What Is a Closing Statement?

Today we'll be discussing what a closing statement is.

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Previously called the HUD-1, the closing statement is a document presented to borrowers at least three days before closing. This way, they can consent to the terms, and there won't be any surprises at closing.

This new document—unlike the HUD-1, which showed up at closing—avoids any surprises by allowing an attorney to review and answer any questions the borrower may have. While it is encouraged to have an attorney, sometimes mortgage loan officers like David can also help.

On the document, buyers can find their expenses and credits, including their different closing costs and seller or tax credits. These figures are reviewed by the title company with an attorney to make sure that they are calculated correctly.

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Previously called the HUD-1, the closing statement is a document presented to borrowers at least three days before closing.   

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Of course, the seller's expenses are all listed as well, including title expenses, mortgage payoff, surveys, termite inspections, as well as revenue stamps for Cook County, the State of Illinois, or the City of Chicago. Since it will tell them how much to make the check out for, the end of the statement is highly important for the seller.

Depending on the state or county that you're in, there may be different guidelines in terms of how much money—or how large of a cashier's check—you can bring in. If it exceeds a certain amount, you'll typically have to wire the funds to the title company. Go directly to your title company for any wiring information.
If you have any questions about this, please feel free to reach out to us. We look forward to speaking with you soon.

These 3 Questions Are the Key to Choosing the Right Agent to Sell Your Home

When interviewing agents as you prepare to sell your home, there are three important questions you should ask them.

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The Realtor you trust to guide you through the listing process will have a significant impact on your success. Therefore, there are three key questions sellers should ask agents before making the decision to work with them.

1. “How much is my home worth?” The right agent will be able to study the market and give you an in-depth analysis of your property’s true value. This analysis should produce a figure that is within 2% to 3% of the projected list price. 


2. “How long is it going to take for my home to sell?” Again, this agent will be able to estimate the time your transaction will take based on area statistics. 

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Agents must have a proven plan of action in place for selling your listing.   

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3. “What will you do to get my home sold?” Agents must have a proven plan of action in place for selling your listing. As for myself, I have a 19-point plan of action specifically designed to bring my clients success. If you have any other questions, would like more information, or are curious about my answers to these three questions, feel free to give me a call or send me an email. I look forward to hearing from you soon.

An Update on Interest Rates and Our Chicago Market

Today we want to give you a midsummer update about interest rates and our market.

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We have reached the end of July and you know what that means. It is time for a midsummer update.

As far as mortgages are concerned, we are in full swing for the summer buying season. Low inventory is affecting buyers and causing them to have a difficult time finding homes. In fact, a lot of pre-approved buyers haven't been able to find houses.

Currently, buyers are fighting interest rates. And, everyone seems to feel that interest rates are going to go up probably two more times this year. Since they have already gone up twice this year so far, that means that they are expecting it to increase four times total. We think this may happen in September and December.

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In the last few months, inventories have climbed, especially in the downtown area.  

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We are still dealing with low inventory. In fact, at one point the Chicago market was down by 8% compared to last year. In the last few months, however, inventories have climbed 2% to 3%, especially in the downtown area. This is due to some of the new builds that are starting to be delivered to the market. Overall, we need both sellers and buyers. If you have any mortgage questions or you're curious about buying or selling a home, please feel free to reach out to us. We look forward to your calls.