Nina Rocus Schaumburg Real Estate

Just got this information today from one of the Loan Officers I work with¦.wanted to get it out to you as quickly as possible so here it is, straight from his email¦..

Please be advised we have been told by HUD that the monthly mortgage insurance rates for FHA will be going up on Sept. 7^th.

The current monthly MIP (mortgage insurance premium) for a 30 yr fixed  is .55%, and it will go up to .90%.     The good news is that the upfront MIP is going down, from 2.25% to 1%.

So for example, a first time homebuyer at a $200K purchase, their payment will now be about $45 more per month.

For any buyers you have with less than 10-20% down,  ¦. get a contract written before then.   Please get me the contract by no later than Sept. 2^nd, as the Labor day weekend follows, and we have to request the FHA case number before the 7^thto get the lower MIP.

Thank you very much for your business, and have a great week!

Ralph Saile
Mortgage Loan Specialist
Woodfield Planning Corp.
Celebrating 28 years of excellence
2005 & 2007 Illinois Broker of the year !

Direct Line: 847-483-5314  (forwards to my cell if out of the office)
Fax: 847-590-8380
www.woodfieldplanning.com/rsaile

Contact Ralph directly for more information on these changes.

If you are still looking for a property in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb,  I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself¦.just click here!

Remember you need to be under contract and have it into your loan officer by 9/2/10 in order to avoid the increase in the FHA monthly rate.  If you have questions, call or email me any time.

I received this email today from an investment advisor that I read and I thought it had some good points that I wanted to share with you¦¦

A new mortgage fee; Plus, five golden rules ¦

by Amber Dakar

Dear Nina,

If you™re in the market to buy a new home, be aware that the U.S. Treasury Department is  considering a new mortgage fee to fund the backstops it gives for loans purchased through Fannie Mae and Freddie Mac.

Analysts say the fee may be up to 1.5 percent of the borrower™s mortgage, which would be a big increase from the current 0.25 percent  that both Fannie and Freddie currently charge mortgage borrowers. Plus, it remains to be seen if this new charge would be in addition to that current charge!If you™re in the market to buy a new home, be aware that the U.S. Treasury Department is considering a new mortgage fee to fund the backstops it gives for loans purchased through Fannie Mae and Freddie Mac.

The Treasury is also thinking about breaking up Fannie and Freddie and selling pieces to the major banks, though most believe it will end up going with the fee.

So if you obtain a mortgage for $300,000 you could see an additional fee of up to $4,500 ... and the additional cost would just keep rising with the size of the loan. Talk about a reversal from the recently-expired homebuyer credit!

Meanwhile, in today™s economy, banks continue to significantly tighten their mortgage lending standards.

For instance, on June 1, Fannie Mae put into effect the Loan Quality Initiative (LQI), which requires lenders to pull two credit reports along with additional verification checks on potential borrowers.

That means even if you are initially approved for a loan, it can still be put on hold or cancelled altogether if you run-up credit card debts ¦ apply for other new loans of any kind ¦ or otherwise take actions that change your perceived risk profile before the mortgage actually closes.

And it™s worth noting that this initiative is mandatory ” affecting practically every mortgage lender and secondary mortgage market product!

To be sure, a borrower™s credit scores and  credit reports are playing a more significant role in whether a loan is approved or not these days.  As reported by The Wall Street Journal, the Federal Housing Finance Agency said 55 percent of approved mortgage borrowers™ credit scores were 720 or higher in 2007, and a whopping 85 percent hit that level in 2009!

So, in light of potential new fees and tight lending standards, remember these five golden rules if you™ll be applying for a mortgage:

#1. Clean up your credit history. A few months before applying for a mortgage, review your credit report and check for any discrepancies. You can access your credit report from all three credit reporting agencies once a year for free atwww.annualcreditreport.com.

#2. Don™t become house poor.  Be realistic about how much house you can afford. Plan to borrow roughly 2 to 2-1/2 times your annual gross salary. And in these uncertain times, if you™re buying the house with another person, you™d be wise to take on mortgage payments (including taxes and insurance) that can be supported with one income.

#3. Know the 28/36 ratios rule. The majority of lenders will back a buyer whose monthly house payment will not exceed 28 percent of their gross monthly income. Lenders also prefer the borrower™s overall debt ratio to fall below 36 percent of their gross monthly income.

#4. Use a down payment. Aim to put down 20 percent on your homepurchase so that you can avoid paying private mortgage insurance.

#5. Get pre-approved. Try to be pre-approved for a mortgage before your home search begins. That way you™ll be able to better focus on the best potential home in your price range and give yourself one additional competitive advantage should you decide to make an offer.

