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How Rising Interest Rates Are Impacting Mortgage Rates
Anyone interested in buying a home with a mortgage has probably heard about rising mortgage rates recently. Rates have been steadily climbing since 2022 and are almost double what they were a year ago. Whether mortgage rates go up or down, underlying interest rates set by the Federal Reserve always affect them somewhat. Learn more below about how rising rates are affecting mortgage rates. Then, if you need help with your next real estate transaction, the Illinois real estate attorneys at Covert Marrero Covert LLP are ready to assist. Why Do Mor...
How To Know When To Seek A Home Loan Modification
You may have heard about home loan modification if you have a mortgage and struggle to make on-time payments. Loan modifications offer long-term relief for homeowners who cannot afford their mortgages. If your lender approves the plan, you may avoid foreclosure, receive a lower interest rate, and receive other benefits to ease your financial burden. When should you consider a loan modification? Keep reading to learn more, and speak to our Illinois home loan modification attorney at Covert Marrero Covert LLP for more information. Home Loan Modif...
Illinois Real Estate Market Forecast For 2023
Home sales declined and prices increased in the Illinois housing market in 2022 as mortgage rates rose. For example, 16,194 homes were sold in Illinois in May 2022, a 10% decrease from the previous year. Also, in May 2022, there were 11,641 homes sold in the nine-county Chicago region, which is a 10.6% drop from 2022. What does the market hold for 2023? Keep reading to learn about the Illinois real estate market forecast for next year. Then, speak to an Illinois real estate lawyer at Covert Marrero Covert, LLP if you have a real estate question...
Steps to Take When Buying a Foreclosure
A foreclosure purchase is a bit more complex than the purchase of a listed property, but a great deal can make the hard work worth it. If your home is going into foreclosure, on the other hand, hire a foreclosure defense lawyer to fight for your rights. How to Purchase a Foreclosed Property in 5 Easy Steps Buying a foreclosed property involves these basic steps: Step 1 – Find Representation Before you look for foreclosed properties for sale, find an agent with experience. The purchase has several risks you may not be aware of before it is too...
Will Short Sales And Foreclosures Increase In 2023?
Foreclosures and short sales may increase significantly in 2023 in Illinois and the US. Home sales are low, and prices skyrocket as inflation takes over the nation. However, there has been an increase in home sales in the state compared to 2021. So while foreclosures and short sales are at an all-time high, these sales may tip the balance in an investor’s favor. Housing Costs on the Rise in Illinois Today, potential homeowners in Illinois must pay about $8,000 to secure a property. This includes $5,000 yearly for the mortgage. Skyrocketin...
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