Private Mortgage Insurance (PMI)
55 items found
- 1606 S Ashland | PadScouts
1606 S Ashland Ave Unit C-1, Chicago, IL 60608 4,675 SF of Retail Space Available Space: 4,675 SF Year Built: 2023 Sprinkler System: Fire Extinguisher/s, Smoke or Fire Protectors, Sprinklers-Wet, Stand Pipe, Carbon Monoxide Detector(s) Air Conditioning: Central Air Electricity: Circuit Breakers, Separate Meters, 201-600 Construction: Brick Foundation: Concrete Zoning: C1-2, Chicago Great Pilsen location! Gorgeous new construction zoned C1-2., estimated delivery date April 2023. Luxury 4,675 sq ft retail space located in the highly trafficked corner building of Ashland Ave and 16th St. Steps from the Pink Line. Vibrant neighborhood in the city, named by Forbes Magazine as the 10th "coolest" neighborhoods in the world (and 3rd in the United States). Storefront space within 51,422 sq ft building with 24 upscale residential units. Great opportunity and holds a ton of potential for future businesses such restaurant, retail store, office and much more. Features enormous street facing windows and 12 ft. ceilings, "vanilla box" open space ready to be customized, black-iron ready with complete line, 1,500 sq ft outside patio with option to close in the winter, double-door entry access, drive-thru potential, and private parking with option to rent 10 or more outside parking spaces. Be the first to see it! DESCRIPTION 1606 S Ashland Ave, Chicago, IL 60608 Residential Units Available Units: 24 Floors: 8 units on each floor (2nd, 3rd, 4th) Pricing: 2nd Floor Units: $3,000/mo 3rd Floor Units: $3,200/mo 4th Floor Units: $3,400/mo Request More Information on 1606 S Ashland Ave Unit C-1 First Name Last Name Email Phone Write a message Submit Thanks for submitting!
- Real Estate | Padscouts | Chicago
Your Real Estate Resource Learn everything you need to know before you make a decision to buy or sell a home! Home Buying Process One-Stop Resource PadScouts' Real Estate Resource is here to tell you about all of the steps involved in the home buying and selling process. Our goal is to give you information about the processes so you can make informed choices for your real estate decisions. Personalized Consultation Home Buying Process Learn every step of the home buying process from start to finish. There are a lot of steps and many people involved. We want to make sure you're fully informed! Lease-To-Own Opportunities Not ready to buy a home? There are resources available that can help you secure the property before you can buy. Home Selling Process Learn every step of the home selling process and all of the costs associated so that you can make the best decisions when selling your home. Glossary There is a lot of terminology in real estate. Look them up here to learn about them before a real estate transaction. Reviews Our real estate experts are here to help you if the site doesn't have the answers you're looking for. See how they've helped others who've requested a free consultation. “This was a great resource to look up information about selling my home! I had a complex inheritance deal so I scheduled a personal consultation and spoke with Robin. He was amazing to work with and helped us navigate the resources available to help us buy the property! ” Gloria M. Contact
- About | PadScouts
Meet The Team Helping You Navigate Your Next Real Estate Decision Daniel Walus Managing Broker Aneta Korzec Buyer & Seller Specialist Miguel Aranda Buyer & Seller Specialist Robin Cerna Buyer & Seller Specialist Timothy Dancy Buyer & Seller Specialist What We Do We understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why our team of highly-seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients. We take great pride in the relationships we build and always work relentlessly on the client’s behalf to help them achieve their real estate goals. We also diligently work to educate everyone on the home buying and selling process. We understand that buying or selling a home is unlike the day-to-day transactions we are used to. We pride ourselves in educating our clients to make sure the whole process is transparent so there are no surprises. Lastly, there is never an obligation to work with us. You can always contact us to learn more without committing to working with our team. We believe in educating everyone regardless if they are our client. We wish you the best on your next real estate decision!