And always remember that even though looming new mortgage fees and strict lending standards are making home purchases a more daunting task these days, it is a buyer™s market if you™re well prepared!

Best wishes,

Amber

About Money and Markets

For more information and archived issues, visit http://www.moneyandmarkets.com

I may have written about one or more of these rules in the past, but I thought it might be good for you to œhear it from another source as well.

So if you have followed the 5 Golden Rules and are ready to look for a home in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb,  I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself¦.just click here!

Forbes has created a list of the best cities for working women with children.  Chicago came in at 21.  Not too bad!

This link will take you to the complete list along with ratings in several categories that were used to determine the rankings¦.

http://www.forbes.com/2010/07/24/best-us-cities-working-mothers-employment-family-forbes-woman-leadership-parenting-table.html

If you think you would like to relocate to one of these cities, let me know and I can refer you to a great realtor in any of these cities!  If you think old #21 isn™t so bad and are going to look for a home in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb,  I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself¦.just click here!

Are you thinking about buying an attached property?  If so, here are a few things to take into consideration¦.

1. You are going to be living really close to your neighbors.  That™s just how it is in an attached property.  Whether it™s a condo, coach home/manor home or a townhome, your neighbors are just a wall away.  Ask about the construction of the building, what separates you from those neighbors, do you have cement between the floors or are you going to hear every step someone takes on the floor above you.  What about the walls?  What soundproofing was put in to eliminate sound between the units.  Take a look at how close your balcony or patio is to the next unit, make sure this distance is œlivable.  Will the neighbors hear every word of your conversation, and you theirs?    How close is the building behind you and does another unit look directly into your unit?
2. Pets- Yours and theirs!  Are pets allowed?  Are their weight limitations?  Is there a limit to the number of pets?  What other pet rules does the association have?  Again, remember you are going to be living close to your neighbors, will your barking pet be a problem?  Will theirs disturb you?
3. Parking  What are the rules about parking?  Is it assigned? Are there enough guest spots designated for when you entertain?  Is parking 1st come/1st served?
4. Find out how much the association fee is and what it covers!  Don™t ASSUME anything!  Every association makes it™s own rules!  One may include water, one may not.  One may include roof repair/ replacement, another may not!
5. Insurance  What does the association policy cover, what are you going to have to insure yourself?  Don™t wait until you think you have a claim to find out that your issue is not covered by the master policy.
6. The Budget, Reserves and Special Assessments  Make sure you take a look at the budget for the association.  See if the money they are collecting is covering the bills.  Ask about how much money is in the Reserve Fund,  is it adequate to cover any upcoming expenses?  Has a Reserve Study been done to determine what repairs/replacements will need to be done and when?  If the answer to any of these questions is no, there is a good chance you may find yourself with a special assessment in your future.  Make sure to find out if there are any known special assessments.

These are just a few of the things you need to think about when making a decision to purchase an attached property.  So how do you find out the answers to these questions and any others you may have?  Be sure to obtain a  copy of the Declaration and the Rules and Regulations  for the association.  And be sure to get it while the contract is still in the attorney review period.  Make sure it is an updated copy with any amendments or changes included.These are usually long documents, but  it is worth your time to œwade throughthem to be sure there is nothing you find objectionable before it is too late to change your mind!  You don™t want any surprises after closing!Have more questions?    Call or text  630-776-5263.  If you prefer email  me  nina@NinaRocus.com.If you are looking for a home in Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb,  I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.Want to search yourself¦.just click here!

If you are getting ready to buy a home, or are already under contract  don™t do anything  that will change your current credit standing.

I was reading an article today about Fannie Mae™s rule  requiring lenders to check buyers credit a second time right before closing.  If you are under contract, I am sure your REALTOR and mortgage lender have stressed this issue when you have talked with them.

If you are still in the thinking stages, or are close to getting ready to purchase a home, be sure  not to do anything  that would harm your credit rating/score.  It is always best to talk to a lender to make sure that you are qualified to buy.
Lending requirements have changed drastically over the past few years, and the guidelines are much tougher than ever before.  Don™t do anything without talking with your REALTOR and your lender.

For instance,  maybe you think it would be a good idea to close out some old accounts  that your aren™t using¦..but that is not the case.  This will actuallyhurt your credit score  rather than helping it.  This is just one example of something you might do without realizing how it will affect your credit report/score.

Once you are under contract,have made a mortgage application, and are approved,  it is IMPERATIVE that you do not do anything  to change your credit standing.  DO NOT OPEN ANY NEW ACCOUNTS!  If you have taken on additional debt prior to closing, when that 2nd credit report is run,  you may very well be disqualified  and have no financing to buy your home!

