Mike Frank's Real Estate Update
Your Chicago Real Estate Consultant:
Mike Frank
November 2022
Real Making Your Move Matter

Understanding Financial Gifts
Getting a little help from ol' Mom and Dad to help buy your first home? Lucky you! For most first time homebuyers, coming up with the money for a down payment and closing costs is the biggest challenge. But getting a bit of a financial windfall will go a long way. Just know  in advance how lenders view and treat financial gifts when qualifying for a home loan. What's important?
      One of the things to know is that lenders will want to 'source' the financial gift to make sure it's from a legitimate source.  For instance, when you provide your bank statements to the lender, they'll match up what appears on your paycheck stubs with deposit verification from your bank statements.
U.S. averages as of November 2022:

30 yr. fixed: 7.08%
15 yr. fixed: 6.36%
5/1 yr. adj: 5.96%

If you get paid on the 1st and 15th, there should be deposits shown on those dates. But if you get a financial gift, the money will simply appear in your account. Lenders will want to know
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Are Homeowners Selling Right Now?
     Across the country, home sellers are seeming to be backing out of the market because of higher mortgage rates and reduced buying demand. Buyers are pulling back, and at the same time, would-be sellers aren’t actually selling.
      The result? A housing market that’s very much cooling.
      Some buyers are still looking for homes in areas where they feel like they can be competitive with their offers, but the limited supply of homes for sale is putting those would-be buyers in a position where they seem to be stuck renting.
      Simultaneously, renters are feeling tremendous pressure. According to a new report from Redfin, the median national asking rent price was up 11% year-over-year at

Is Your House Making You Sick?
     Your home is supposed to be a sanctuary, but what if it’s quite the opposite? What if your home is making you sick? That’s the situation for some people, and the following are some of the most common ways you could be impacted if your own house is making you sick.
      Is the Humidity Too High? When your home has humidity above 60%, it becomes mold’s breeding ground. If your humidity levels get high enough, it can allow mold to spread behind the walls. We know mold can cause various health issues, including chronic sinus conditions, and even damage your nervous system.
      When a house is too humid, it can also be a welcoming environment for dust mites, causing sleep disorders, allergic reactions, and stomach problems.
      Of course, on the flip side, if your home isn’t humid enough, it can cause respiratory irritation. A home with humidity that’s below 40% is considered too

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6 Benefits of Using Vintage Furniture in Your Home      Vintage or antique furniture can be a great addition to your home design. When you mix in older pieces, it can help your home feel curated. There’s that sense of timelessness that comes with older furniture, and you avoid having a space that feels too sterile or like you just went into a furniture store and chose a package already put together.
      We often use the terms vintage and antique interchangeably in home design, which is similar, and the difference is in how old the pieces are. A vintage piece is usually anywhere from 30 to 100 years old, and an antique piece of furniture is technically more than 100 years old.
      The following are six benefits and advantages of mixing some vintage or antique pieces in your home.
      1. It’s Not a Fleeting Trend When you shop at today’s furniture manufacturers and companies, the pieces are often trendy and designed for the moment. That’s fine too, but when you invest in a vintage or antique piece, it will stand the test of time. They’re never going out of style, and many modern companies will try to replicate or modernize vintage

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What Factors Drive the Real Estate Market?
When Do Mortgage Points Make Sense?
The Pros and Cons of An Adjustable-Rate Mortgage
What Does It Mean to Make a Principal-Only Payment?

E-mail: mikefrankkw@gmail.com
Website: https://www.mikefrankrealtor.com
Keller Williams Preferred Realty
939 W. North Ave. Suite 750
Chicago IL 60642

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Michael J Frank
Michael J Frank
GRI, Broker
939 West North Avenue Suite 750 Chicago IL 60642