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Showing posts from August, 2014

5 Reasons to Check Tax PINs Prior to the Signing of a Real Estate Contract

5 Reasons to Check Tax PINs Prior  to the Signing of a Real Estate Contract

     Seems like certain problems crop-up in bunches within my mortgage transactions.  Right now the issue that runs across my desk frustratingly often is incorrect PIN (tax) numbers on my Borrowers' real estate contracts.  There's just been a rash of them.

     Now I know that a PIN number sounds like a little "boo-boo" easily corrected ... no big deal.  But these days? Nothing pertaining to a real estate contract or within the framework of the mortgage process is easily or quickly changed or corrected.  Documentation is KING and rules within today's transactions and processes.

     To more easily understand why this seemingly small blooper can cause such a big fuss, you must consider all the documentation that contains tax information and PINs upon it.  And then think about the huge rippling effect of this one minor mistake.  

     Unfortunately, in today's environment, just saying an err…

"To Condo or Not to Condo". That Should Be the Question ...

"To Condo or Not to Condo".   That Should Be the Question ...

     As a Chicago-area Mortgage Lender, I never try to
influence a Buyer as to the type of property they should or should not buy.  That's their personal choice ...

     But as their Mortgage Lender and Advisor, I DO try to educate them regarding different property types and the pros and cons associated with each as it pertains to their upcoming mortgage process.  Why?

     Because there are some fundamental differences in how differing property types flow through that process.  There can also be some differences in costs incurred while moving forward, as well. 

     When I talk of "differing property types", what exactly do I mean?  Here's my simple explanations:

Single-Family Residence Detached:  No common walls ... a free-standing HouseSingle-Family Residence Attached:   Examples of this classification are Duplexes and Townhomes with no AssociationsPUD: Planned Unit Development.  Can be either of t…

Manhattan School Dist. 114 Students School Year 2014-2015

Manhattan School Dist. 114 Students - School Year 2014-2015

School is back in session at Manhattan School District 114 schools (Manhattan, IL).  (For a full school year/downloadable calendar, click HERE.)

There are multiple schools within Manhattan School District 114.  They are:

Wilson Creek School* Contact:  25440 S. Gougar Rd, Manhattan, IL                           Phone:  815.478.4527
Website:  Click HERE

Anna McDonald School  *  Contact:  200 Second Street, Manhattan, IL
                          Phone:  815.478.3310
                          Website:  Click HERE

Manhattan Junior High*  Contact:  15606 W. Smith Road, Manhattan, IL
                          Phone:  815.478.6090
                          Website:  Click HERE

     If you have children/are considering a move into Manhattan School District 114, the school boundary map can be viewed HERE.  A Handbook for Manhattan School District 114, school year 2014-2015, can be downloaded  HERE.

     Should you be moving into the Manh…

The Many Ways Poor Credit Scores Cost You

The Many Ways Poor 
   Credit Scores Cost You

     A large percentage of the potential home-buyers I speak to have a basic knowledge of how credit scores influence the interest rate received when they finance their home purchase ...  

     Most understand the basic principal:  The higher their credit scores, the lower their interest rate.

     I read a CNBC article entitled, "How poor credit costs you on homeowners insurance".  It delivered a strong message.  Poor credit scores cost you.

     In that article it was reported that:   "Homeowners with median credit pay 29 percent (29%) more than those with excellent credit."  29%!

Ouch! 

     But the "hits" you take for lower credit scores go beyond higher insurance costs.  And even small dips or variations in  scores can cost you ... and cost you in a variety of ways.  Not all of them monetary.

Examples:

Rent:  Not ready or interested in becoming a homeowner?  Low credit scores can loom large even when you rent.  L…