- Buying | PadScouts
Home Buying Buying a home may be the biggest financial decision of your life. Make sure you're informed. The home buying process is unlike any other purchases you've made in your life. It is important to understand the complexity of such a large transaction so that you know all of the costs, benefits, and risks associated with owning real estate. Home Buying Steps Step 1: Pre-Approval Professional Involved: Mortgage professional The first step to the home search process is to be pre-approved by a mortgage lender. The pre-approval will help you determine your financial situation. There are different types of mortgage loans. Learn why it is the first step: Pre-Approval Step 2: Buyer Interview Professional Involved: Realtor The 2nd step in the home search process is to work with a Realtor to talk about your wish list and your financial situation. In this conversation with your Realtor, you will work together to determine what are realistic goals when looking for your next home. You may also enter into a Buyer's Agreement with your Realtor. Steps 3: Home Search Professional Involved: Realtor The 3rd step involves you and your Realtor searching for available properties and scheduling showings to view properties. You might also be attending Open Houses during the home search process. Step 4: Make an Offer Professionals Involved: Realtor The 4th Step is when you've found the property you wish to purchase and you work with your Realtor to send an offer to the Seller for the price you'd like to purchase it for. An offer is a legal document used to outline a potential real estate transaction between a buyer and seller. Step 5: Negotiate Professionals Involved: Realtor The 5th Step occurs after you submit an offer to the Seller. The Seller can decide to Counter Your Offer , Accept Your Offer , or Reject Your Offer . If there are multiple offers, the Seller may counter by asking for your Highest and Best Offer . Step 6: Contract to Close Professionals Involved: Realtor Mortgage Professional Real Estate Attorney Appraiser Home Inspector Title Company The 6th Step occurs after your offer is Accepted. The Attorney Review , Home Inspection and Mortgage Approval are occurring simultaneously. Step 7: Closing Professionals Involved: Realtor Mortgage Professional Real Estate Attorney Title Company The 7th Step occurs after the financing is confirmed. The property's utility will be switched over to you, the final walk-through is conducted, the title is transferred , closing costs paid and closing documents completed.
- Lease To Own | PadScouts
Lease-To-Own Many people want the benefits of living in a single family home. However, whether you're a first-time homebuyer who's cautious about making such a large financial investment, you recently relocated and are unsure of which neighborhood to live in, or you would like to one day own a home and are creditworthy but cannot currently obtain a mortgage. There are companies that offer leasing and rent-to-own programs that allow you to find a home that you want to rent initially, but may also like to buy in the next three to five years. There are many households who may be thinking about buying a home, but for whatever reason would like to rent at the current time. You can lease the home for three to five one-year terms, depending on the state, and you may purchase the home from us at any time at a predetermined price. Let us know if you're interested in Lease-To-Own programs. We're happy to direct you to the right programs. Contact us for more information. Apply and Get Approved Prospective residents start the process by filling out a Pre-Qualification Application that checks key issues. Find A Home Prospective residents will work with a REALTOR® to find a home in an approved community. Housing Program Buys the Home, You Lease from The Housing Program Prospective residents will be required to sign a one year Lease for the home as well as a Right to Purchase Agreement. Buy from Housing Program The Housing Program buys the home. You lease it and have the right to buy it later if you want to.
