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Displaying blog entries 691-694 of 694

Don't be Surprised by Closing Costs...

by alansche

Purchasing a new home always has the ability to be a nerve-wrecking experience. There are many different expenses associated with buying a house, including one that so often surprises people: the 'closing costs.' However, they don't always have to be so shocking. Highlighted here, from Aol Real Estate, are several steps to better prepare you for the next time you run into these.

Closing costs don't always have to be a surprise.

First, ask the seller to pay the closing costs. Moreover, before you make a final offer on a home, discuss with your real estate agent on whether or not you can get the seller to pay some (if not all) of the closing costs. In fact, sellers who are urging to complete a sale or transaction may offer to pay some of the costs in order to close the deal in a timely manner. Next, make sure you fully comprehend the 'Good Faith Estimate'. In other words, review and know the document that your lender is supposed to provide you within three days of your loan application. Aol Real Estate states that, "This paperwork will describe to you the closing costs associated with your loan, ranging from lender-related fees (such as loan origination fees) to outsiders' fees required to complete your transaction (inspection, appraisal, etc.)." You should note that a 'good faith estimate' is only an estimate, and some of the closing costs that were worked out in that estimate are subject to change.

  • You should also receive more than one good faith estimate, because the form itself remains constant through various lenders. Afterwards, compare the estimates the lenders and sellers and negotiate with them on some fees.

Lastly, examine the 'HUD-1 Settlement Statement' closely. Aol Real Estate lets us know that a buyer should ask his or her lender to provide the HUD-1 Settlement Statement long before closing the deal. In turn, this will allow you to compare the closing costs that were listed in the statement with the closing costs from your Good Faith Estimate. A list of all the documents and fees you can expect in closing a deal can be found in the full article here. Be sure to follow The Rullo Team Real Estate blog for more updates on the real estate market and what's going on in and around St. Charles, Geneva, and Batavia! Photo courtesy of Images_of_Money via Flickr

Mortgage Rates Remain a Good Deal in Metro Chicago

by alansche

Metro Chicago mortgage rates remained steady over the past two weeks.

Mortgage rates have remained stable over the past couple of weeks, continuing the buyer's markets seen across many areas of the country. Low rates are also available across metro Chicago, Saint Charles, and Geneva, the lowest being 4.25 percent for a 30-year fixed rate mortgage. Current 30-year fixed mortgage rates are 4.25 percent across the country, and 15-year fixed mortgages are at 3.5 percent. These are more great rates that we have been seeing all year long for those that meet minimum qualifications, including a good credit score. The Federal Housing Authority still leads the way in affordable lending. With less strict qualifications and lower down payments, FHA is the most popular lender in the country and great way for those that cannot meet a 20 percent down payment to enter the housing market. As more positive real estate news is felt across the country, it is only a matter of time before these incredible rates are gone. If you are looking for a home in the metro Chicago area, give The Rullo Team a call at 888-457-8005. Photo courtesy of Stock.xchng

How to Add Affordable Luxury to your Geneva Home

by alansche

Thanks to MSN Real Estate, we have the perfect ways that you can add affordable luxury to your Geneva home. Instead of eyeing bigger or fancier properties, local homeowners are updating their houses and adding touches of luxury to feel more comfortable. Here are three ways you can add special and unique touches to your home without spending a fortune.

  1. Small, dedicated spaces throughout your Geneva home will give it touches of luxury. For example, an area in your house set aside specifically for playing chess will make it feel more special and ensure there is always space to enjoy one of your favorite activities.
  2. Instead of spending money on a large remodel, updating some of the fixtures throughout your home can give it a luxurious feel without the luxury price tag. Shower heads, kitchen fixtures, and similar items are all areas that you can improve by replacing them with higher-end products.
  3. High-quality furniture is a great option for homeowners that do not have the money for a large remodel. The new furniture will add a luxurious feel to the rooms throughout your house, and you can take it with you if you decide to sell your home and move.

What are some of your tips for adding luxury to your home in Geneva? Leave a comment to share with others! As always, visit The Rullo Team website for more information about living in Saint Charles, Geneva, and surrounding areas in metro Chicago. Photo courtesy of Stock.xchng

Saint Charles homeowners that are reluctant to put more money into home improvements should reconsider. Home improvements are added to your home's tax basis, so the cost of the improvement is essentially tax-free when you sell your home in the future. For example, a Saint Charles home that was bought in 1990 for $200,000 and is now worth $800,000 generates $600,000 in profit for the homeowner at the time of sale. The home sale tax exclusion says that $250,000 of this amount for single homeowners and $500,000 of this amount for married homeowners is tax-free. If you are a married Saint Charles homeowner, that would leave you with $100,000 that is set to be taxed. However, by having $100,000 worth of home improvements put into the house, your taxable gain is reduced to nothing. As a result of spending $100,000 in home improvements, the Saint Charles homeowners would technically only make $500,000, so that is why the taxable gain is reduced to nothing after the home sale tax exclusion for married homeowners. So, if your Saint Charles home needs improvements, but you are hesitant to shell out some money right now, fear not. The amount can be deducted from your taxable gain when you sell it in the future. For more information, please see Inman News or give us a call at 888-457-8005. Photo courtesy of Stock.xchng

Displaying blog entries 691-694 of 694

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