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Mortgage rates – How Differences Between Lenders Can Affect It
Posted by: | CommentsMortgage rates – How differences between the lenders can affect it
The home buying process is a complicated thing as it involves various factors and ideas. Thus, it becomes all the more confusing for a first time home buyer. Like, the interest rate is one such thing which is affected by various kinds of things. For example, the interest rate on a mortgage can be affected by the differences amongst the mortgage lenders.
How lender differences affect interest 
There are actually various kinds of lenders who lend money in different ways. This can have an effect on the mortgage interest rate. Now, when an individual takes out a mortgage, the lender provides for 80% of the home cost. If you are able to make high down payment, the interest rate offered to you may get low.
However, you will have to pay interest on the fact as to which type of lender you are going to take the mortgage from. There are different kinds of lenders or rather lending institutions like the banks, the mortgage brokers, the loan officers, the retail lenders and so on. As all of these types are different, they have different processes of lending the mortgage and thus the interest rate charged by them will be different too. So, it is quite obvious that the process through which the lenders will be providing the mortgage will be different.
For example in case of the retail lenders, there are again many types like the portfolio lenders and the direct lenders nada los the mortgage bankers. Though all of these types of lenders offer same services, the overhead cost of processing the loans and also looking after the underwriting process can increase the costs of the mortgage. This is all the more true in regards to the interest rate of the mortgage.
In case of the mortgage brokers, they offer different kinds of wholesale loans to the clients. These brokers don’t provide funds so as to back the loans. A mortgage broker in fact is considered to be a retail lender and this is because they are able to make profits against the markup of national average mortgage rate which they sell to borrowers (industry term for this – Yield Spread Premium). The YSP may be avoided easily if only the borrower is able to explain to the potential brokers that they have the ability to understand in what way actually the YSP works and that he/she is not going to do any kind of business with a broker who practices this policy.
So, you can see that the lenders work in different ways and thus the interest rates charged by them is different too. You will have to be aware of all of these in order to get the best offer as per your affordability.
Naperville Real Estate Sales Up With Interest Rates At Historic Low
Posted by: | CommentsCathy Michaels, a Naperville real estate agent, stated that the Chicago area has seen an increase in home sales over that of last year. This increase in sales is happening as interest rates have reached historic lows.
NAPERVILLE, IL — Naperville realtor Cathy Michaels announces a steady increase in the sale of real estate property in the Chicago area. According to a report from the Illinois Association of Realtors, the sale of Chicago area real estate has increased of 33.6% between May 2010 and May 2009.
In May 2010, the Chicago Primary Metropolitan Statistical Area (PMSA) had 7,580 homes that were sold as compared to just 5,673 the year before. The PMSA statistics include the sale of real estate in Naperville.
“The market is offering many great reasons to buy right now, and many are taking the opportunity to invest in properties. Prices on homes are extremely attractive for buyers and interest rates are at a historic low. As a result, making the important decision on whether to invest in a home or not has become transparent,” said Cathy Michaels (http://www.cathymichaels.com).
The Naperville real estate agent is referencing the interest rates that have reached 4.875%. Looking across the state of Illinois, the IAR report showed that the majority of counties in Illinois have seen increases in home sales over the prior year. At the same time, nearly half of the counties have also seen median price increases. Michaels also reports that the median price has yet to increase in the Naperville area.
According to the report, the indications that are being seen across the state are positive for the Illinois real estate market. Michaels added, “If there has been a great time to buy within the past year that time is now. The market, especially in the Naperville area, is primed for buyers to get excellent deals on homes.”
To find out more about buying or selling a home in the Naperville area contact Cathy Michaels through the website www.cathymichaels.com or by phone at 630-904-6400.
About Cathy Michaels – Naperville Real Estate:
Cathy Michaels has been licensed in real estate since graduating from the University of Illinois at Urbana-Champaign in 1970. She was president of a real estate agency for 25 years before becoming a broker associate with ReMax Professionals Select. Her experience with Naperville real estate provides buyers and sellers with a distinct advantage over the competition ensuring the best deal possible for her clients.
Media Contact:
Cathy Michaels
Cathy Michaels – Naperville Real Estate
2272 95th Street, Suite 200
Naperville, IL 60564
630-615-2824
www.cathymichaels.com
Cathy Michaels, a Naperville Realtor, earns her NAR Short Sales and Foreclosure Certification to benefit both buyers and sellers who are interested in pursuing a foreclosure or short sale transaction, but confused about the process.
NAPERVILLE, IL – As the demand for professional expertise with distressed sales continues to grow, Cathy Michaels, a Naperville realtor, has earned this nationally recognized certification in order to help buyers and sellers navigate foreclosure and short sale transactions in Naperville Real Estate.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures, therefore the National Associations of REALTORS® (NAR) wanted to offer this SFR certification to real estate agents. This certification helps sellers navigate the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“Although there is a growing number of homes that have gone into foreclosure or short sale, real estate in Naperville is still thriving. I wanted to receive my Short Sales and Foreclosure Certification so that I could help both the buyers and sellers with this complex process and try to make it as effortless as possible for everyone involved,” says Cathy Michaels, Broker/Associate of RE/MAX (http://www.cathymichaels.com).
