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March 2020

Found 3 blog entries for March 2020.

While you are not required to provide a mortgage pre-approval letter in order to make an offer on a property, it vastly improves your chances of having your offer accepted. This is because a pre-approval assures the sellers and their broker that you are serious about buying their home, financially qualified to buy their home, and that there will not be extensive delays to closing since you have already begun the process of working with a lender.


When you think about buying a new home, you probably think about square footage, fixtures and finishes, along with the right neighborhood or local schools. However, one of the most important things to consider early in the process is your mortgage application. When should you apply for a mortgage

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The term HOA  or Homeowner’s Associate Fee, refers to the monthly fee an owner pays for the use of a condo building's common amenities, including the exercise room, the pool and sun deck, the services of the building's staff, a professional  property management company, if the building has one, water (in Chicago), and, in most cases, the building’s common insurance


However, there is so much variability among condo buildings and townhome communities,  it s recommended that you become familiar with the various HOA fee structures before you begin your property search. Ask your realtor,  what is and isn’t included, so you can accurately determine whether or not a property is within your budget.

Types of HOA Association Fees

Townhome HOA Fees

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Your lender will look at scores from each of the three credit bureaus: Equifax, Experian, and TransUnion. Most lenders will then drop the highest and lowest and use the middle score in making their determination. Your credit score is affected by a number of different factors and plays different roles in different loan scenarios.  



How are credit scores calculated?

Credit or FICO scores are based on a combination of the following factors:

  •        Payment History (35%)
  •        Amount of Credit Used (30%)
  •        Age of Credit (15%)
  •        Mix of Credit Types (10%)
  •        New Credit Inquiries (10%)

Credit Scores for All Types of Mortgages

Your credit score is affected by a number of different factors and plays different

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