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58 items found

  • Closing Documents | PadScouts

    Closing Documents These are the documents finalized at closing:​​​ ​ The deed – This is filed with the Recorded of Deeds office. It transfers title from the buyer to the seller. The Affidavit of Title – A statement by the seller about any known legal issues with the property or encumbrances on the seller’s title. Bill of Sale – A receipt-like document that shows the seller received all payments for the sale of the property. ALTA Settlement Statement – An itemized list of all the money and credits during the exchange. Transfer Tax Forms – Tax forms that show the amount of consideration paid for by buyer for the purposes of evaluating the transfer tax costs. ​ At least three business days before your closing, the lender should give you Closing Disclosure statement, which outlines closing fees. Compare this to your Loan Estimate and ask the lender to explain what each line item on your closing costs is and why it is needed. There are limitations on the amount a number of fees can increase from the Loan Estimate to the Closing Disclosure so there really shouldn’t be any surprises on closing day. But if there are, you can still walk away at closing.

  • Pre-Approval | PadScouts

    Mortgage Pre-Approval / Approval Mortgage Pre-Approval is a letter provided by a mortgage professional which shows you what you can afford to spend and what your monthly payment will look like. A pre-approval differs from a pre-qualification because a pre-approval means you have a conditional commitment by a lender for a specific loan amount. ​ A mortgage Pre-Approval letter from a lender assures you, sellers and real estate agents that you have the ability to a complete the purchase of any home that meets the lender’s guidelines. ​ You give your lender information and provide supporting documents as evidence. They will run a credit check and confirm the information you supply to provide an estimate of your borrowing limit. ​ Application - Required Documents - To secure a mortgage pre-approval, you must complete a mortgage application and submit all required documents. These can include (but are not limited to):​​ Social security number Proof of employment Last pay stub(s) W-2, 1099, or other income tax forms Pay stubs and W-2s (typically two years) Tax returns (typically two years if self-employed or you earn commissions or bonuses) Bank, retirement and investment account statements (two to 12 months, depending on loan) Financial statements (if self-employed) Letters of explanation for credit blemishes Divorce decrees, if you pay or receive spousal or child support ​ 3 Factors Influencing Loan Approval - Once you provide a mortgage professional the documents, you might be wondering what they're looking for to approval a loan. These are the 3 Factors they're evaluating from the documents you've submitted: Willingness to pay back the loan Refers to your credit history or a measure of your ability to pay your consumer debt Each individual is given a credit score ranging from 400 to 850 from one of the credit reporting agencies based on this history An individual’s credit score is a key determinant in influencing loan approval Ability to pay back the loan Front Ratio = monthly housing payments/gross monthly income (should be <30%) Back Ratio = total monthly debt obligations/grow monthly income (should be <40%) Appraisal or Appraised value of the property - This part is not part of the pre-approval evaluation. This is the third factor that a mortgage company will evaluate to determine whether they will approve a long for the property you've decided to purchase. An independent appraiser is hired to complete a full appraisal and submit it to the lender for review Appraiser uses a comparable analysis to arrive at the value of the property The appraiser’s evaluation of the property being financed must report a value greater than or equal to the purchase price ​ ​​

  • Rejected Offer | PadScouts

    Offer Rejection Sellers are able to reject any offers or counter offers presented by a buyer. The rejection, however, cannot come after a Seller has accepted an offer. ​ Similar to Sellers, Buyers are able to reject any counter offers they receive from a Seller. Anytime a Buyer receives a counter offer , they may reject the offer and walk away from the deal. ​ ​

  • Copy of Home | PadScouts

    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 Real Estate Resource Online 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. Investments I'm a paragraph. Click here to add your own text and edit me. Let your users get to know you. 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. Retirement Planning I'm a paragraph. Click here to add your own text and edit me. Let your users get to know you. Glossary I'm a paragraph. Click here to add your own text and edit me. Let your users get to know you. Reviews I'm a paragraph. Click here to add your own text and edit me. “I'm a testimonial. Click to edit me and add text that says something nice about you and your services. Let your customers review you and tell their friends how great you are.” Lisa, Dina's mom Contact

  • Title Insurance | PadScouts

    Title Insurance Once the title is found to be valid, the title company will likely issue a title insurance policy, which protects lenders or owners against claims or legal fees that may arise from disputes over the ownership of the property. ​ There are two main types of title insurance: owner’s title insurance, which protects the property owner from title issues, and lender’s title insurance, which protects the mortgage company. ​ You, the home buyer, will pay for the lender’s title insurance when you close on the house, but it’s also a good idea to make sure you have an owner’s title insurance policy as well (in some areas of the country, sellers pay for these policies; in others, the buyer must purchase it). ​ For example: You buy a home and get both lender’s and buyer’s title insurance, but then someone comes forward claiming they are the rightful owner of the home. If, in fact, the title was wrong and they are the rightful owner of the home, your title insurance policy will likely pay you the value of the home and the lender the amount they lent you to buy the home.