Although foreclosures and short sales are not considered to be conducive to a family’s happy living, these days there are situations in which people simply cannot afford to keep their home, and a foreclosure or short sale is the best option. On a positive note, these foreclosures and short sales can offer excellent opportunities for home buyers while simultaneously benefiting the community as a whole. Enlisting the help of an SFR-certified real estate professional is very important to ensure these complex transactions are properly executed to the benefit of both buyer and seller.
The certification program trains realtors on how to assist sellers in short sales, negotiate with lenders, protect buyers as well as limit the buying risks. This program also gives real estate agents knowledge about staying current on national and state-specific information as the market for these distressed properties evolves. Realtors are required to take one core course and three Webinars in order to earn the Short Sales and Foreclosure Certification. For more information, visit www.REALTORSFR.org.
About Cathy Michaels: Cathy Michaels was first licensed as a real estate broker in 1970 and joined RE/MAX in 2001. She currently holds the title of Broker/Associate and her primary specialty is residential with her secondary specialty in new construction. RE/MAX of Northern Illinois is one of the largest RE/MAX regions and Chicagoland’s leader in real estate. The RE/MAX Northern Illinois network encompasses the top fourth of the state and consists of 160 offices with 3,600 agents.
Media Contact:
Cathy Michaels
Cathy Michaels – Naperville Real Estate
2272 95th Street, Suite 200
Naperville, IL 60564
(630) 904-6400
www.cathymichaels.com
Hiring a Naperville Attorney Will Help Buyers Navigate Real Estate Transaction
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We have all read the many recent articles declaring that house values have tumbled and real estate is no longer a “safe” investment. Fortunately for us, purchasing a home in Naperville is still a fantastic long-term investment with our world-class school districts, a vibrant downtown, award-winning libraries and kid-friendly atmosphere. Regrettably, some homebuyers and sellers, to save money in these hard economic times, are cutting corners and not retaining an attorney, which may actually cost you more money.
Many buyers and sellers believe the hard part is finding the right deal, and then it is simply a matter of closing. However, there are several events that happen between signing a contract and closing that, if mishandled, may be fatal to the deal. What happens if the buyer does not receive the necessary financing? What if either party merely changes their mind? It is the successful navigation of the “what ifs” and the “in between part” that will lead to a successful transaction, and having an attorney is an invaluable guide.
The first hurdle for the parties, after signing the contract, is the home inspection. The standard contract allows a buyer five days from the date of acceptance to get a home inspection and submit requested repairs to the seller. In a typical situation, a buyer wants everything in the report fixed and a seller wants to do nothing. This is also the time when emotions begin to run high. An attorney can help facilitate the discussion between the parties so that a fair agreement in the middle may be made before such emotions ruin the deal.
Another major concern in a real estate transaction is title. Every county has a county recorder who keeps all documents affecting property in their county, such as deeds, mortgages and liens. Most contracts require the seller provide the buyer with marketable title. Marketable title is the assurance that the property is free of unacceptable liens and that the seller does, in fact, own the property. For example, a previous owner has defaulted on a loan, and a bank has placed a $5,000 lien on their home. If that lien is not released prior to, or at, closing, the buyer will become responsible for the $5,000 as the lien runs with the property, not the seller. An attorney reviewing title before closing will alert the buyer to any potential problems with title.
While real estate in Naperville still remains a great long-term investment, retaining an attorney is a short-term one to help guide you through the deal for a smoother transaction.
Carrie M. Buddingh is a lawyer and an associate with The Gierach Law Firm in Naperville. For more on the Gierach Law firm, visit their website. She can also be reached at CarrieB@Gierachlaw.com
Naperville Homes For Sale? See Cathy Michaels
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Cathy Michaels
Cathy Michaels, A long time Naperville resident and ReMax Real Estate agent since 2001 offers her professional services to families that are thinking about moving to the Naperville area. She has been a licensed Realtor since 1970 and has helped hundreds of Naperville residents find a new nest.
If you are looking for a friend that knows the local shops, neighborhoods, schools and the best places to live in Naperville, Cathy is the right choice. You can reach her by phone at 630-615-2824 or view her featured Naperville real estate home listings at CathyMichaels.com
Real Estate Specialties
- Primary Specialty is Residential Real Estate.
- Secondary Specialty is New Home Construction.
- Language(s): English.
Professional Qualifications
- First licensed in 1970
- Joined RE/MAX in 2001
- Currently holds the title of Broker / Associate
Professional Designations
- Certified Real Estate Sales Professional.
- RE/MAX club membership: Executive
Welcome To Naperville Real Estate
Posted by: | CommentsWelcome To Naperville Real Estate, the new place to buy and sell homes and real estate in Naperville Illinois.
If you are a Naperville realator and are looking for a place to list your homes and commercial real estate check our low advertising rates. Get your houses out in front of your customers.
Just so you know my background I’m an SEO guy and a Naperville resident. I am also the CEO of the Naperville web design and search engine optimization firm Design And Promote.
This site will be #1 for a Google search of “Napervile Real Estate” shortly so this may be one of the best opportunities to add your real estate listings while our introductory pricing plans are low.
We will be working on a few Naperville real estate categories such as:
- Homes For Sale
- Commercial Real Estate
- For Sale By Owner (FSBO)
- Naperville Realtors
- Real Estate Agents
If you are also a Naperville business owner you can also list your company on our Naperville Business Listings Page.