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Showing posts from June, 2013

What's YOUR Great American Novel read like? The clues revealed within your Credit Report

What's YOUR Great American Novel read like?   The clues revealed within your Credit Report

     We've all heard books referred to as a "great American
novel" ...  

     Books often mentioned in that vein are "The Great Gatsby", "Adventures of Huckleberry Finn", or "To Kill a Mockingbird" ... each most likely introduced to you in a high school English class.  The authors of these great books offer us riveting stories regarding the mindset and lives of their characters.

     Much like the great novels referenced above, Credit Reports delivers much the same thing.  It reads much like a book ... a book that relates the daily habits of its main character, their actions, their decision-making abilities and philosophies, and the highs and lows of their lives.

     Think about it.  Your life is pretty  much revealed on your Credit Report ...  

     When were you born?  Where have you lived?  Are you employed?  Are you a committed money saver or spende…

What an Underwriter does NOT want to see when viewing Chicagoland Real Estate Contracts

What an Underwriter does NOT want to see 
when viewing Chicagoland Real Estate Contracts

     Recently, I've seen some repetitive scenarios popping-up on my mortgage clients' Sales Contracts, as they pertain to "concessions" and property repairs.  Several of the transactions I've seen have had Home Inspection issues arise.  Each time this has set-off the back-and-forth of timely negotiations.
     I think it's important for clients to understand that ... from
an Underwriter's viewpoint ... the ONLY allowable Seller-paid concession on a Sales Contract is for Closing Costs and certain pre-paids, such as Interest, Homeowners Insurance, and Escrow Deposits.  

     In other words, credits or escrows established and intended for "future" repairs to be made by new Buyers are not allowed WITHOUT effecting the Sales Price, Appraisal, and Loan Transaction.  
     Lending Guidelines state:  Contract clauses or Riders or Addendums that reference a "Repair C…

How Public Transportation Effects the Value of your Chicagoland Home

How Public Transportation Effects the Value of your Chicagoland Home

     In Chicagoland, areas once considered "rural" when my wife and I were growing up, are now thought of as suburbs of the city of Chicago.  Roads that used to see limited traffic are now considered main arteries.

     Because of that fact, and the accompanying population
growth that comes with this type of expansion, many new home buyers looking for homes in our area have changed the criteria in which they evaluate their future home choice. 

    Proximity to work ... travel time ... ease of travel ... gas prices ... all have contributed to the growing importance and focus on public transit in our region. The old mantra of "location, location, location" has never been truer than it currently is.

What does this mean to those selling their homes in the Chicagoland area?

     A recent study released by the National Association of Realtors (NAR) in tandem with the American Public Transportation Associatio…

An ALERT regarding current volatile Interest Rates and HOW they can effect your transactions