Financing/Mortgage

Found 20 blog entries about Financing/Mortgage.

orland park real estate 2018

As we head into a new year, the most common question we receive is, “What’s the outlook for real estate in 2018?”

It’s not just potential buyers and sellers who are curious; homeowners also want reassurance their home’s value is going up. The good news is that a strong U.S. economy, coupled with low unemployment rates, is expected to drive continued real estate growth in 2018. However, changes on the horizon could significantly impact you if you plan to buy, sell or refinance this year.

HOME VALUES WILL CONTINUE TO RISE

Get ready for another strong year! U.S. home values and sales volume will continue to rise in 2018.  orland park home prices are going up

Experts agree that home prices will increase in 2018, but predict a slower rate of appreciation than 2017, which clocked

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orland park home buying powerIf you’re in the market for a new home or investment property, one of the first questions you’ll probably ask is, “What can we afford?” Many buyers become so caught up in how much they can afford that they don’t realize their total buying power—that is, the total amount of purchasing potential they actually have.

Buying Power Defined

Your buying power is comprised of the total amount of money you have available each month for a mortgage payment. This means the money you have each month after fixed bills and expenses. Any money you’ve saved for a down payment, the proceeds from the sale of your current home, if applicable, and the amount of money you’re qualified to borrow all impact your buying power as well. When you take all of this into account,

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Interest rates keep going up on a day to day basis.  As I'm writing this, rates are above 4%.  We haven't seen that figure in a while!  

So before anyone panics, I'd like to go down memory lane to when I purchased my first house.  We were given a 10 year mortgage at 10.5% interest with a 20% down payment (the 3 bedroom, 1 bath single level home on a crawl in Evergreen Park cost $18,000).  We made it into a cute little dollhouse.  We didn't balk at 10.5% interest - those were the going rates.  But look at that low price!  In only about 3 years we sold it for $47,500 - those were the days.

I remember when the market went wild when rates fell to 8.5%.  It was definitely a seller's market at that time.  It was difficult for buyers to get their offer

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banks that reject the most mortgagesWhen I saw the heading of the article I found online I couldn't wait to click on it. I get so many buyers that have been pre-qualified by their personal bank. A few buyers received a financial benefit from using their banks, like a lower interest rate or closing cost help. But most do not. In fact, many buyers go to one of the big banks because they don't realize there are other financial options.

Even if I give them my list of fantastic mortgage brokers, they've already spoken to someone at the big bank and for some reason feel like they need to continue with that lender. One of my most recent closings was a buyer that regretted making that choice, which happened to be Wells Fargo. With that said, here is a list of the banks that reject the most

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college graduates purchasing first homeAre you a recent grad thinking about buying your first home? Tread carefully. Although the historically low rates for a home may give reason to salivate, you want to take a closer look. With the FED’s plans to slow down the “quantitative easing” (QE3) over the next year as announced last month, we may soon see long-term interest rates going up. It may seem like a good idea to jump on the low interest rates before they go up. However, if you have student loan debt, it is critical that you consolidate your loans now. With that said, here are some considerations to ponder before buying your first home.

LOW RATES DOES NOT EQUAL AFFORDABILITY

Just because rates are low, doesn’t mean you can afford it. You may not even qualify to receive a low

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Save Money on A Home Purchase With a VA Home Loan

va home loanHome loans are presently at an all-time low. Currently, lenders are able to issue new purchase, refinance and FHA loans at rates that were previously unheard of. These rates are a result of the economic crash and housing market crash of 2008, and allow first-time homeowners, veterans and everybody else to purchase or refinance a home at prices and rates that have never before been seen.

While this is great news for those who are currently looking for a new home, home buying gets even better for those who have worked in the Armed Forces and have served to protect our country and its freedom. Those who have been in the Armed Forces are eligible to receive a VA Home Loan. This is a special loan that

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dropping mortgage interest ratesHave we hit the bottom of low home price values?  The optimists keep saying we should see an improvement at the end of 2011 and into 2012.  They might be somewhat correct, let's face it, they're talking a year down the road.

Today's low interest rates are tempting

Others are saying that the current low interest rates are another government ploy to keep buyers in the market.  And they might be correct, depending on how low prices drop in the future.  At today's current rates, you'd be better off with 4.5% interest rates vs. a 10% reduction at 6% based on an average home price of around $300,000.

How low will prices go?

No one can say for sure, but some are predicting closer to 20% vs. 10%.  There are several reasons stated:

  • interest rates
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real estate mortgage rates going downThings have definitely slowed down since the tax credit expired.  However, we're hoping sales will pick up again with the lowering interest rates that caught everyone by surprise.

It was predicted that interest rates would rise to around 6% in 2010.  No one was ready for this latest drop, below 5%!  Some are now saying we could see rates as low as 4.5% again!

How Low Can We Go?

We now have a great combination for buyers - prices have backtracked to 2003 values and interest rates are below 5%.  Some say prices have another 20% to fall, but I'm not a gambling person and with these low interest rates right now, I'm not sure I'd want to wait if I were thinking about buying.

What if prices don't fall another 10% or 20%?  What if interest rates

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The process of becoming a homeowner is an exciting and often daunting one. The current economic climate has heightened the anticipation since, while it’s a orland park home soldwonderful time to buy a home. In fact, the government recently provided a tax credit to buyers (which is still available if you are a deployed service member). While the market is favorable and sellers are extremely motivated, many banks are tightening their lending requirements and loans can often seem hard to come by. Although USDA and VA loans may not be the first loans most potential home buyers normally consider when looking at home financing options, each can be a wonderful choice for a wide variety of lifestyles, budgets, and properties.

VA loans, which are backed by the US Department of

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buyer tax credit dollarsFriday is the last day a buyer can qualify for the Home Buyer Tax Credit.  You must have a fully signed and accepted contract by Friday, April 30th, in order to qualify.  You have up to June 30th, 2010, to close.

I have been waiting for a Orland Park townhome short sale to get approved so my buyer would be able to take advantage of the tax credit.  Things weren't looking good and she was ready to move on.  Just yesterday I got the notice from the listing agent that the bank approved the short sale.

My buyer was losing her locked-in interest rate but could get a 10 day extension.  I am hoping that we can get this to closing (I don't trust that the short sale mortgage holder will have their act together in 10 days) so my buyer will have her Frankfort

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