February 10, 2021: Chicagoland Real Estate Update

Exploring Opportunities for Buyers and Sellers

In this issue, we’ll share:

• Buyer Tips and Assistant Programs
• Opportunitieseller OS
• Local Market News
• Featured Homes
• Real Estate in Action
• Chicagoland Things to Do

Let’s get started!

Looking at historically low interest rates, it’s hard not to be excited about buying a home with “almost free” money!

In past real estate updates, we’ve shown you examples of the buying power you get when rates are low. We are happy to share that information with you if you missed it, just ask. However, in a nutshell, the lower the interest rate, the less you pay for your house over the life of the loan.

This is important!

And, when you lock in that low interest rate with a FIXED mortgage, you assure yourself the peace of mind of a predictable monthly housing payment. This is also important because:

1. In the past, the lowest rates were tied to adjustable loan products, which meant that you would most likely need to refinance or be prepared for higher rates(and payments) in the future;
2. A fixed, low-interest mortgage builds in some inflation protection for you.

Even with low rates, you may be hesitant to pull the trigger on a purchase because you’re unsure if you have enough money for the down payment and closing costs. Or, you may want to preserve your cash reserves as much as possible.

The good news is that for both first-time homebuyers and all homebuyers, there are local programs available which you may qualify for to assist with closing costs and down payments. The Illinois Housing Development Authority (IHDA) offers some of these programs.

Chicagoland cities or local banks have some options, and loan savings may be available for you when working with someone on our team through Keller Mortgage. We’ll share the links below.

Many of these programs are for first-time homebuyers, and it’s essential to understand what defines “first time” because even if you’ve owned a home before, you may qualify.

A first-time homebuyer is:

1. A family or individual who has never owned a home or
2. A family or individual who has not owned a home in the past 3 years

Other options may be available depending upon who is on the title, so it’s always in your best interest to talk with a loan professional to be sure what’s possible for you.

Don’t guess or assume. We are saddened when a would-be buyer misses out on the opportunity of a lifetime because they didn’t know what was really possible for them! Our team thrives on seeing the possibilities because we have a vast collection of experience and resources to share.

When you are ready, we are here to help you navigate the home buying process. No rush, no obligation. We talk with people just like you every day who may be just beginning to think about buying a first home, next home, or investment property sometime in the future. It is never a bother for us to start now to help you with your best future.

Here are the links (remember, all programs have their own qualifications, and new or changing opportunities can happen any time):