I have a great report I can send you  about how what goes into your credit scoring and some of the do™s and don™ts!
Just send me an email  nina@ninarocus.com  and I will be happy to email it to you.

Want to start searching for homes in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, call or text  630-776-5263.  If you prefer email  me  nina@NinaRocus.com.  I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Want to search yourself¦.just click here!

CNNmoney.com has published the top 100 places to live for 2010.  4 Chicagoland suburbs have made the list!

Coming in at #43 is Bolingbrook, followed by Naperville at #54, Mount Prospect at #56, and Arlington Heights at #59.

To read the full article click here:  Top 100 places to live and raise a family

If you are looking to find a home in one of these suburbs or any other Northwest or Western suburb
call or text  630-776-5263.  If you prefer email  me  nina@NinaRocus.com.  I can set up a search that will email you all the listings currently on the market and it will automatically send you any new listings that come on the market.

Reason #1 was Exposure for your property.  Reason #2 is you will have a  Realtor  who can help you stage your property for sale.  As an ASP “ Accredited Staging Professional Realtor I can assist you with getting your home ready for the market.Today, more than ever,  you need to have the best looking property on the market.  You need to have a  wow factor  from the minute a prospective buyer drives toward your home and gets a first look at the property.  You only have one chance to make a 1st impression, and it had better be a good one, or there is a distinct possibility that they might just drive right on by!I will give you  tips to put your best foot forward when putting your home on the market.  In my post of 6/1 œGetting Ready to Sell Your Home? I gave you a few tips on how to get ready to put your home on the market.  There are many more and I will tailor them personally for your property.This service comes to you  free when you list your home with me!  This is not something that every  Realtor  can provide to you as a service.  Some Realtors wouldn™t even know where to start!  If you don™t think staging your property is important  you are dead wrong!  A little work and a few changes, paint color, clean up, removing personal items, will go a long way to make your property more appealing.  And chances are any investment in staging will more than pay for itself with the extra dollars you will receive in your sales price.You cannot sell your property the way you live in your house on a day-to-day basis.  It needs to be in it™s best  œSunday clothes every day of the week.(Does anyone still have Sunday clothes?  Maybe I am showing my age here!)Here is some info from the StagedHomes.com website¦.So, think about it and if you are ready to sell your property in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, call or text  630-776-5263.  If you prefer email  me  nina@NinaRocus.com.  The first thing we will need to do is take a look at what we need to do to stage your property for sale!

Buying your first home is usually a little bit scary.  It is most likely the  biggest financial decision  you have made to this point in your life.  The thought of owing so much money can be overwhelming and you want to make sure you aren™t taking on more than you can handle.  But how do you figure this out?

There are calculators all over the internet that will help you.  You put in the amount you want to borrow, your interest rate and term and it will calculate your P&I (Principal and Interest)  But this is only a portion of  a total mortgage payment.  There is also 1/12th or your real estate taxes and 1/12 of your property insurance.  If you are putting less than 20% down, you will either be paying private mortgage insurance (PMI) or if financing through FHA, a Mortgage Insurance Premium (MIP).  This also will be added to your payment.

If you are buying a condo or  townhome  you will also have a monthly association fee.  This fee will be taken into consideration when your Debt to Income Ratio is calculated.  And all your outstanding debts will be taken into consideration to determine your Total Debt to Income Ratio.

Don™t forget  that getting financing will come with additional expenses and fees. And will you be required to have reserves?  (Funds in the bank after you close on your new home.)

And then there is your credit score, another factor in the equation of what your payment will be.  Higher credit score, lower interest rate = lower payment.  Low credit score, higher interest rate = higher payment.

Does this seem like a lot of information to put into a calculator on the internet?
I think so too.  Calculators are a starting point, but don™t count on them for the total picture.

The only way you are going to really find out if you can afford your first home is to  get pre approved by a loan officer.  And the best way to find your loan officer is to talk with your real estate advisor.  We work with loan officers every day and we can put you in contact with people we trust to give you the best advice on financing your first home and give you the best service too!

Finally, once you have your pre approval, and your loan officer has given you an idea of the payment what your payment will be,  try that payment amount out for a couple of months.  For instance, if your current rent is $1200 per month, and you™re approved for a loan that comes with a payment of $2000, put aside the additional $800 and see how it feels do without that money.  If it feels comfortable, great!  If not, remember just because you are approved for that amount doesn™t mean you have to use the full amount.  It may not feel so great to have a house and have to eat peanut butter and jelly sandwiches for dinner every night to make the mortgage payment!

