Mike Frank's Real Estate Update
Your Chicago Real Estate Consultant:

Mike Frank
December 2018
Making Your Move Matter

Moving Abroad: Is It for You?

  On the airplane seat next to us, returning to his new home after a short visit with family in California. On her way to meet her fiancé on the catamaran where he conducts daily sunset tours. Behind the counter in the organic t-shirt store just across from the beach. They were seemingly everywhere: people who had chucked it all and moved to Costa Rica.
      The first gentleman fell in love with the country while on vacation. The second fell in love with a native. The last followed a friend who fell in love with, “Pura Vida,” the unofficial slogan of the

Mortgage Rates
U.S. averages as of Nov 21, 2018:

30 yr. fixed:   4.81%
15 yr. fixed:   4.24%
5/1 yr. adj:     4.09%

View current rates

Costa Rica that loosely translates to “the simple life.”
      Having experienced Costa Rica for the first time last summer, it’s not hard to see why people would choose to stay

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4 "Big Regrets" to Avoid When Buying a Home

     Fear of making The Wrong Decision can be the great immobilizer when it comes to buying real estate.
      • Fear that this is “the wrong time” to buy has kept many would-be homeowners on the sidelines and unnecessarily out of equity-building markets.
      • Fear of buying the “wrong real estate” can take many forms: fear of buying the wrong location to gain status or long-term value appreciation, the wrong size for family dynamics, the wrong price for financial security, or the wrong functionality for future family needs.
      Five Key Construction Myths undermine anticipation. Learn how to avoid them. Then, you and your construction team will be on the way to anticipating and achieving success for your dream home.

Are You Overspending on Rent?

     How much is too much to spend on rent? That amount is different for everyone, but the percentage of income that should be relegated to rent is pretty standard.
      “Chances are if you are renting you are spending too much of your income on your monthly housing expense,” according to mortgage expert Kevin Pierce from Mid America Mortgage. “There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses.”
      That rule, known as the 28/36 rule, also states that a household should spend “no more than 36% on total debt service, including housing and other debt such as car loans,” said Investopedia. “This rule is used by mortgage lenders and other creditors to assess borrowing capacity, the premise being that debt loads in excess of the 28/36 parameters would be difficult for an individual or household to service and may eventually lead to default.”

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Construction Nightmare?

     How do you make sure that renovating or building your dream home does not turn into a construction nightmare?
      If a massive renovation or a new-home build is in your immediate future, how will you guarantee there’ll be no “if only we’d…” or “in hindsight, I wish we had…” recriminations once the project is well underway or ready for move-in?
      When you’re undertaking a revolutionary project based on brand-new technology and new techniques, there may be surprises ahead. However, most of us are working within the range of the practical experience and tested expertise of the professionals hired to construct a dream home. This knowledge foundation makes anticipation the essential construction strategy for heading off expensive surprises:

Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

More Articles

November Round Up: Rates Slip

8 Crucial Things to Ask Yourself Before Moving to a New City

To PMI or Not to PMI

Student Loans Proving a Barrier to Homeownership. We Have Solutions.

Mike Frank, GRI
E-mail: mikefrankkw@gmail.com
Web: http://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