There are many benefits associated with renting commercial property and many advantages associated with purchasing it in Illinois. Business owners who are interested in purchasing commercial property with the assistance of their Illinois real estate lawyer and real estate agent should consider three important risk factors before they make the final decision to buy. The location may not always be beneficial When it comes to owning a business, location is everything. Those who are thinking … [Read more...]
Should you really buy the biggest house in the neighborhood?
Posted on February 8, 2015 //
When property buyers go to purchase a new home with the assistance of a real estate agent and a real estate lawyer in Illinois, they are often attracted to the largest home in the neighborhood where they want to live. While having enough room is beneficial, there are a few reasons why home buyers should avoid purchasing the biggest home they possibly can. Why the biggest house isn’t necessarily the best After purchasing the largest home in a neighborhood, homeowners may have a difficult … [Read more...]
Does staging a house improve its chances of selling?
Posted on January 19, 2015 //
Home staging is a strategic marketing tool used to put a home that is up for sale in a positive light. While this process is optional for those selling property in Illinois, many who are in the middle of selling their home often wonder if staging their house is worth it and if it will ultimately improve their home’s chances of selling. What home stagers do When those working with a Highland Park real estate lawyer and a real estate agent to sell their home decide to stage their house, the … [Read more...]
Planning to buy a house? Make sure you build up your credit
Posted on December 7, 2014 //
When property buyers in Illinois acquire a mortgage, the interest rate on the loan is significantly impacted by their credit score. Typically, those buying property who have a higher credit score will receive a better interest rate than those who have a lower rating. In some situations, buyers who have a poor credit score may not even be able to get a loan at all. What lenders look at When applying for a mortgage, lenders look for several different variables on a buyer’s credit report in … [Read more...]
3 things to look for in a mortgage broker
Posted on December 6, 2014 //
When buyers in Illinois go to purchase a new home, a mortgage broker matches them with a lender who then provides them with a loan. One of the main benefits of working with a broker is that they have access to a variety of different mortgage lenders and can introduce buyers to the best possible interest rates and loan terms. However, it is essential that buyers look for three qualities in their broker to ensure that the partnership is beneficial. Has an understanding of the borrower’s … [Read more...]
Illinois property: What is the difference between private rights and public rights?
Posted on October 25, 2014 //
When a person in Illinois owns a piece of property, whether it be public or private, they are given specific rights. These may include some of the following: The right to use the property how they see fitThe right to earn income from the operations that occur on the propertyThe right to enforce the privileges they are entitled to for owning the propertyThe right to transfer ownership of the property to others However, these rights can vary drastically depending on where the real estate is … [Read more...]
How does a reverse mortgage affect your heirs?
Posted on October 24, 2014 //
A woman in Florida chose to sign over the rights to her home to her husband, which would enable him to qualify for a higher reverse mortgage loan amount. According to the Buffalo News, the 62-year-old man took died shortly after taking out the loan. As chief among the man’s heirs, the wife inherited the home but had trouble getting her name on the deed. The loan requirements mandated that she qualify for a refinance in order to pay back the reverse mortgage, which is something she struggled … [Read more...]
Calculating your future mortgage payment
Posted on October 19, 2014 //
Whether they are purchasing their first home or buying an investment property, those looking into buying property in Illinois should understand what their mortgage payment will be once they have made this purchase. Doing this prevents buyers from running into problems in the future with their finances. Factors that impact mortgage payments While the price of the property plays a large role in what a homeowner will pay every month on their mortgage, this amount also depends on several … [Read more...]
Buying property: Why pre-approval is a good idea
Posted on October 19, 2014 //
A mortgage pre-approval differs from a mortgage pre-qualification because during the pre-approval process, the lender checks a buyer’s credit and verifies their documentation to approve them for a specific loan amount. Although obtaining pre-approval for a loan may not be a priority for some buyers in Illinois, there are several reasons why going through this process is a good idea. Why is it important? The preapproval process takes the risk out of property buyers finding the home that … [Read more...]
How much money should property buyers set aside for a down payment?
Posted on September 30, 2014 //
When buyers in Illinois purchase a new home, they are typically required to provide their lender with a down payment. This, in addition to the purchaser’s credit score, annual income, total debt and credit history influence how much funding they qualify for. Typically, home buyers should plan on saving approximately five to 20 percent of the sale price of their home in cash to qualify for a conventional loan, but this specific amount varies depending on the purchaser’s individual … [Read more...]