Decide what payment amount feels œright for you before you go out looking at houses.  That way you won™t fall in love with a house that™s in a price range that comes with a higher payment.

Click here to check out a payment calculator
Click here to find a Loan Officer

If you have more questions or already have your pre approval and you are ready to find your first home in  Schaumburg, Itasca, Medinah, Hoffman Estates, Roselle, Bloomingdale, Elk Grove Village, Bartlett or other Northwest or Western suburb, call or text  630-776-5263.  If you prefer email  me  nina@NinaRocus.com

Why should you list with me? Listing is all about exposure. The more people that see your home, the better chance you have at getting it sold.Take a look at how many major websites your home will be on if you list with me¦¦

All the Websites Where Buyers will find your Home!

9 out of 10 buyers start their home search online!  Online is the place you need to be.You will have an enhanced listing on  Realtor.com, the #1 website  for real estate searches.You will have  your own single page website dedicated just to your home.Plus you will have the dedication to Premier Service and unparalleled reputation for integrity and professionalism that come with Koenig & Strey name.Contact me today for a free Market Analysis of your home!Call or text 630-776-5263  or Nina@NinaRocus.com

When does a potential buyer™s first impression of your property begin?  Most likely it is when they see the photos of your property online.  These days most buyer™s start their home search on line.  Therefore, the photos of your property have to be outstanding!  They need to showcase the best assets of your property.

I am sure that if you are thinking of selling, you have done some looking on line for properties that you would like to move to, right?  If you saw a property withonly an exterior photo, what did you think?  Most people will think that you have something to hide if you are not showing interior photos.  Make sure your Realtor commits to multiple interior photos of your property.

So, now you have lots of photos,  what story do they tell?  Do they say, Move in Ready?  or Fixer Upper?  Do they present a home that should command top dollar equal to your asking price?  The photos online, or lack thereof, may well cause potential  buyers to pass you by  if they are not photos that put your best foot forward.   If you are worried about someone seeing all the valuable items in your home, store them away prior to the photos being taken.  Put away all of your personal photos as well.

Staging your home is one of the most important steps in preparing your home for sale.  As you know there is a lot of inventory on the market.  Your property has to stand out from the rest, online and in person.  A few hundred to a few thousand dollars came make a huge difference in the activity you will get on your home,  the length of time it is on the market, as well as the price you can obtain.  It will be money well spent!

There are a few very simple rules to follow for basic home staging:

1.     DECLUTTER!  No one can see your property for what it is if they are being distracted by all your belongings!

2.     DEPERSONALIZE- Put away all the photos of your family and friends, your college diploma or any other personal items.  You want the buyer to be imagining themselves living in your house, that is hard to do if all they see are reminders of you.  I know it™s hard, but it really has to be done.  It is just another distraction, instead of looking at the house, they are looking at how cute your kids are, or the dog, or whatever.

3.     CLEAN, CLEAN CLEAN- and I mean spotless!  Again, I know this is not easy, but it has to be done.  Once a buyer finds one flaw in your home, it triggers their focus to continue to look and find all the others.  So do not let them find the first one!

4.     DON™T FORGET THE CLOSETS “ If your closets are stuffed with clothes and other items, the buyer is going to assume you do not have enough storage space.  Have a garage or yard sale and get rid of all the œstuff in the closets and other storage areas that you do not need.  If you feel you still have to keep items, and the closets still looked cramped, start packing!  You will have to pack eventually so start now.  The closets need to look spacious.

5.     SET THE STAGE- set the table, put flowers on the counter, make it look as close to a builder™s model home as you possibly can!   All the rooms if possible, but for sure the entry and the first rooms the buyer will see.  They have seen the pictures on line, in person it needs to look even better!

One thing I think you need to consider in our current market is that  your property has to have a WOW factor.  Buying a home is an emotional event.  You need the buyer to fall in love and become emotionally attached  to your home.  You need to find a way to make that happen!  You dress for success in your job, dress your house for success in your sale!

Have more questions about staging?  I can get you started as  I am an Accredited Staging Professional Realtor.  If you need extensive help, such as renting furniture or major changes, I can put you in touch with someone who does Home Staging full time.

If your home is all staged and ready to go on the market, great!  Call me to set up a listing appointment.  If you would like to search for your next home you can  just click this link:  http://www.ninarocushomes.com/real-estate  to search for listings in  Schaumburg, Hoffman Estates, Barrington, Bloomingdale, Arlington Heights, Bartlett, Roselle, Elgin, Itasca, or any Northwest or Western suburb of Chicago!

Call or text me with any questions,  630-776-5263  or email menina@ninarocus.com  if you prefer!