If you're considering the purchase of a second home near Glenview or Wilmette as a vacation getaway, here are a few tips to get the most out of your purchasing dollar:  To avoid a huge down payment or a high interest rate, see if you can use the equity in your main home. Use a mortgage broker to shop for a better interest rate. Contact several insurance agents, and get insurance quotes for the property you're considering. If there are bad storms or the threat of fires in the area you're looking at, homeowners insurance may be quite high. If the vacation home near Northbrook that you want is currently beyond your means, consider purchasing something smaller and closer to where you live. This way you can eventually sell it and work your way up to a more valuable vacation property. Be sure... 07/28/2009

Just five years ago, no one had even heard of smoke-free condo units, now there are more than 100,000 of them – at least in Michigan. The initiative to create more smoke-free units, MISmokeFreeApartment.org, claims that "the right to smoke is not protected under law, according to the opinions of the Michigan Attorney General and HUD (U.S. Department of Housing and Urban Development). As long as the policy is not used to target a protected class or minority, a building manager is legally free to restrict or prohibit smoking in his or her building, on the group's site. In just a few years, the group has been instrumental in public awareness across the state enabling landlords to start advertising smoke free (SF) units and newspapers to accept such advertising. On top of the 100,000-plus u... 07/27/2009

WASHINGTON - The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday shows. Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom. "The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc. Story continues below ↓advertisement | your ad here Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January. Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pac... 07/24/2009

3 Bedroom, 2 Bathroom Ranch in Northfield Woods subdivision. This home is on a 60 x 171 foot lot and backs to Indian Trails Park. Also, a family rm addition, good sized kitchen with eat in area & fenced-in yard. Whether looking to build, looking to move into a quaint home, or rehab, potential for either exists! Home sold as is. Take a look! Call today 847-967-0022 and schedule a tour of this property and see all the potential that awaits you. Also view many pictures of this home at www.helenoliverihomes.com This property is exclusively listed by Helen Oliveri of Keller Williams Realty. For a private showing call 847-967-0022 or email helen@helenoliveri.com . Click here to view this home's photos: http://helenoliveri.com/photogallery/1516magnolia/   07/23/2009

Foreclosure on your home in Glenview can be a devastating blow to your self esteem but it's also a blow to your credit score. Missed payments or a short sale can affect it as well.  Missed Payments  At the very least missed payments on your Northbrook home will probably result in a late fee. If the payment is not made up however, it can become a "rolling late" payment that can cause your credit score to drop from 50 to 100 points and hang around on your credit score for as long as seven years, although its impact will decrease over time. If you need another mortgage, you may not be able to get one or you may be charged higher interest rates and tougher terms.  Short Sales  A short sale is selling your North Shore home for less than is owed on it, with the lender writing off the differen... 07/23/2009

Apparently, even in hard times, mortgage fraud remains an easy con. The number of Suspicious Activity Reports (SARs) for mortgage fraud tracked by the Federal Bureau of Investigation could skyrocket by nearly 300 percent this year. Compared to 2007, mortgage fraud SARs in 2008 had already increased by more than 36 percent to 63,000. But just two months into 2009, the FBI has already documented nearly 29,000 mortgage fraud SARs. At that rate, some 174,000 SARs, • a 276 percent increase • could be filed by the end of the year. And that's only what the FBI can see. "Many mortgage finance-related entities are either loosely or completely unregulated at the state or federal level," said FBI Director Robert Mueller in recent testimony before the U.S. Senate Appropriations panel. The good news... 07/23/2009

The 2009 Construction Industry Survey recently released by Grassi & Co., CPAs, a leading national construction practice, in partnership with McGraw Hill, uncovered a need for contractors and developers to begin relying on sophisticated business planning tools and programs to grow business over time and on financial techniques to increase profitability. The survey queried construction companies in seven different information areas: organizational structure, contract types, training and technology, profitability and access to capital, financial tools, business development and future vision. "Construction contractors should key into business planning for both growth and profitability," advised Louis C. Grassi, CPA, CFE, and Managing Partner of Grassi & Co., CPAs, who has been advising cons... 07/22/2009

