Realty Executives Midwest
The world of mortgage financing can be a little overwhelming for first-time home buyers.
The good news is that there are professionals to guide you through the process of qualifying for a home loan. Lenders are happy to educate buyers on the different mortgage options. You just need to know a few basics so you can have a productive conversation with your lender.
Here are finance basics for first-time buyers:
What’s included in my mortgage payment?
Your mortgage payment is more than just payments to repay the loan (that amount is called principal). Your mortgage payment also includes:
Lenders usually wrap all these expenses into one simple mortgage payment. It makes your life easier, and it assures the lender that your taxes and insurance are kept current.
How do I qualify for a home loan?
Qualifying for a home loan might be easier than you think. You just need to prove to your lender that you’re able to repay the loan.
Requirements vary slightly from one lender to the next, but here are the general home loan requirements:
To meet these requirements, you’ll need to provide financial documents like pay stubs, bank statements and tax returns.
Do I need to be pre-approved before starting my home search?
Sorting out your financing is actually step one in the house hunting process. There’s no point in spending weeks or months searching for a home if you don’t qualify for a mortgage loan. Getting pre-approved for a mortgage helps you understand how much of a loan you can qualify for so you know what price ranges to explore.
Plus, when you’re ready to make an offer on a home, your offer will be stronger if you’re pre-approved. The sellers will be able to accept your offer, knowing that you’ll be able to secure financing to close the deal.
It only takes minutes to get pre-approved online, and it will help your house hunting process go more smoothly.
What is the importance of interest rates?
Interest rates have an enormous impact on your mortgage loan. Lower interest rates mean your monthly payment will be lower, and you’ll pay less over the term of the loan.
Here’s how to get a low interest rate:
Financing your home doesn’t have to be difficult. Lenders are happy to explain the different finance options available to first-time buyers. So don’t hesitate to reach out to a lender and start the conversation today.
Article Source: Realty Executives International, written by:Michelle Clardie
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Understand what is involved in the property taxation process, plus an Illinois homeowner’s rights, assessment information, tax cycles and exemptions.
Buying stuff can be stressful. Cheap out, and you could regret it. Overspend, and you’ll cut into your budget. Knowing the best time of year to buy appliances and other household items can lessen the anxiety. Here’s a list of the best time of year for sales — or download the one-page calendar here.
Furniture: January and July
You could save 30% to 60% buying furniture in January and July, as stores try to clear out inventory and make way for new pieces, which manufacturers introduce in February and August.
Floor samples especially often sell for a song, so don’t hesitate to ask.
Storage Essentials: January and August
In August, retailers slash prices and offer free shipping on shelving, organizing systems, baskets, and storage bins, baiting parents who are packing kids off to college or getting organized for a new school year. (No offspring? No problem. Proof of parenthood is not required to qualify for deals.)
It happens again in January, when stores roll out more sales — and selection — to help you find a home for all those holiday gifts and meet your organizing goals for the New Year.
Linens and Towels: January
Department store “white sales” — launched in 1878 — are still a favorite marketing tactic and make January the best time to binge on high-quality bedding and towels. If the exact color or style you’re seeking is out of stock, ask in-store for a rain check, so you can get exactly what you want at the price that can’t be beat.
Major Appliances: January, September, October, and the Holidays
The prices on this year’s appliances bottom out when they suddenly become last year’s models. With the exception of refrigerators (more on that below), you can pick up last year’s models for way less in September, October, and January, when stores are making room for new inventory.
For good deals on this year’s models, wait for Black Friday and the holidays. The season rivals inventory clear-out bargains as the best time of year for sales on appliances. And if you’ve got more than one appliance on the fritz, holidays are often the time to find incentives for buying multiple items.
Mattresses: February and May
Even the most obscure holiday seems to inspire mattress sale commercials. Annoying, yes, but also a reminder that you should never pay full price for a mattress. The best time of year for sales is February (courtesy of Presidents Day) and May (Memorial Day).
Many department stores offer coupons for additional savings on the sale price, while specialty chains — which have the biggest markups — can drop prices 50% or more. But don’t waste your time price shopping: Manufacturers have exclusive deals with retailers for each model, so the only way to find a lower price is to snuggle up to a different mattress.