  • Marketing Plan | PadScouts

    Marketing Plan The most basic strategy in the real estate marketing plan is ensuring that a property has professional pictures taken of the home, priced correctly in the market, and listed on the Multiple Listing Service (MLS). Once it is listed in the MLS, the listing should be syndicated to all of the major marketing websites such as,, etc. Most homes are found by buyers through these real estate websites. The MLS also allows local Realtors to be notified of the availability of a local property. Listing a property onto the MLS is the crucial first step to selling a property. ​ A good listing agent will present a concise marketing strategy to you. They will show you examples such as listing on the MLS, hosting open houses, and sending out targeted campaigns. However, sellers should participate in the marketing process. Here are some examples of how sellers can participate in the process: opting for professional photography and virtual tours, or tapping into their personal networks to find interested buyers. It’s impossible to prepare a marketing plan that targets every buyer. But, in order to improve the chances of selling your property, it is necessary to understand the buyers in your market. Each market is different so this page will only attempt to speak to the macro national trends in the market, which is to market towards millennials (the current generation that is actively purchasing real estate). ​ Real Estate Marketing For Millennials: 5 Tips For Success ​ Those who hope to successfully sell to today’s buyers must actively take part in real estate marketing for millennials. Traditional marketing tactics may not work on these digital natives, and real estate professionals who take the initiative to understand this generation’s consumer preferences and behavior will develop an advantage. The following are 5 unique tips to find success in selling to the millennial home buyer: Help them each step of the way: 90% of home buyers aged 37 and younger worked with a real estate agent, and many of them cited that they wanted help in understanding the home buying process. Understand that guidance is extremely important to this consumer segment, and take advantage by marketing your emphasis in assisting clients. Know that price matters: A majority of millennials use their savings to pay their down payment, more so than other generations, signaling limitations in financial options. Help these buyers by suggesting how to save money or use their funds in the most impactful way during the home buying process. Pay attention to visual representation: Visually-based social media platforms such as Instagram and Pinterest are popular amongst young home buyers. In addition, many of them cite staging as an important factor filtering through properties online. Do not hesitate to market your property in a visually-compelling manner, such as through Instagram or Pinterest. Specify your competitive advantage: Millennials know that each real estate agent has something unique to offer, so be ready to stand out from a group of candidates by clearly specifying what you have to offer to them. Go digital: Is should go without saying that the best way to appeal to this generation of digital natives is through digital marketing. 93% of home buyers aged 37 and younger use the internet for their home buying process. There are a variety of trends associated with the millennial home buyer, and as a seller or real estate professional, it is important to keep up with the latest statistics and information. Each generation has its own unique tastes and preferences, and furthermore, there are divergences within each of those home buyer segments. Those who make an effort to keep up with these preferences, and take the extra step to understand why consumers have these preferences, are best able to serve these home buyers’ needs.

  • Counter Offer | PadScouts

    Counter Offer When sellers receive a purchase offer from a would-be buyer, remember that unless they accept it exactly as it stands, unconditionally, the buyer will be free to walk away. Any change the proposed buyer makes in a counteroffer puts the seller at risk of losing that chance to sell. ​ Who pays for what items is often determined by local custom. Sellers can, however, arrive at any agreement they and the buyers want about who pays for different costs. Some examples of what can be negotiated on who pays: ​ Buyer's closing costs Points to the buyer's lender Buyer's broker fee Repairs required by the lender Home protection policy ​Termite inspection Survey ​ Sellers may feel some of these costs are not their responsibility, but many buyers—particularly first-timers—are short of cash. Helping a buyer may be the best way to get a home sold. ​ Whether you're buying or selling, make sure a real estate agent and/or an attorney evaluate all terms in the offer and counteroffers. ​ As soon as both parties accept the written offer, you have a legal contract. ​ You can accept or reject it or to even make your own counteroffer—for example, "We accept the counteroffer with the higher price, except we still insist on having the pool table." ​ Each time either party makes any change in the terms, the other side is free to accept or reject the offer or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side's proposal. ​​

