Holidays May Be Prime Investment Time

With holidays on the brain, many individuals don't realize that this lull in home sales during holiday season is extremely beneficial for buyers. There not only is less competition for those attractive homes, but the many sellers are motivated, willing and ready to make a deal.  The Slower Market     This slow market enables buyers to shop a multitude of listings. Those nasty bidding wars with other buyers, which often times drives up the cost of the home, are less likely to occur. Many Motivated Sellers     With holiday expenses and unemployment rates rising, sellers are more than willing to negotiate their selling price, especially if the home has been on the market for several months. Enticing Tax Breaks for Buyers    Closing on or before December 31st could mean a sizable tax write off when you deduct the interest of your first mortgage payment from your stated income.

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Cost Effective Ways to Increase the Value of Your Home

Make the most of your hard earned dollars and focus your remodeling efforts on renovations that will boost the home's value and your bottom line.  Condition Buyers will often bargain down your asking price if your home isn't in tip-top shape. Before performing aesthetic upgrades, be sure to tend to your home's basic maintenance projects. A smart and inexpensive way to ensure your home holds its value is to hire a home inspector.  Cosmetics Spend time evaluating the areas that have the biggest buyer impact, like the kitchen and bathrooms. On average, a kitchen and/or bathroom remodel will yield a return on investment of eighty percent or more. Consider updating your home's look with the following quick and inexpensive projects: Paint, Energy Efficient Appliances, or New Fixtures. A free and easy way to spruce up your surroundings is to get rid of clutter.

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Borrowing Against Your Home May have its Benefits

Did you know there are two types of home equity loans: fixed rate and lines of credit. Both loan types are offered with loan terms that generally range anywhere from 5 to 15 years and require the borrower to repay the loan in full if the home against which they are borrowed is sold. Though there are borrowing and term similarities, each loan has its differences. A home equity loan (also known as a second mortgage) is a fixed amount that you borrow to be paid off over a certain number of months, while the home equity line of credit (HELOC) is a variable rate. Much like a credit card, a HELOC pre-approves you, the borrower, for a certain spending limit of which you may withdraw.

Cook County Tax Bill Update

Cook County Tax Bill Update

Cook County property tax bills coming in July For the first time in decades the second installment of Cook County property taxes are to hit homeowner's mailboxes in July. Meaning, payment will be due August 1st compared to November 1st. CLICK HERE FOR FULL TRIBUNE ARTICLE

Property Taxes: Homeowner's FAQ Who pays this?  The tax bill is either paid by your lender or if you do not escrow you must send in the payment direct to the Cook County Treasurer's Office or you can check on their website which local banks accept payments.   How to check?  Cook County has set up a website where you can check online if your tax bill has been paid and if you are receiving your homeowner exemption.  You can also confirm your mailing address and ensure the correct name is on your tax bill. Where to check? www.cookcountytreasurer.com The top right hand corner has a section to click for "payments," you can check the status of your payment and also make sure you have your home owner's exemption.  You will be required to give your PIN # which is on your tax bill. What if I'm missing info? If you do not have the information you need please feel free to contact your A and N Mortgage Consultant at any time. 773.305.LOAN (5626) or www.AandNmortgage.com

A and N Tips: Rock That Tax Return!

Smart Ways to Spend Your Tax Refund

Consider using your tax return to maximize your future financial situation

Refi to a Lower Rate

By refinancing to a fixed and/or lower interest rate, you can improve your mortgage savings and your financial situation for years to come.

Spruce Up Your Space

Is your kitchen or bathroom looking a little dingy? If so, consider a renovation. Home renovating and remodeling can drastically improve the value of your home.

Upgrade Your Home

Whether you are planning to grow your family, acquire the perfect vacation home or move to a smaller, more manageable property, your tax refund can play a large part in covering the closing costs and other fees associated with this new purchase.

Does a Property Need to have Appliances?

Credit: Michelle Meiklejohn

Habitable Condition:  Property must be in a condition that is immediately habitable and must contain:

• At least one fully functional bathroom (i.e., shower/tub, toilet, and hand sink).

• Other bathroom(s), if not functional, must be escrowed for repair.

• A fully functional kitchen with appropriate appliances (i.e., sink, cabinets, utilities to support a stove and refrigerator).

• Stove and refrigerator do not need to be present if they are not a built-in, as non-built in appliances are considered personal property. Comparables without appliances are not required.

• If stove and oven are built-in, they must be functional, or the space must be reconfigured to allow for appliance.

 

• Utilities (gas and/or electricity) and plumbing must be functional. If not available for testing, due to "winterization"