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Displaying blog entries 1-6 of 6

Should You Refinance?

by Allyson Hoffman

Many homeowners are seriously considering refinancing because interest rates are at historic lows and now is the time to take advantage of this option. If you have been thinking about refinancing your mortgage there are some factors to take into consideration before making your decison. It is important to realize that although rates are low now, the current economic crisis has caused many lenders to reduce the amount of loans they provide. This is quite a change from the last few years when almost anybody was eligible for mortgage. If you are thinking on how to save on your mortgage refinance, you must be precise in getting your facts right.

You will first need to look at your loan-to-value ratio. In a no-cash-out refinancing (where the amount of your new loan doesn't exceed the balance of your existing loan, plus points and closing costs, if applicable), you may be able to borrow as much as 95% of your home's value. However, if the value of your home has fallen below the amount of your existing mortgage balance, you may be unable to refinance at all. This has unfortunately been the case for many homes but you may be able to proceed through the American Recovery and Reinvestment Act of 2009's Home Affordable Refinance program. 

The major advantage of refinancing to a new lower interest rate, you will save a substantial amount on your monthly mortgage payment. This is of course why most people choose to refinance their mortgage. Keep in mind however that there are going to be costs involved with refinancing such as closing costs, points, and possible appraisal  and attorney fees.

Do your research and shop around for the best refinancing interest rates. All banks are not created equal, some banks and financial institutions charge higher rates than others. Normally, the smaller Community Banks and Credit Unions are more consumers oriented and charge lower rates.

Also when shopping around look and compare interest rates and points vs. no points before you refinance. Watch out for embedded points included in the closing costs. Some lenders will include points in the closing costs without specifically quoting these costs as points.

Image courtesy of Images Money/Flickr.com

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The Chicago Experience

by Allyson Hoffman

Calling all Chicago Fans!! We are not talking about the town but the legendary band!

Take a drive to the Flatlander’s Restaurant and Brewery at 200 Village Green in Lincolnshire to check out 25 or 6 to 4-the Chicago Experience. They are the ultimate tribute to one of the greatest rock bands in history: Chicago!

The show starts at 10PM and ends at 12:30 AM on February 26th. 

What is your favorite Chicago hit?

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Image courtesy of Kenneth Hagemeyer/Flickr.com

Family Karaoke and Poetry Slam

by Allyson Hoffman

Fleetwood-Jourdain Theatre Presents a Night of Poetry, Karaoke and Pizza for everyone to enjoy! 

Share your family’s poetry or karaoke talent from 6-8 p.m. on Saturday, February 19 at the Fleetwood-Jourdain Community Center, 1655 Foster St. in Evanston.

Bring your best singing voice and most slammin’ poem because it’s gonna be a down-right-groovy thing!

The price of admission is $5 per family, and only $1.50 more per person for a slice of pizza and a soft drink. “Phat Katz Karaoke” will provide the music. For more information, please call 847-448-8254 and ask for the theatre.    

What is your best karaoke song? Have a great weekend!

Image courtesy of aaronHwarren/Flickr.com

 

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A Night of Comedy

by Allyson Hoffman

Come out for A Night with Steve Rannazzisi at Zanies.  It all happens Saturday, February 12th at 7PM or 9PM.  He is a regular cast member on FX’s “The League” and MTV’s Punk’d! The future looks bright for this bright and talented young performer.

Check it out at Zanies, 230 Hawthorn Village Commons in Vernon Hills. Tickets are $25.00 + a two item food/beverage minimum.  For more information call 847-549-6030 or visit their website.

 Comedy clubs are a great way to relax and have some fun! Who is your favorite comedian? 

Image courtesy of ElizabethAOwens/Flickr.com

 

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Should I Refinance My Mortgage?

by Allyson Hoffman

Interest rates are at a historic low, so now is definitely time to take advantage and look into refinancing!  If you have been thinking about refinancing your mortgage, there are some things you need to take into consideration before making your final decision. 

Although rates are low right now, the present economic crisis has caused a lot of lenders to reduce the amount of loans they give out.  This is a drastic change from the last few years when almost anyone and everyone was eligible for a mortgage. If you are figuring out how to save on your mortgage refinance, its vital to make sure you do your homework and get your facts right.

First, look at your loan-to-value ratio. In a no-cash-out refinancing (where the amount of your new loan doesn't exceed the balance of your existing loan, plus points and closing costs, if applicable), you may be able to borrow as much as 95% of your home's value. However, if the value of your home has fallen below the amount of your existing mortgage balance, you may not be able to refinance at all. This sadly, has been the case for many homes.  But you may be able to proceed through the American Recovery and Reinvestment Act of 2009's Home Affordable Refinance program.

The major advantage of refinancing to a new lower interest rate, you will save a substantial amount on your monthly mortgage payment. This is of course why most people choose to refinance their mortgage. Keep in mind however that there are going to be costs involved with refinancing such as closing costs, points, and possible appraisal  and attorney fees.

Do your research and shop around for the best refinancing interest rates. All banks are not created equal, some banks and financial institutions charge higher rates than others. Normally, the smaller Community Banks and Credit Unions are more consumers oriented and charge lower rates.

Last but not least, when shopping around, look and compare interest rates and points versus no points before you refinance. Look out for embedded points included in the closing costs. Some lenders will include points in the closing cost without necessarily actually quoting these costs as points.

Image courtesy of Images Money/Flickr.com

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Is A Mortgage Refinance For You

by Allyson Hoffman

With rates at historic lows, now is the time to take advantage and consider refinancing. If you have been thinking about refinancing your mortgage there are some factors to take into consideration before making your decison. Although rates are low now, the current economic crisis has caused many lenders to reduce the amount of loans they provide. This is quite a change from the last few years when almost anybody was eligible for mortgage. If you are thinking on how to save on your mortgage refinance, you must be precise in getting your facts right.

You will first need to look at your loan-to-value ratio. In a no-cash-out refinancing (where the amount of your new loan doesn't exceed the balance of your existing loan, plus points and closing costs, if applicable), you may be able to borrow as much as 95% of your home's value. However, if the value of your home has fallen below the amount of your existing mortgage balance, you may be unable to refinance at all. This has unfortunately been the case for many homes but you may be able to proceed through the American Recovery and Reinvestment Act of 2009's Home Affordable Refinance program. 

The major advantage of refinancing to a new lower interest rate, you will save a substantial amount on your monthly mortgage payment. This is of course why most people choose to refinance their mortgage. Keep in mind however that there are going to be costs involved with refinancing such as closing costs, points, and possible appraisal  and attorney fees.

Do your research and shop around for the best refinancing interest rates. All banks are not created equal, some banks and financial institutions charge higher rates than others. Normally, the smaller Community Banks and Credit Unions are more consumers oriented and charge lower rates.

Also when shopping around look and compare interest rates and points vs. no points before you refinance. Watch out for embedded points included in the closing costs. Some lenders will include points in the closing costs without specifically quoting these costs as points.

Image courtesy of Mark Moz/Flickr.com

 

Displaying blog entries 1-6 of 6

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Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview IL 60025
847-310-5300
Fax: 847-400-0881

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RE/MAX Villager
1245 Waukegan Road
Glenview, IL, 60025

(847) 310-5300
Allyson@Allyson.com

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