  • Pricing Strategy | PadScouts

    Pricing Strategy Being able to sell your home quickly is a matter of competitive pricing. There is a fine line between pricing low enough to sell, versus pricing just above market value. Your Realtor is responsible for conducting a market analysis in order to recommend the best possible listing price to help your property sell within a reasonable amount of time. ​ Although the Realtor may recommend a price, the Seller is ultimately the person who will make the final decision. Each Seller’s situation is different and you’re allowed to sell your property for lower or higher than your Realtor’s recommendation. But, speak with your Realtor to understand the implications of selling higher or lower than the recommended list price.​

  • 1606 S Ashland | PadScouts

    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 Stunning Pilsen condo-quality new construction, available September 1st! 1622sq of modern, spacious, and bright 3BD/2BA with 1 garage spot included. Unit features 11' ceilings, 9' doors, oversized floor to ceiling windows, central air and heat, custom lighting, vinyl luxury plank floors throughout, wide open kitchen/ living/ dining space, modern kitchen cabinets, quartz countertop, GE ss appliances, contemporary bathroom tiles and fixtures, vast number of closets and private balcony. 2nd bedroom with large full bath presenting free standing tub, shower, and double vanities. In unit full size site by site washer & dryer. Application fee is $50 per adult applicant. Non-refundable move-in fee is $350 per adult tenant. Non-refundable pet fee is $350. 1 pet per unit under 35lbs allowed. Tenant pays heat/ cooking gas and electric. No security deposit. Minimum credit score requirement - 750. 1 year lease minimum. The building is within walking distance of Pink Line, great restaurants, convenience stores, art galleries, boutique shops, park and many more. Quick access to expressway, Medical District and UIC. DESCRIPTION Request More Information on 1606 S Ashland Ave Units First Name Last Name Email Phone Write a message Submit Thanks for submitting!

