval before you find the home of your dreams. There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals. So the question many buyers have is what exactly is a mortgage pre-approval? In a nutshell, it’s …

What Are The Benefits And Drawbacks Of Putting 20 Percent Down On A Chicago Home Purchase?

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Several generations ago, lenders required Chicago home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn’t save this substantial amount, the reality was that for the majority of people, the 20 percent down was a requirement. It was the way to show that …

Moving From An Apartment To A Chicago House? Here’s What You Need To Remember About Your Lease

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The major problem that the vast majority of buyers will run into – especially when purchasing their first Chicago house – has to do with a lease agreement that is still active with their apartment complex at the time of the purchase. If you locate the perfect home in February but your lease isn’t over until August, you can’t be …

YOU ARE PRE-APPROVED TO BECOME A HOMEOWNER! Now What?

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This is our fourth entry in our ‘Now What?’ blog series designed to help those people that want to become a Chicago homeowner, but have no idea what to do. You Are Pre-Approved To Become A Chicago Homeowner!  Now What? Once you have executed your plan and everything is up to snuff, your mortgage lender will issue a pre-approval letter.  …