Continuing declines in mortgage rates and signs of home price pick-ups dominate this week's economic outlook for real estate. Fixed-rate thirty year mortgages averaged slightly over 5 percent last week, according to the Mortgage Bankers Association. Fifteen year rates averaged 4.6 percent. Both numbers are close to all time lows, and are buyers are getting the message. New applications to buy houses and condos jumped by 9.4 percent last week alone. Refinance applications were double that - up by about 18 percent. At the same time, the home price index that tracks more zipcodes and neighborhoods than any other -- the Integrated Asset 360 index -- found that prices nationwide moved up by 1.6 percent in May, based on data from more than 15,000 sub-markets. IAS said the increase in prices w... 07/21/2009

Thinking of buying a new home in Wilmette or on the North Shore? Planning on getting a mortgage by using your great credit score to land a good rate? You may have to rethink this as credit scores are not what they used to be.  In years past a credit score above 620 was viewed as a winner, and rates were set from that viewpoint. In today's fallen marketplace, scores as high as 740 are readjusted for every 20-point drop, making the interest rate higher and the mortgage harder to get.  Buying merchandise on store credit cards, which are often revolving credit accounts, are sometimes the reason people have a lower credit score. Co-signing for a loan that wasn't paid in a timely manner can hurt your credit as well. But that's not all. Even if you still have a good credit score, you may be pe... 07/21/2009

NEW YORK (CNNMoney.com) -- As complaints mount about President Obama's foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers. Financial executives will meet with Treasury Department and administration housing officials on July 28 to discuss how the loan modification and refinancing plan has been implemented. The administration plans to grill servicers that have done few modifications or have had many complaints. Officials also want financial institutions to hire more people and train them better, expand their call centers, and send more mailings to eligible borrowers, according to a letter sent to servicers last week. The government also said servicers need to establish a way for borrowers to contest their treatment or denial. "There is a... 07/20/2009

The undocumented income or no-doc loans got a bad reputation when the housing crisis occurred. Some borrowers who used the loans misstated and inflated their income, (some with the support from now out-of-business brokers). The loans thus became labeled, "liar loans". But experts say these types and other alternative loans may soon be making a comeback. "There's little appetite for no-doc loans at this time," says Dustin Hobbs, spokesperson for the California Mortgage Bankers Association (CMBA). Hobbs spoke to me via telephone from the CMBA's 37th Annual Western Secondary Market Conference in San Francisco. While Hobbs doesn't know exactly when these types of loans will return, he believes they will make a comeback. Some experts say they could return in six months. "There's definitely a... 07/17/2009

With the stock market still jumpy and investors worried that the global recession may not be ending soon enough, it may seem a little surprising to see strong positive signs in the home real estate market. But that's what's been happening. Pending home sales rose sharply, by nearly 7 percent, in the latest month measured by the National Association of Realtors. Pending sales are those where the contracts are signed, but the deals haven't gone to settlement yet. Pending sales were up in all four major regions of the country -- and that caught the attention of some key industry economists. Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home ... 07/16/2009

In today's poor economy, sometimes Junior and his family have to move back in with Mom and Dad because their own home is being foreclosed on. Is this becoming a trend? Some people studying such things seem to think it may be.  In past years multi-generational housing was not as rare as it became in the last few years. Widowed or ill parents may have moved in with their children, but now the trend is going the other way and children are moving back in with their parents. Also brothers and sisters are moving back in together as they did in past generations and even relatives that are further removed from each other may find living together as a viable option in today's poor economy.  All this living together may also be changing the homes themselves. What used to be a family room in a Wil... 07/16/2009

Initial Deposit Be prepared to write a deposit check when making a contract offer to purchase real estate. Commonly referred to as a Binder, more commonly known as the initial deposit, this is the check made out to the Selling Real Estate Office when submitting a contract offer. In simple terms, it is a good faith deposit to express interest in purchasing real estate. What is the required amount of a binder deposit? There is no law as to a required amount, but local real estate practices may determine what is acceptable. Common sense should prevail in determining the amount of the Binder deposit however. Writing a check for $100.00 shows good faith, but what kind of statement is that making to the owner when the contract offer is presented to them? Would a more substantial initial depos... 07/15/2009