  • Mortgage Loan | PadScouts

    Mortgage Loan A home mortgage is a loan given by a financial institution for the purchase of a residence—either a primary residence, a secondary residence, or an investment residence—in contrast to a piece of commercial or industrial property. Depending on the State where the property resides, in a home mortgage, either a mortgage lien is placed on the title of the property OR the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the final loan payment has been made and other terms of the mortgage have been met or a mortgage lien will be placed on the title. ​ A mortgage payment is composed of 4 components, simply known as PITI - which is the Principal , Interest , Taxes , and Interest . ​ Principal The principal of your mortgage is the amount that you owe before any interest is added. For example, if you buy a home worth $250,000 with a 20% down payment, your principal amount would be $200,000. However, throughout the life of the loan, you pay more than your original $200,000 because of interest. Most lenders look at your principal balance and debt-to-income (DTI) ratio when they consider whether they should extend you a loan. Your debt to income (DTI) ratio is a calculation of your ability to make payments toward money you’ve borrowed. Your DTI ratio is comprised of your total minimum monthly debt divided by your gross monthly income and is expressed as a percentage. A mortgage company will evaluate two ratios: Front Ratio = monthly housing payments/gross monthly income (should be <30%) Back Ratio = total monthly debt obligations/gross monthly income (should be <40%) ​ Interest An interest rate is a percentage that shows how much you’ll pay your lender each month as a fee for borrowing money. Your mortgage lender calculates interest as a percentage of your principal over time. For example, if your principal loan is worth $200,000 and your lender charges you an interest rate of 4%, this means that you pay $8,000 (4% of $200,000) for the first year of your mortgage in interest. ​ Taxes You must pay taxes on your property. Taxes are one of the often-overlooked costs of homeownership. It’s important to consider them when you think about how much home you can afford. The most expensive tax most homeowners pay is property tax, which may vary by location. Property taxes support the local community and pay for things like libraries, local fire departments, public schools, road and park maintenance and community development projects. It’s difficult to say exactly how much you can expect to pay in taxes because they depend upon your home’s value and your local property tax rate. Taxes can vary from year to year. As a general rule, anticipate paying $1 for every $1,000 of your home’s value every month in property taxes. For example, if your home is worth $250,000, you pay around $250 per month in property taxes or about $3,000 per year. ​ Insurance Home Owners Insurance Though homeowners insurance is not required by law in most states, most mortgage lenders require that you maintain at least a certain level of property insurance as a condition of your loan. Homeowners insurance covers your property if a fire, lightning storm or break-in occurs. Some homeowners insurance policies include additional coverage for damage from flooding and earthquakes as add-ons. If you have something very valuable in your home, like a piece of artwork, an expensive piece of jewelry or a musical instrument, you may purchase a high-value layer of protection called a rider in addition to your standard policy. If you live in a condominium, you’ll usually pay a homeowners association fee in lieu of individual insurance that covers your dwelling. Like property insurance, it’s difficult to say exactly how much you can expect to pay in property insurance because every insurance company uses their own unique formula when they calculate your rates. Some factors that influence your premium include: Your home’s value Whether you live in a rural area or an urban area How close you live to a fire department or police station Whether you have an attractive nuisance on your property, which is something that is likely to injure children who enter your property like a pool, trampoline or aggressive dog How many claims you make each year on average for other types of insurance As a general rule, expect to pay about $3.50 for every $1,000 of your home’s value in homeowner’s insurance per year. In this example, you will pay $875 on a property worth $250,000 per year, or about $73 per month. Private Mortgage Insurance​ PMI — private mortgage insurance — is a type of insurance policy that protects mortgage lenders in case borrowers default on their loans. Here’s how it works: If a borrower defaults on their home loan, it’s assumed the lender will lose about 20 percent of the home’s sales price. 20 percent — sound familiar? That’s the smallest down payment you can make without having to pay mortgage insurance. If you put down 20 percent, that makes up for the lender’s potential loss if your loan defaults. But if you put down less than 20 percent, the lender will usually require mortgage insurance. Mortgage insurance covers that extra loss margin for the lender. If you ever default on your loan, it’s the lender that will receive a mortgage insurance check to cover its losses. How much is mortgage insurance?​ Mortgage insurance costs vary by loan program. But in general, mortgage insurance is about 0.5-1.5% of the loan amount per year. So for a $250,000 loan, mortgage insurance would cost around $1,250-$3,750 annually — or $100-315 per month.​​ ​ ​ Mortgage Products Terms ​ Mortgages are provided by mortgage companies . Most mortgage companies are able to help you facilitate the application for a Conventional Loan, FHA Loan, USDA Loan, or a VA Loan . Each of these types of loans also come in a variety of terms. Below are some examples of what you product terms you may encounter: ​ ​ Long-Term Fixed Mortgages (30-year) This is a mortgage loan where you will make monthly payments for 30 years. It is called a "fixed" mortgage because the interest rates are "fixed" meaning they remain the same for the duration of the loan. If you were quoted for a 4% interest rate, you will pay the same annual interest rate for 30 years. ​ The benefit of choosing a 30-year fixed mortgage compared to a short-term fixed mortgage is having lower monthly mortgage payments. The downside is that you will pay a much greater amount of interest over time. The benefit of choosing a fixed mortgage over an adjustable rate mortgage is being able to know your interests will not change over time. Adjustable Rate Mortgages interest change depending on the market rate which means your monthly loan payments may change over time. Short-Term Fixed Mortgages (15-year) This is a mortgage loan where you will make monthly payments for 15 years. It is called a "fixed" mortgage because the interest rates are "fixed" meaning they remain the same for the duration of the loan. If you were quoted for a 4% interest rate, you will pay the same annual interest rate for 15 years.​ Short-Term fixed mortgages come with higher monthly payments compared to long-term fixed mortgages because you will be paying off the principal at a higher rate. The benefit over long-term fixed mortgages is that you pay less interest overall on the loan. Adjustable Rate Mortgages (ARM) An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time. After this initial period of time, the interest rate resets periodically, at yearly or even monthly intervals. ARMs are also called variable-rate mortgages or floating mortgages. ​ With adjustable-rate mortgage caps, there are limits set on how much the interest rates and/or payments can rise per year or over the lifetime of the loan. An ARM can be a smart financial choice for home buyers that are planning to pay off the loan in full within a specific amount of time or those who will not be financially hurt when the rate adjusts. Home Equity Line of Credit (HELOC) ​With a HELOC, you’re borrowing against the available equity in your home and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period (typically 10 years) up to the credit limit you establish at closing. At the end of the draw period, the repayment period (typically 20 years) begins. To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home. You can typically borrow up to 85% of the value of your home minus the amount you owe. Also, a lender generally looks at your credit score and history, employment history, monthly income and monthly debts, just as when you first got your mortgage. Similar to mortgage loans, HELOCs can come with variable interest rate or fixed interest rate options. ​

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