Refrigerators: May
Unlike other big-ticket appliances, new fridges are released in May. Combine the need for retail turnover with Memorial Day sales, and you get epic savings nearly all month long, making it the best time of year to buy a new refrigerator.
Snow Blowers: March and April
The best time to pick up a low-cost snow blower is exactly when you DON’T need it: in March and April. That time of year, no store wants them taking precious floor space away from spring merch like patio furniture and grills.
Roofing: May
For the lowest price on materials, buy in May.
But if you’re paying a pro to install a new roof, contractor rates begin their climb April 1 and stay high through fall. So if weather allows for wintertime installation, you could save big.
Gas Grills: July and August
Come July 5, there’s still smoke in the air from Fourth of July fireworks, but stores are already moving on to Halloween, with Christmas not far behind. So, they’ll cook up juicy savings on grills and other summer staples in July and August. Sales peak by Labor Day, so you could pick up a new grill and still have time to host one final summer hurrah.
Lawn Mowers: August, September, and May
August and September are the perfect time to retire an ailing mower. You’ll find the lowest prices of the year (but also the slimmest selection) as stores replace mowers with snow blowers. Retailers also kick off the season with sales every April. You generally won’t save quite as much, but you’ll have more choices.
Perennials: September
Unlike non-perishable goods, there’s not much retailers can do with last season’s perennials, so September brings savings of 30% to 50% and two-for-one offers on plants like hostas, daylilies, and peonies. And note that independent gardening stores can typically offer deeper discounts than big chains.
Cooler weather also makes this a great time of year to plant. How’s that for a win-win? If you prefer planting in the spring, many nurseries offer 10% to 20% off when you pre-order in February or March.
Power Tools: June and December
Power tools are a favorite go-to gift for Father’s Day and the holidays, so June and December are the best time to buy tools like cordless drills.
Paint: January, May, July, November, and December
Prices for interior and exterior paint bottom out when the mercury (and demand) falls — in November, December, and January, but also when it rises back up, in May and July.
HVAC equipment: March, April, October, and November
Like snow blowers, the best time to buy furnaces and whole-house air conditioning systems is when you don’t need them. Prices are lowest during months with moderate temperatures — generally March and April, then October and November.
Many installers also run promotions during these slow seasons to help load their books. They also may be more willing to negotiate a lower price or throw in a free upgrade like a fancy thermostat.
Flooring: December and January
From mid-December and into January, homeowners tend to take a break from major remodeling projects because of the holidays. Flooring retailers and installers are looking for business, so that gorgeous wide-plank flooring or luscious carpet can be yours for an even more scrumptious price. Happy Holidays to you.
Article Source: HouseLogic, Written by Amy Howell Hirt
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Highly-motivated, goal-oriented people can easily grow frustrated if they miss the mark or get behind on what they would like to accomplish—but focusing on what you have not accomplished, instead of celebrating what you managed to make happen, can be toxic to your self-esteem, and get in the way of your productivity and overall growth.
Regardless of where you want to be in your career, it’s important to take time to celebrate how far you’ve come. Not only will this inspire you to keep moving forward, but you may find you’re already more impressive than you realize. Consider the following:
Take note of ALL goals. It’s hard to realize we’ve successfully met a goal if we never set it in the first place. Make a habit of recording your goals, from small to large, so that you can revisit them weekly, monthly or yearly to see your progress. You may be surprised!
Eliminate negative self-talk. You’d probably never berate a friend if they came to you feeling unaccomplished, and, yet, we often are our own harshest critic. When negative self-talk arises, stick up for yourself the way you would stick up for a friend. While this may feel awkward at first, if you do this continuously, you will find your self-directed negativity diminishing.
Celebrate the small wins. Maybe you missed that big mark, but perhaps you managed an hour of cold calling every day this week, quickly followed up on all leads, or met with a new client. These wins should be celebrated—after all, they’re leading you toward a larger accomplishment.
Imagine your past self. If you’re stuck in a rut of negativity, imagine you run into your past self from five, 10 or 15 years ago. What would your past self think of your present self? Chances are, you’d be impressed with where you are in your career. It’s all too easy to lose sight of how far we’ve come, and this visualization can help put things in perspective.
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
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Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
