Keeping Your North Shore Home Closing On Track This Year

More and more homebuyers are growing motivated to purchase a home on Chicago's North Shore this year and that process comes with many steps. From browsing available properties in the area to meeting with a lender to ultimately closing on the home, each step has the potential to move quickly but also, the potential for delays.

One step in the real estate process that is prone to delays is the home closing— but don't worry! More often than not, delays in your North Shore home closing can be avoided by planning ahead. Below are three ways to avoid pushing back your closing this year.

Trust your agent

As your North Shore real estate expert, I have been through this process numerous times. You can count on me to watch for changes and surprises that can arise in the transaction, as well as check in with the parties involved. 

Stay in touch with your lender

Today's real estate transactions can require a lot of paperwork and for this reason, it's important to stay in touch with your lender. Check in regularly to make sure they do not need any additional documents, signatures or information. Putting off one small detail like signing a document can hold up your closing.

Keep your finances steady

Do not make any big changes to your finances like buying a new car or applying for a credit card while you're under contract to buy a home on the North Shore. The debt acquired from either of those, in addition to changing jobs, can affect your loan and in the worst case scenario, cause you to lose the loan entirely.

Buying a home in Glencoe, Winnetka, Deerfield, Northbrook and Highland Park is a process that can come with hiccups, but I am here to help you avoid them! Do not hesitate to reach out with questions about available properties, applying for a mortgage or the closing itself— I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
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Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

North Shore Homebuyers: What Not to Do Before Buying a Home

Buying a home on the North Shore is such an exciting time that many get swept up in the thought of moving, decorating and settling into life in a new community. Oftentimes, potential buyers start by browsing properties and moving right into the purchasing process without realizing that there is much preparation involved— months in advance!

Before you meet with a lender and begin shopping for a mortgage, it's time to consider what not to do before you buy a home on Chicago's North Shore. Keep these in mind and your home buying process, coupled with my years of experience, should move along swimmingly this summer:

Keep your credit calm
One of the worst things you can do before buying a home is go credit crazy. Don't purchase all of your furniture until after the closing, do not buy a new car or even boat this summer. Anything being purchased on credit should wait until after your loan closes as these expenses will raise red flags for local lenders.

Keep a paper trail
If you plan to move money around for your down payment, you'll need to keep a paper trail for lenders. The pre-approval process will require them to look deep into your bank statements and accounts and any unusual deposits or withdrawals will require an explanation. Being able to back these up will keep the process moving along.

Do not co-sign on a loan
Even if you'll be pushing off those furniture purchases until after the new home purchase, think twice about co-signing for others. Adding another debt to your credit profile could cause lenders to pause which may not be a risk you want to take this summer. Going to help your child purchase a new car? Just wait until after you buy that new home.

Don't get behind on bills
Of course this is a general rule of thumb, but especially while you're being approved for a mortgage on the North Shore. Just one late payment can tip your credit score in the wrong direction— knocking it as much as 60 points! If that late payment is a mortgage, some lenders will pass altogether!

As your real estate expert in Winnetka, Highland Park, Deerfield, Glencoe and Northbrook, I can share the many ways to prepare yourself for the home buying process this summer. There are many beautiful homes for sale that could be just what you're looking for— let's explore your options together!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
View North Shore Listings
Visit My Website

Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

3 Reasons to Consider Refinancing Your North Shore Real Estate!

Refinancing can oftentimes seem like an arduous task, full of questions and "What If" scenarios. Fortunately, as an experienced North Shore Realtor, I can assure you that most refinancing situations take only a few weeks and can offer lucrative benefits that homeowners will see for many years to come. Understanding your mortgage loan and then deciding whether or not refinancing may be right for you can hinge on several factors. Mortgage rates for North Shore real estate and beyond are expected to increase slightly in 2014, but even still are at historically low percentages. Some great reasons to consider refinancing include: 

1. Lower Your Interest Rate and Shorten Your Loan. Compare the current mortgage rate on your North Shore real estate with the low percentages being touted by lenders today. A lower interest rate is always worth looking into as it can save you money in the long-term on your overall loan. Additionally, if you've had your North Shore real estate for some time and have paid down a bit of the mortgage, it may be beneficial to explore what your monthly payments may be if you refinanced into a shorter-term loan. If the payments are easily doable, then you can have your loan paid off much faster AND save a load of money in interest!

2. Combine Current Mortgage Loans. If you have a home-equity loan in addition to your first mortgage, combining the two in an effort to lower your monthly payments and perhaps save money on interest is certainly worth looking into. Home equity lines of credit can vary tremendously in payment terms and loan rules, but getting a good handle on your mortgage loans is the first step of understanding your home and paying it off quickly. As a longtime North Shore Realtor, I am always here for past, present and future clients that may have loan questions. 

3. Cash-In Refinancing Can Lower Your Balance. This method allows homeowners to use cash to pre-pay their loan and qualify for a lower interest rate. Refinancing and pre-paying can help homeowners pay off their mortgage loan much faster. There are many options available to qualifying homeowners and, because interest rates are still extremely low, refinancing may be a great opportunity for those willing to do a little legwork! 

As always, I encourage those with questions to contact me for immediate attention. I am a North Shore Realtor that is fluent in the local community and the real estate and mortgage industries. Talk to me today and find out why Chicago's North Shore is right for you!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
View North Shore Listings
Visit My Website

Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States.

Determine Your Financial Strategy Before Buying a North Shore Home

Figuring out your financial strategy is the first step in buying a North Shore home.  You want to make sure you’re fully prepared to take the next step, whether you're a first time home buyer or are looking at buying your dream home along Chicago’s North Shore.

As a North Shore Real Estate agent, I’ve seen buyers who are so focused on the cost of a home that their main objective is simply to have enough funds to pay their monthly mortgage.  However, a financial strategy is so much more!  If you’re hoping to buy a North Shore home this summer, think through your financial strategy by asking yourself the following questions:

    •    How long do I plan to live in this house?
    •    Where do I see myself in five or 10 years?
    •    Do I have to or want to make home improvements?
    •    Do I want to keep cash on hand for other investments?
    •    Can I take financial risks?
    •    Do I want to be debt-free?

Once you’ve determined the answers to these questions, you can map out where you want to land financially after the home purchase.  Your financial philosophy will help you navigate through the process of getting a mortgage loan and other various options you’ll need to decide when buying your home.  Here are five tips to consider when searching for the right mortgage loan.

1. Shop for the best rates- Look at local banks as well as national lenders for find the best rates.  You may even want to consider working with a mortgage lender.

2. Decide on points- Decide if you’re willing to pay for point to get a lower interest rate, or if you want to take a higher rate in order to keep closing costs down.

3. Combine different loan features- This allows you to feel comfortable with the loan as well as giving you flexibility to achieve your financial goals.

4. Don’t forget about additional costs- When applying for a loan you’ll want to factor in additional costs such as property taxes, insurance and possible homeowner’s association fees.

5. Ask about other loan terms- Oftentimes banks won’t advertise loan terms such as 20 years, but asking about it can ensure you find the right fit for your loan.

I hope these tips are helpful as you plan out your home buying financial strategy!  I’m here to help answer any questions you have about buying a home on the North Shore or about the North Shore Real Estate market.  Whether you’re hoping to live in Glencoe, Highland Park, Northbrook, Deerfield or Winnetka; I would love the opportunity to talk with you!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
View North Shore Listings
Visit My Website