Important Factors When Buying A New Home

Most of the time when buying a property, there are a few obvious factors that you will consider – such as the location, the number of bedrooms, the accessibility to schools or your workplace, the need for repairs and any interior features. However, there are a few things that might not have crossed your mind during your house hunting but are still quite important. Water Quality Most home buyers don’t even think about the water quality at the property until they get to the inspection stage. However, if you find out that the home has hard water this will dull your clothes when you wash them and irritate your skin. Hard water will also create calcium deposits within your showers and faucets and even inside your washing machine and dishwasher. Have the water tested so you know its quality and can look into options for a water purification system. Cell Phone Reception When looking at a house, don’t forget to pull out your cell phone and check to make sure that you get good reception.

http://mybbmcblog.com/dustinlentz/important-factors-when-buying-a-new-home/

Vote BBMC for Lender of the Year

If you love Bridgeview Bank Mortgage, let it be known! Vote for us for Lender of the Year though Chicago Agent Magazine. Simply naviagate to http://chicagoagentmagazine.com/vote-now-agents-choice-awards/ or click here.

http://mybbmcblog.com/dustinlentz/vote-bbmc-for-lender-of-the-year/

What’s Ahead For Mortgage Rates This Week of September 23, 2013

Last week’s economic news was dominated by the Federal Reserve’s decision not to taper its $85 billion in monthly securities purchases. Fed Chairman Ben Bernanke noted in a scheduled statement after the Federal Open Market Committee meeting that economic conditions were not yet adequately improved to withstand any decrease in the federal quantitative easing program. The Fed also reaffirmed that the target federal funds rate would remain at 0.00 to 0.25 percent until the national unemployment rate reached 6.50 percent and inflation reaches 2.00 percent. The national unemployment rate was 7.30 percent and the Fed projects that inflation will remain under 2.00 percent through 2015. In both the FOMC statement and his press conference, Chairman Bernanke repeatedly emphasized that the Fed would take no action to reduce QE until the economy strengthens. No automatic reduction of QE purchases would take place without full consideration of the nation’s economy. The QE program is intended

http://mybbmcblog.com/dustinlentz/whats-ahead-for-mortgage-rates-this-week-of-september-23-2013/

What To Know About Mortgage Insurance

If you are on the verge of buying real estate, you’ve probably heard the term Private Mortgage Insurance. Mortgage professionals talk about it a great deal, but you may be asking, “What is it exactly? And why should I care?” Private Mortgage Insurance Defined PMI is required by lenders if the down payment of a purchase is less than 20 percent of the home’s value. It protects the lender if the borrower defaults on the loan. It also makes the lender more apt to loan, even if the down payment is as low as 3%, because in the long run, the lender’s investment is protected. You Pay For It Unlike other types of insurance which you pay to protect your interest in an asset, you pay Private Mortgage Insurance to the mortgage company to protect its interest in your new real estate. (Note that PMI is not usually tax deductible. Check with a tax professional for details.) Make It Go Away: PMI Can Be Terminated Once You’ve Paid Down Your Loan Once you pay down your mortgage to the point

http://mybbmcblog.com/dustinlentz/what-to-know-about-mortgage-insurance/

How to Deal With A Disaster in Your Home

Weather patterns across the United States seem to be getting more and more erratic. From tornadoes and earthquakes to flash floods and wild fires, there are many natural disasters that can quickly consume your home without warning. Because you never know when disaster might strike, it’s best to be prepared. Disaster insurance is the only precaution you can put in place to ensure compensation for your belongings and get your life back to normal as soon as possible. Below are the tips to take before misfortune strikes. Create An Inventory Most insurance agencies prefer if you include photographs of every room, including the insides of closets and cabinets. Shooting a video is even better. Then you can include audio of how much things cost or if they’re one of a kind. It’s also a good idea to create a spreadsheet with a list of major items and their value by room. Be sure to email these to yourself, so that you can access them anywhere. Double-Check Your Coverage Once you’ve inve

http://mybbmcblog.com/dustinlentz/how-to-deal-with-a-disaster-in-your-home/

Consider Interviewing Architects Before Building A New Home

Making the decision to build a home might be one of the biggest you make in your life. You’ve found the perfect plot of land and have a vision of what type of home you want, but you need someone to bring your dream to life. That means it’s time to start interviewing architects. Hiring an architect isn’t as simple as just calling up a few and seeing who might have the time. You’ll want to ensure you choose a professional that understands your design aesthetic, communicates well, can design on budget and has an upstanding reputation. Below are a few key questions to ask when deciding whom to hire. Do You Have A Specific Design Style? When interviewing architects, be sure to ask each one if they have a specific aesthetic and if you can see a portfolio of his or her work. While most are adaptable, they usually all have design themes that recur in their projects. Whether you want a minimalist structure or LEED certified construction, you’ll want to know they have the experience.

http://mybbmcblog.com/dustinlentz/consider-interviewing-architects-before-building-a-new-home/

Read This Before Signing Your Reverse Mortgage

There are many reasons people take out reverse mortgages. However, this option is usually considered by cash-strapped seniors who own their homes and are looking to ease the burden of their golden years. The beauty of reverse mortgages is that you’ll receive money as long as you are current on property taxes and homeowners insurance. While this seems like an appealing opportunity, it’s a decision that should not be made lightly. Not only is the reverse mortgage complicated in itself, but homeowners make all sorts of mistakes when they’re too quick to sign the dotted line. So if you’re considering one, be wary of the common pitfalls below. Buying Into A Scam With reverse mortgages becoming a more common option for those over 62, mischievous opportunists are searching for ways to solicit seniors in need of help. Scammers will take advantage by charging high fees, funneling off parts of payments, creating fake loans or committing identity theft. Ensure you use a lender approved b

http://mybbmcblog.com/dustinlentz/read-this-before-signing-your-reverse-mortgage/