Archive for the ‘Mortgage Info’ Category

House Hunting Tips for Buyers in Chicago’s Western Suburbs

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. Here are a few tips for buyers.
1. Know thyself: Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a two story? If you want a fixer upper, do you have the $$ and the time? Start a Priority list of “Need”, “Want” and “Dreams”. Keep updating and deleting the list.

2. Get your finances in order: Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Call Pat Cannone at Coldwell Banker Home Loans @630.962.6680 and tell him Caryn sent you. He will be able to tell you what you can afford and will offer you a FREE pre approval letter.

3. Research before you look: Begin your search by going to 123HomeSweetHome.com and use my FREE home search. You don’t have to even sign in. See what your price range has in the way of amenities. Can you actually get into the neighborhood you have always wanted? While you are there, check out my link for schools in the area.

4. Think long term: In today’s Real Estate environment, you need to be thinking in the long term. You should plan to be in your new home for at least six to seven years. Location is as important as it ever was, perhaps even more so today than ever before. Find an area you love and you can never go wrong. If you are not sure about what area would suit you, give me a call and I can help you narrow your search.

5.  Be realistic: It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded. I once had a client who refused to see anything that had a blue house on the same block. True Story!

6. Find an agent you trust and Listen to their advice: It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. I recently had a client that missed out on his dream home because he didn’t believe there was a second offer and wanted to think about it. It was SOLD that night.

If you are just beginning your first home search or are in the market for your end house, I would love to work with you. Take a moment and see what my clients are saying about me on my website: 123HomeSweetHome.com.

To subscribe to this blog by email use to box near the top of the left hand column.

To talk to a Realtor® who knows Lombard and the surrounding areas like the back of her hand, Call Caryn Kuhlman 630-730-8027

Mortgage Tips For Lombard Area Buyers

These tips apply not to Lombard area buyers but buyers throughout Chicagoland.

If you are thinking of buying a new home, please keep this in mind:
Sometimes, it’s not getting the mortgage approval that’s tough.  It’s keeping the approval.

Don't lose your dream home by making one of the 8 mortgage mistakes

If you are applying for a conventional mortgage or going FHA, getting to the closing table can take up to 2 months, depending on the speed of the appraisal, bank signoff, and other factors.

It’s especially longer with short sales, foreclosures and short refinancing.

During those 60+ days, a lot can happen to a person that changes their underwriting disposition.  For example, one could lose their job, get injured, or have a home damaged by a storm.  The more time there is between application and closing, the more likely a catastrophic event is to occur.  Of course, catastrophe tends to lead to a mortgage turndown and, sometimes, bad things just happen.  However, there are things that you can plan for; things within your control.

Mortgage approvals are fragile, and nothing is done until it is done.  Good behavior matters.

Keeping that in mind, here are 8 things you should absolutely not do between the date of application and the date of funding.

Bad Mortgage Behavior, Defined

1.    Don’t buy a new car or trade-up to a bigger lease
2.    Don’t quit your job to change industries or start a new company
3.    Don’t switch from a salaried job to a commissioned job
4.    Don’t transfer large sums of money between bank accounts
5.    Don’t forget to pay your bills — even the ones in dispute
6.    Don’t open new credit cards — even if you’re getting 20% off at the register
7.    Don’t accept a cash gift without filling out the proper “gift” paperwork
8.    Don’t make random, undocumented deposits into your bank account

It may be impractical to follow every rule to the letter.  If your car lease is expiring, check with your Mortgage Advisor to see if extending the lease for short-term is a better solution than entering a new lease or buying.  The same goes for accepting cash gifts from parents.  There’s a right way and a wrong way to accept a cash gift.  Doing it the wrong way may preclude your ability to use the gift as a source of down payment without backtracking.

Check with your Mortgage Advisor, there are “gotchas” in Mortgageland and with underwriting times getting longer; it’s more likely that the average applicant will trip one.  Following the above 8 rules is a good start!

For more information, just give me a call at 630-730-8027 and I will put you in touch with a good Mortgage Advisor.

To subscribe to this blog by email use to box near the top of the left hand column.

To talk to a Realtor® who knows Lombard and the surrounding areas like the back of her hand, Call Caryn Kuhlman 630-730-8027