Lakefront Living in Chicago

Leave it to my city to have plenty of activities even when the temp is in the single digits!

The City of Chicago presented “Snow Days Chicago” with Snow Sculpting Competition, High School Snow Sculpting Exhibition, Snowboard Rail Jam, Dog Sleds & Activities. It really was fun; you just had to DRESS WARM.

 
Just another reason to live near the Lakefront. The location was Grant Park (Michigan & Balbo) just a few blocks from the Luxury Condos of Museum Park, and a short cab or bus to my listing at The Vue20!

These pictures don’t do it justice. They are huge!
    

To find out how you can live near all this Winter Time fun, visit my website or call me at 312-310-5950.

One of the best shows on TV is House Smarts with Lou Manfredini. Sunday, January 10, 2010 he featured the Oval Light to use when you walk your dog at dark. I recommend buying the one with flashing back light for added safety. You can easily loop the lease in the handle. This is fabulous for any time of the year but especially during winter’s shortened daylight hours. And if you are walking where others have walked, helping you avoid stepping in “you know what”.

The show always has great tips for the homeowner and I highly recommend watching! I have added links to both the show and where to buy the Oval Light in the Great Resources! section on my website.

Thinking it would be great to find a great deal on your luxury dream home or need to sell your luxury real estate? There is an excellent service that auctions luxury real estate. Founded in 2006 by a broker in South Florida, Concierge Auctions specializes in Luxury Homes that are facing foreclosure.

Please visit my website’s Great Links page for more information on the company or call me 312-264-5852.

1845 South Michigan Ave.

Walk to the Lake, bike or walk to Museum Park. Enjoy 315 degree views from the large balcony and floor to ceiling windows in a 2 bed 2 bath condo for only $310,000 plus $30k for one deeded parking space.
The South Loop has great restaurants, is just a few minutes to the Magnificent Mile shopping. In the summer you can watch the fireworks from the balcony! My client actually took this picture - Amazing

To find out more about this wonderful home; please visit my Website.

One of the Lenders in my network has an excellent tool if you would like to boost your credit score and don’t know how or what to do.

Most financial advisors tell you to check your credit report every quarter to make sure nothing has shown up that’s not yours or there are any mistakes from your creditors. As a Certified Identity Theft Risk Management Specialist I say if you are not on a monitoring program; you need to start immediately. Identity Theft is the fastest growing crime in the US and possibly the world. Identity Theft Shield is available at www.IDTLegalHelp.com

Finally, are you thinking about a purchase or even re-financing? Get your credit score and if it’s not where it should be for that loan; here’s a resource that could help!

From Sean Shimmel at Compass Mortgage. . .

Hi Linda,

Are you working with a buyer who has a credit score in the upper 500’s/low 600’s that is not yet approvable?

We have a credit analyzer that lets us know exactly how many points their score can rise and exactly how to do it. In the space of 2-4 weeks, we can rerun the credit and potentially get a much higher score.

Warmly,

Sean Shimmel

630-836-2543

630-836-2593 eFax

Great information from one of my colleagues at Prudential Rubloff.

Below is an update on several issues in regards to mortgages in our market place.  As the economy shows signs of a rebound there have been several areas where Wells Fargo has loosened their lending criteria which should allow more potential buyers to obtain financing. 

         Jumbo Loans - rates for jumbo loans (above $417,000) have normalized in the past several weeks and current rates for a 30 year fixed rate mortgages are in the high 5’s (depending on credit score and down payment), and rates on a Jumbo 5 year ARM are around 5%.  This is a dramatic improvement from the rates that were  being offered just a few months ago.  We currently still require 30% down payment for condominiums and 20% for SFH’s, but a recent communication from a National Sales Manager at Wells Fargo has given indication that these down payment requirements will be relaxed in the near future, so I will update you as we see improvements.

         95% Condominium Financing - Wells Fargo recently gained approval to provide financing with as little as 5% down on condos for well qualified buyers.  This is available for purchase loans only, clients must have 700+ credit scores and the maximum debt-to-income ratio is 41.00% with no exceptions.  This conventional Fannie Mae/Freddie Mac loan option should provide a great alternative to low down payment FHA loans which have more stringent requirements for condominiums. 

         Current Mortgage Rates - you’ve probably heard but 30 year conforming fixed rate mortgages are available for as low as 4.875% with zero points!  This has sparked a new round of refinancing activity that should help the economy by providing homeowners with more disposable income to spend on other goods & services.  This will also help new home buyers afford more home and make qualifying for their mortgage payment easier.  The rate on a conforming 5 year ARM loan is around 3.75% so that should provide even greater affordability for your buyers!

         $8,000 First Time Homebuyer Tax Credit - currently the tax credit is scheduled to expire on November 30th so anyone looking to take advantage would need to be closed on a new purchase on or before that date.  There is a chance that the tax credit will be extended into 2010 but there is no certainty of this.  Here is an update from the Wall Street Journal:  http://online.wsj.com/article/BT-CO-20091007-711248.html

         FHA Condominium Approval Changes - FHA published a Mortgagee Letter on June 12, 2009, that is going to have a major impact on FHA condominium approvals upon it’s implementation, currently scheduled for November 2, 2009.  The main change is that FHA will only lend in buildings that are FHA approved after 11/2/09 and the “spot approval” process is going away.  A more comprehensive list of changes would be too lengthy to write here so I’ve attached a link your review: 

 http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-19ml.doc 

 The biggest changes that I see are 1) full project approval will be required, and 2) a Reserve Study is required to be completed once a year for every project in order to be eligible for FHA financing.  However, Wells Fargo Home Mortgage has a Builder Project Approval Group (BPAG) that can assist clients by working on their behalf with, and being a liaison to, the Federal Housing Administration in order to gain project approval.

Lane Sears

Branch Sales Manager

RWF Mortgage, LLC

An Affiliate Of Wells Fargo Home Mortgage

980 N Michigan Avenue

Suite 900

Chicago,  IL  60611

312-242-5252 Tel

312-264-5511 Fax

lane.sears@rwfmortgage.com

Check out this new Condo property that I just posted on my Web site. It is at 2304 400 N. LaSalle Street in Chicago. This Condo property has 1 bedrooms and 1 baths.

I’ve just sold a Resale - condo-townhouse property at 804 155 N Harbor Drive in Chicago. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - condo-townhouse property at 3C 3800 N Lake Shore Drive in Chicago. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.