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Chad Haug
Chad E. Haug
Managing Broker

C Edwards Real Estate
Plainfield, IL 60586

Office: 815-609-3951

Main: 833-233-9273  833-(CEDWARD)

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Financing

Where To Begin With Financing?

Start A Financial File

A Financial File should contain all of your important financial documents. Regardless of the loan type, lenders will need information about you. Make copies of financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ tax returns.

Check Your Credit Rating

Credit scores range between 400 and 800. 620 + is considered "good". 680 + is considered "premium" and may possibly help get you a lower interest rate.

Below you will find the contact information for the 3 major credit reporting agencies to help you determine your credit rating. Ask your lender how to improve your credit score if you need to. Going forward, treat your credit like gold.

Equifax

http://www.equifax.com  

(800) 685-1111

Experian

http://www.experian.com  

(800) 392-1122

Trans Union

http://www.transunion.com  

(800) 888-4213

Savings & Debt

If you are buying real estate, try to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections. Furthermore, try to pay down existing revolving and high interest rate debt like credit cards.

Toe The Line

Now is not a good time to change careers, move your money around, or buy big ticket items. Lenders like stability. So if you are considering any major changes, it pays to meet with a lender and ask them how to proceed before you make any changes! If you are tempted to buy a big ticket item, consider the following:

A $500 a month debt   payment (like a credit card or auto loan) could lower the amount of home you   can afford by about $83,000! *

 

* Based on a 30 year mortgage at 6% interest.

How to Find a Lender?

Today, lenders can be found through a variety of sources. In addition to calling on ads in the newspaper, you can also find and apply to lenders over the internet, and through referrals from your REALTOR. We would be happy to suggest lenders we have used successfully, who have proven themselves competitive and capable even with problem properties or poor credit.

Choosing the Right Lender

Interview several lenders to evaluate the following:

  • Ability to explain things clearly and return your phone      calls in a reasonable time period
  • Competitiveness of interest rates, costs & fees.
  • Availability of loan programs that suit your credit      profile and desired property
  • Access to local loan approval committee that      understands the kind of property you are buying

Choosing the Right Kind of Loan:

Today there are so many types of loans on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan program to suit your needs. Below is a summary of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.

  1. Fixed loan:      The fixed rate loan assures      your monthly payments will stay the same over the life of the loan, which      is typically between 15 and 30 years. Fixed rate loans may be best if you      intend to hold the property for a long period of time, say over 7 years.
  2. ARMs (adjustable rate mortgages): ARM’s may be suitable if you plan to sell or refinance      your home within the next few years. The starting interest rate is      typically lower than a fixed rate loan, saving you money initially.      However, it is important to understand the index, the readjustment      interval, the capitalization rate and downside risks of an ARM before      making a final decision to use this type of loan.
  3. Intermediate ARMs: Also called Hybrid Loans, these loans can offer      fixed interest rates for the first 3, 5, 7 or 10 years after which the      interest rate adjusts with the market every 6 months or year thereafter.

Application and Processing:

Credit Report

Typically, it costs under $50 to check your credit. With your permission the lender will order a review of your outstanding loans and your repayment history from a third party credit agency.

Application / Processing Fee

This cost, typically a few hundred dollars, is charged to cover the lender’s work to evaluate your ability to repay the loan. Some lenders will credit this back to you upon closing.

What is APR?

The APR, or annual percentage rate, is the sum total of all your borrowing costs expressed as a percentage interest rate charged on the loan balance.

For example: After fees, the original interest rate quote   of 5.875% might work out to a 6% APR loan, where the interest costs about   $6,000 per year for every $100,000 borrowed, and the principal payments are   calculated based on the length of the loan term (for example 15, 20, or 30   years).

Indexes

The interest rates on variable loans readjust periodically based on changes in an index. Typical indexes include the Federal Funds Rate, Treasury Bill.

Points

When mortgage companies are competing by offering lower interest rates, they may charge you a one-time pre-paid interest payment calculated as a percentage of the loan. Called points", this may range from 0.25% to 2% of the loan balance, and is usually paid up front. Points are tax-deductible; consult with your tax advisor.

Appraisal Cost

Lenders hire experienced, often independent appraisers to evaluate the property’s purchase price, condition and size compared to similar recent neighborhood sales. This helps ensure the purchase price is not too high, and gives the lender more confidence in getting repaid in the event they are forced to sell the property if the borrower defaults. The appraisal costs vary depending on the property, type of appraisal, and region.

Miscellaneous Fees

Expect to see various charges incurred in the processing of your loan which might include notary, courier, and county recording fees.

Prepayment Penalties

These vary widely, so be sure you know in advance if your lender will charge a penalty if you refinance or sell, and the certain period during which the penalties apply.


Chad E. Haug | 833-233-9273 | Contact Us
info@cedwardsrealestate.com
23441 West Grinton Drive - Plainfield, IL 60586
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