Is going "tankless" as liberating as it sounds? Is owning a tankless water heater a solid indication that you're saving money while reducing environmental damage? Your answer to these questions may depend on whether you own or are buying a newly-constructed home versus living in or purchasing an existing, decades-old property. Conventional water heaters heat litres of stored water which is kept hot 24/7, even when there is no demand. Tankless units are heaters which heat water on demand, then stop. First of all, don't get sanctimonious if your tankless water heater was part of the features of the new home you bought or had built. Starting from scratch and incorporating energy-efficient, environmentally-friendly systems during construction is always easier, and usually less expensive, th... 07/14/2009

If you've finally located a house in Glenview or Wilmette you think you'd like to purchase, the next question may be how to go about writing a good purchase offer. A good thing to remember is that the homeowner you'll be purchasing this home from does have the final say on whether or not he wants to sell the house to you. If you're really serious about buying, it's best not to offend the seller.  In fact, besides just not offending, why not try to get on his good side by letting him know how much you love his house and how you see your family living in it and enjoying it just as his has done. Consider mentioning plans you have for how your children will use the basement or how much your little pooch will love his new backyard.  Don't apologize for your offer. This may lead the seller to... 07/14/2009

Job-loss mortgage insurance is available from a host of sources and policies vary in coverage, cost, benefits and requirements, so you'd better shop around. Simply put, for policy holders, job-loss mortgage insurance pays your mortgage when you lose your job -- to a point. Typically paid direct to the lender, policy benefits can cover principal, interest, taxes and insurance, if all items are included in the original mortgage payment. "The job loss insurance is a big help for many mentally, knowing that the help is available if they should lose their jobs. And it gives comfort for some that are sitting on the fence," said Quincy A. Virgilio, Jr. president of the Santa Clara County Association of Realtors. The coverage can be a good deal if you fear job loss, if you have no other financi... 07/13/2009

Besides being clogged with dryer lint, the old vinyl dryer vent system had deteriorated, causing dryer exhaust to leak into the home   Glenview, Ill - Mory Matias, owner of Dryer Vent Wizard, a dryer vent cleaning and dryer exhaust specialist serving the Chicago area was recently applauded for saving a customer from experiencing a dryer fire.  During a recent interview, Mory said, "There was a misunderstanding; the customer expected me later in the week.  When I showed up, she was doing laundry and the room was very hot and humid.  I insisted on stopping the dryer to inspect and provide services immediately.  What I found was a serious fire hazard."   As Mory pulled the dryer away from the wall he noticed the vinyl hose leading to the vent outdoors was cracked, sagging and full of dryer... 07/10/2009

It is important that your dryer vent system meet current safety codes; inferior dryer vent systems or improper dryer vent installation can cause problems with your clothes dryer.  Your clothes dryer requires air-flow; when the dryer exhaust system is not functioning properly it can cause a fire.   Vinyl or flexible foil is no longer acceptable venting material for your clothes dryer.  Though this type was commonly used in the past, it has been discovered to be unsafe and inefficient.  Vinyl or flexible foil venting is easily crushed when the clothes dryer is pushed up against the wall.  Or, it sags, allowing lint to build up and restrict air flow.   Some flexible metal pipes are acceptable, but they are not recommended.  The best material to use is rigid metal which does not sag or beco... 07/10/2009

Forbes.com has published its report on America’s Best and Worst Cities for Families. These are metros where people have enough money for everyday living and places where families’ daily budgets take a chunk out of their incomes. The study is based on the 40 most populated metropolitan statistical areas (MSAs or metros), geographic entities defined by the U.S. Office of Management and Budget which collects, tabulates, and publishes federal statistics. That information, along with the Economic Policy Institute’s Basic Family Budget Calculator, was used to determine which areas were most and least affordable for two-parent, two-income, two-child families in those cities. Top five rankings for most and least family-friendly areas: The country’s most affordable major city is San Jose. The le... 07/10/2009