The Golden Oldies: Interest Rates

You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone [...]

The Clear Path

Everyone likes to know what the future will bring. There’s a certain comfort in predictability. Sure, an adventure of any sort can get be exciting but certain things shouldn’t be left to chance. For example, if you want to take a trip somewhere that you’ve never been, don’t you want a map/plan? At least directions [...]

Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]

Sometimes You Just Wanna Know

You’ve been in this situation before or know someone who has, right? A seller accepts an offer and just a few days away from closing the attorney calls and says he doesn’t yet have the closing papers. After a couple of phone calls you find out that the deal fell through; the buyer didn’t qualify [...]

Changing Midstream

There’s nothing wrong with changing your mind. It happens all the time. Even if someone spent a considerable amount of time evaluating a situation and coming to a conclusion, sometimes things change during the course of events and the original plan must be scrapped. That can happen with a mortgage application as well; but when [...]

Talk to My Lender

As a listing agent, you know what to expect when an offer is presented. You review the offer with your clients, perhaps counter or accept it as written, and set a closing date. You notice your buyers have a letter from their mortgage company stating their application has been received, reviewed and pre-approved. But sometimes [...]

New Condo? Different Rules

Developers creating a brand new condominium project from the ground up or existing structures extensively remodeled have their financing in hand.  Their bank decided to finance the developer’s newest, latest project and soon a brand new set of sparkling condominium homes for sale somewhere near Lincoln Park will reach for the sky.  At least that’s [...]

Seller Financing?

Sometimes people have problems finding enough money for a down payment and closing costs.  Even though many strive to put 20 percent down to get the best rate and to avoid private mortgage insurance, sometimes they fall short; right when their perfect dream home happens to be listed.  But buyers don’t always have to wait [...]

What’s That Letter Say?

You know you’ve seen one.  A preapproval letter given to you by the buyer’s agent proving, or attempting to prove, that the buyer is qualified and has applied for a mortgage to buy your client’s Trump Tower condo.  But you’re a little suspicious.  Or should you be?  What can you look for in a preapproval [...]

Don’t Wait To Buy a Home. Really!

When it’s so cold outside that fire hoses freeze while putting out a fire, you know that this time of year real estate sales are, well, glacial.  It doesn’t matter if your seller lives in Hinsdale, Naperville or Lincoln Park, sometimes it’s…just…slow in the dead of winter. But you still tell your buyers that it’s [...]