- Packages | PadScouts
Packages I'm a paragraph. Click here to add your own text and edit me. I’m a great place for you to tell a story and let your users know a little more about you. Best Value Free Consultation $ 0 0$ 1 Month, 2 Lessons per week Free Plan Select I'm a benefit I'm a benefit I'm a benefit I'm a benefit
- Selling | PadScouts
Home Selling Understand the Home Sale Process Selling your property is an important transaction. A home sale includes multiple third party involvement, even if you don't use an agent. Understanding all of their roles is important to ensure a smooth transaction. Home Selling Steps Step 1: Find A Listing Agent Professional Involved: Realtor The 1st Step to the home selling process is to find a listing agent that will serve your best interest. A good listing agent will be prepared to present a Competitive Market Analysis, and a provide marketing strategy. If you choose to work with the Realtor, you will sign a Listing Agreement . Step 2: Pick A List Price Professional Involved: Realtor The 2nd step occurs after you sign a listing agreement where you to select a listing price. Your Realtor can help you decide the right pricing strategy and to calculate your proceeds for different prices. But, at the end of the day, it is your home and you can select the price. Steps 3: Marketing Plan Professional Involved: Realtor The 3rd step involves you and your Realtor coming up with a plan to market your property. This is where you will decide if you'd like professional photography, videography, 3D tour, and where your listing will be displayed (i.e. Zillow, Realtor.com, etc.) Step 4: Prepare Home Professionals Involved: Realtor The 4th Step is your responsibility. Your Realtor can provide you with guidelines and details to help your property achieve a sellable look. Preparations include cleaning the exterior/interior, touch-up paint, removing personal decorations, eliminating pet odors, etc. Step 5: Show Your Home Professionals Involved: Realtor The 5th Step is where buyers will come and see your home. Most showings are conducted by your Realtor or the buyer's Realtor. Your Realtor will likely use a lockbox to allow the Buyer's Realtors access. You are in control of the scheduling. Step 6: Negotiate Final Price Professionals Involved: Your Realtor Buyer's Realtor The 6th Step occurs when a Buyer submits an Offer . Your Realtor will help guide you on how to negotiate the price. They will be the liaison to negotiate on your behalf. In this step, you will also negotiate the contingencies for the contract. Step 7: Escrow & Title Report Professionals Involved: Realtor Mortgage Professional Real Estate Attorney Title Company The 7th Step occurs after the offer is accepted. The buyer's earnest money will be placed into an escrow account and your realtor will order a title search . Step 8: Schedule Appraiser Professionals Involved: Realtor Mortgage Professional Appraiser The 8th Step is when the mortgage appraiser schedules an appointment with you to appraise the value of the property. The buyer is entitled to back out if appraisal results are negative. Step 9: Home Inspection Professionals Involved: Realtor Home Inspector Real Estate Attorney The 9th Step is where the home inspector conducts a home inspection . You may need be prepared to negotiate with the buyer if there are issues that need to be addressed because of the contingencies in the contract . Step 10: Closing Professionals Involved: Realtor Real Estate Attorney Mortgage Professional Title Company The 10th step is the closing. Your agent will walk you through the documentation. The title company will transfer the property deed and finalize the documents and cut the checks to the respective parties.
- Calculating Your Proceeds | PadScouts
Calculate Your Proceeds When an offer comes in, a seller can accept it exactly as it stands, refuse it (seldom a useful response), or make a counteroffer with the changes they want. In evaluating a purchase offer, sellers estimate the amount of cash they'll walk away with when the transaction is complete. For example, when they're presented with two offers at once, they may discover they are better off accepting the one with the lower sale price if the other asks them to pay points to the buyer's lending institution. Once a seller has a specific proposal, calculating net proceeds becomes simple. From the proposed purchase price, they subtract the following: Payoff amount on present mortgage Any other liens (equity loan, judgments) Broker's commission Legal costs of selling (attorney, escrow agent) Transfer taxes Unpaid property taxes and water bills If required by the contract: cost of survey, termite inspection, buyer's closing costs, repairs, etc. The seller's mortgage lender may maintain an escrow account into which they deposit money to pay property tax bills and homeowner's insurance premiums. In that case, remember sellers will receive a refund of money left in that account, which will add to their proceeds.
