Archive for Buying a Home
Getting the best mortgage loan in Chicago – What are the steps to take?
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Are you a resident of Chicago who is in the market to take out a home mortgage loan? Although the credit crunch is affecting almost all the sectors of the economy, the mortgage industry is not an exception. Have you asked yourself ‘I want to buy a new house how much can I afford’ before entering the mortgage market? Well, Chicago is the city of meetings and conventions and the main industries in Chicago are commercial, finance and transportation. However, the mortgage market and the housing market also play a key role in developing the economy and earning revenue. The interest rates on the 30 year fixed rate mortgage loans are at 4.07% and this has remained constant for a long period of time. The 15 year fixed rate mortgage is now at 3.35% and if you want to secure a mortgage loan within your means, there are some things that you need to know. Check them out.
Boost your credit score: When you go to a mortgage lender in Chicago and ask for a mortgage loan, the first financial document that he will check is your credit score. No lender will give you a loan without checking your score as this is the most important document that speaks about your financial worthiness. If you can show a good credit score, it is most likely that the mortgage lender will ensure that you can make timely payments on the loan. This assurance will make them charge you low rates on the loans.
Augment your monthly income: The next step that you can take is to augment your monthly income to grab the lowest mortgage rate possible. If your monthly income is not enough, the mortgage lender may think that you can’t manage all your debt obligations with the income that you make in a month and assessing a higher risk, he may charge you higher interest rates. Therefore, look for ways to boost your monthly income so that you can attain a favorable interest rate on your loan.
Lower the amount of debt you owe: You must lower the number of debt obligations that you have against your monthly income. There is a ratio called a debt-to-income ratio and with a higher DTI ratio, it is most likely that the mortgage lender will charge you high rates as he will think that you can’t repay so many loans with the small amount of income that you earn. Take solid steps like consulting a professional company who can help you repay debt. With a lower debt-to-income ratio, you can get a mortgage loan within your means.
Thus, if you’ve thought of buying a new house in Chicago and you want a new mortgage for it, you must first ask yourself ‘I want to buy a new house how much can I afford’ before deciding the loan amount. Also take the above mentioned steps to ensure grabbing the best loan in the market.
Christine Hancock is a full time Realtor with over 10 years of experience. Working with Prudential Rubloff , one of Chicago’s oldest and most respected full service Real Estate companies , we offer leading edge technologies and personalized marketing strategies to get your home sold. For more information visit http://www.getanewhome.net where you can search for a new home, find out what the house next door sold for or get up to the minute mortgage info. Call Christine Hancock, Broker Associate 312-296-9300, and you’ll be home in no time!
The Cost of Waiting for Prices to Fall
Posted by: | Commentsby The KCM Crew on February 11, 2011
Many purchasers have been sitting on the sidelines waiting for home prices to hit bottom. They want to guarantee that they are purchasing at the best possible price. Like them, we also believe that prices still have some room to fall in most markets. However, we disagree that waiting is a good financial decision. The buyer should not be concerned about housing prices. They should be concerned about cost. (Con’t.)
“Summer in the City”
Posted by: | CommentsSpring is finally officially here! Every year as soon as I see Buckingham Fountain has been turned on I know it is official, the reason I put up with the harsh winters – ”summer in the city”. I honestly feel that Chicago ids the best city to be in during the summer. The festivals, the beautiful lake, the boats, the outdoor restaurants all make the long cold winters worthwhile. If you are lucky enough to live close enough to walk to the lake, or ride your bike you will discover a whole different city that you cannot see from your car. I was surprised to see one of my favorite restaurants, Friendship Restaurant, opened a new location right on the bike path. We love this city! If you or anyone you know is your thinking of moving to a downtown chicago condo, give us a call. We would love to show you around!
Some photos I took while riding my bike today…
A Perfect #10 in the West Loop!
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No. 10 Lofts
Urban Courtyard Lofts with Terra Cotta appointed brick façade No. 10 lofts is located at 1040 W. Adams between Morgan St. and Aberdeen Ave
The West Loop has an abundance of timber lofts. This neighborhood should be your 1st choice if you are passionate about loft living. Since there was so much industry and manufacturing in this area, there are now many choices for loft living.
You will pretty much find all of the usual suspects at No. 10 lofts, high ceilings, timber beams or concrete columns, sandblasted exposed brick, stainless steel or black appliances, oak hardwood flooring, gas fireplaces, balconies and in some cases private patios, in-unit laundry, party room and garage parking.
But No. 10 Lofts doesn’t stop there, they offers some pretty amazing extra amenities. Starting with an elegant lobby, they also feature a yoga and pilates studio, private big screen DVD theater, party room with full kitchen, pool table, fitness center with state of the art equipment, 24 hour doorman and a business center.
You also get ample square footage in this building, the one bedroom homes start at 840 o 1250 sq. ft., two bedrooms range from 1200- 1500 sq. ft. and 3 bedrooms 1380 – 1840 sq. ft.
There are 259 homes in the building and currently 21 are for sale, 11 one bedrooms, 9 two bedrooms and 1 three bedroom. Priced from $237k – $425k. For more info on sales and rentals available in the building go to:
http://www.no10lofts.chicagoloftsandcondos.com
Even in this challenging real estate market the sales have remained strong at 1040 W. Adams, with 9 units being sold in the last 6 months alone & 20 in the last 12 months.
The market times ranged from 18 days to 305 days with the average days on market at 165. With most buildings in the West Loop have minimum market times of 6 month’s, No. 10 lofts is selling faster than the average of other buildings in the West Loop.
Ideally located for anyone working in the loop, on a nice day you can walk the 10 minutes to downtown or catch a bus right outside your door. Union and Metra stations are 5 minutes away. You are also only 3 blocks from hopping on the Eisenhower, Dan Ryan or Kennedy Expressway.
Featured Chicago Open Houses
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Haberdasher Square Lofts
Open House: Sunday, August 16
Time: 12 – 2pm
Address: Haberdasher Square Lofts
Neighborhood: Loop/West Loop
728 W. Jackson Blvd. Units 610 & 823
#610 1 Bedroom/1 bath Concrete Loft $249,900 (Assts. $281 and include Heat/Air)
Urban living at it’s finest. Beautiful 1 bedroom concrete loft in the west loop. Completely remodeled kitchen with granite counters, stainless steel appliances and custom stone back splash. Unique original maple floors, fireplace, 12′ concrete ceilings, full size side by side washer/dryer, large bathroom w/linen closet, must see! Garage parking options available in building. FHA Spot Approval Available. View Photos
#823 2Bedroom/2bath Timber Loft $324,000 (Assts. $480 and include Heat/Air)
Top floor, Penthouse level Timber Loft with both bedrooms fully enclosed! Master Suite w/huge walk-in closet, Split bedroom floor plan, in-unit laundry, Island Kitchen, 11 ft. ceilings, hardwood floors, gas fireplace, North exposure for beautiful city skyline views. Full amenity building. Parking available $32K. All this in a true walk to work location. View Photos
Chicago Loop, 5 Minutes from the Financial District, Union Station & all Chicago’s major Law Firms.
