Mortgage Pre-Qualification vs. Pre-Approval- brief explainer What is a Pre-qualification: an estimate of your purchasing budget. Brief process assessing your budget after a soft-credit pull. What is a Pre-approval: a more detailed review of your finances; including a hard credit pull, and documentation of your income and assets. This process can take up to a … Continue reading Mortgage Pre-Qualification vs. Pre-Approval- brief explainer
Author: BethMannRealEstateLaw
- Illinois Attorney with over 20 years experience.
- My law firm concentrates on Real Estate law primarily REO, short sales and transactional closings.
- ReoMac preferred attorney
- Member of the Illinois Bar, CBA, ISBA and ABA
- Juris Doctorate from John Marshall Law School in 1990.
News from HUD: Reduction in annual mortgage insurance premium
The Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a 30-basis point reduction to the annual mortgage insurance premiums (annual MIP) charged to homebuyers who obtain an FHA-insured mortgage. The premium will be reduced from 0.85% to 0.55% for most homebuyers seeking an FHA-insured mortgage, which could mean an … Continue reading News from HUD: Reduction in annual mortgage insurance premium
Info for potential home buyers- a must-read article
Their Offer Was Accepted. The Only Problem—The House Wasn’t For SaleOne real-estate agent almost got scammed, while another broker discovered his client murdered someone in the house he was trying to sell Read in The Wall Street Journal: https://apple.news/ABdR75z8LQXaJHw8ypIAmFg
New Client Review!
"Beth is very professional and efficient. I am grateful that my daughter recommended this real estate attorney, and I will highly recommend her to all my friends and family. Thank you very much for all your help and a smooth closing." Check out more reviews on our website, and on Google!
New Client Review!
"I've purchased/sold quite a few homes, worked with various attorney's, Beth and her team are beyond amazing. I was first impressed when I observed her while helping a friend with their purchase and she represented the seller. I saved her contact and made a note to myself, that Beth will be my attorney.Beth and her … Continue reading New Client Review!
Why hire an attorney for a real estate closing?
WHY HIRE AN ATTORNEY FOR A REAL ESTATE CLOSING? Sellers and Buyers often wonder why it is necessary to use an attorney at a real estate closing. Besides the fact that it may be the most important investment you make in a lifetime, it is questionable whether initially, one realizes the enormous consequences of not being protected … Continue reading Why hire an attorney for a real estate closing?
Cook County Tax Prorations- the basics
A quick overview of Cook County Tax Prorations:Cook County tax bills are a year behind. For example, in 2022, the 2021 bills were paid in two installments. This year, 2022 bills will be paid in 2023. The 1st installment bills, normally due in March, are an estimate and are prorated at 55% of the previous … Continue reading Cook County Tax Prorations- the basics
New Client Review!
"Wonderful staff. Excellent service. Have used several times and would highly recommend!!!" - J. Grybas
Forecast
The median price forecast indicates positive annual growth for July, August, and Septemberin both Illinois and the Chicago PMSA. In Illinois, the median price is forecast to change by8.6% in July, 9.8% in August, and 10.3% in September. For the Chicago PMSA, thecomparable figures are 9.5% in July, 11.8% in August, and 12.7% in September. … Continue reading Forecast
Interest rates and federal student loans
Federal student loan rates are fixed, so most borrowers won't be affected by a rate hike. But if you are borrowing money for college, the interest rate on federal student loans already rose to 4.99% up from 3.73% last year and 2.75% in 2020-2021.
The Law Office of Beth Mann, P.C. 