- Showings | PadScouts
Showings Showings are scheduled between buyers and sellers so that a prospective buyer can tour the property. The coordination for the showings is generally coordinated between the respective Realtors, with the input of the buyer and seller of course. For the Seller: The Realtor will usually provide a Lockbox where a key for the property will be placed. Either your Realtor or the Buyer’s Realtor will escort the Buyer through your home Make sure to prepare your property for a showing and to also secure your valuables. It is recommended that Sellers do not leave anything out. Although a Realtor will be present during the showing, it is always better to be safe and secure your items. When a Buyer and the Buyer’s Realtor has coordinated a showing with a Seller, the Realtor will receive a Lockbox code to open the Lockbox to receive the key and gain access to the property. For the Buyer: Your Realtor can either coordinate an individual property showing or schedule multiple properties in one day. It is usually a lot more efficient to see multiple properties in a day. Only a Realtor is able to receive a Lockbox code from the Seller’s Lockbox per the Illinois regulations.
- Title Companies | PadScouts
Title Companies A title company makes sure that the title to a piece of real estate is legitimate by conducting a title search and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. Title companies also often maintain escrow accounts — these contain the funds needed to close on the home — to ensure that this money is used only for settlement and closing costs , and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, the title company will ensure that the new titles, deeds and other documents are filed with the appropriate entities. How much does a title company's services cost? The cost of title insurance depends on the size of the loan and varies greatly depending on the state. The good news is that the premium is a one-time fee you pay at closing, not an ongoing expense. According to the Federal Reserve, “a lender’s policy on a $100,000 loan can range from $175 in one state to $900 in another.” You’ll typically pay an additional amount — usually a few hundred dollars or more, depending on the size of the loan and your state of residence — for a buyer’s policy. Note that you may be able to get a discounted rate on your title insurance if the property was sold within the previous five years; just call and ask.
- How To Find A Lender | PadScouts
How to choose a lender? Comparing quotes from several mortgage lenders is a critical part of the homebuying process. According to Freddie Mac data, getting three quotes can save you about $1,500, while five quotes can save you an average of $5,000. So, how do you do this? First, apply with at least three lenders. Head to their websites, fill out their online application forms, and give them a little information about your homebuying plans. You can usually get a quote within a few hours to a day or two. Once you have the quotes in hand (they’ll come in the form of what’s called a “loan estimate”), you should look at the following points to compare your options: Interest Rates Interest rates vary greatly between lenders. So, see how your quotes measure against other lenders. Example of how interest rates can drastically change your monthly payment: Purchase Price: $300,000 10% down payment Loan Amount: $270,000 At 4.25% , your monthly interest and principal payment is $1,328.24 At 4.75% , your monthly interest and principal payment is $1,408.45 APR This is your total annual cost to borrow the money, plus any fees or other charges required. Origination, underwriting, and application fees: Do the lenders charge fees for any of their services? If they do, compare the cost of those and see what comes out on top. Prepayment penalties Some lenders charge a penalty if you pay off your loan early. Make sure you know which of your options does and doesn’t. Estimated closing costs and cash-to-close This is what you’re expected to owe for the loan’s closing and on closing day. These can vary greatly as well. Private Mortgage Insurance (PMI) Private mortgage insurance (PMI) is a type of insurance policy that protects mortgage lenders in case borrowers default on their loans. This insurance cost will vary depending on the lender and the type of loan that you are seeking (i.e. Conventional, FHA, USDA, VA, etc.) How To Find A Lender? You can find mortgage lenders online, through your real estate agent, or by using a mortgage broker. You can also look to your personal bank or local credit union for a mortgage loan. If you’re in Illinois, here are a few of our trusted partners: Juan Fleitas - Compass Mortgage Direct Line: 630.687.6023 Cell Phone: 708.214.2222 Email Address: firstname.lastname@example.org State License: NMLS# 219823 Erica Garcia - Compass Mortgage Direct Line: 773.644.2932 Cell Phone: 773.710.1665 Email Address: email@example.com State License: NMLS #1714772 Amiel Steurman - Cypress Mortgage Direct Line: 312.829.1010 Email Address: firstname.lastname@example.org State License: NMLS #234812 Wendy Aquino - SunWest Mortgage Company Direct Line: 773.946.3650 Email Address: email@example.com State License: NMLS #921729