Chicago and Lincoln Park real estate and homes for sale in Illinois - Tod Pratt, REALTOR® Tod Pratt REALTOR(r) for Lincoln Park, Illinois real estate - NUMBER1EXPERT™ Tod Pratt NUMBER1EXPERT(tm) for Lincoln Park, Illinois real estate

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Tod Pratt, REALTORŪ, real estate agent and broker for Chicago and Lincoln Park Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

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Real Estate Tips
Interest Rates >Locking in Loan Rates

It is important for both new homebuyers and homeowners who want to refinance to understand how to lock in an interest rate when applying for a mortgage loan. Understanding how rate locks work prepares you to evaluate your options.

While you are in the process of applying for your mortgage loan, interest rates will most likely fluctuate from day to day and week to week. If you want assurance that the wonderfully low interest rate on your loan will not increase while you are waiting for loan approval, ask for a rate lock. A conventional rate lock is a guarantee from the lender that your mortgage will carry a particular interest rate, with specific, predetermined points and fees.

The interest rate is "locked in" for a specified period of time, usually thirty days. When you call a lender for a rate quote, ask how long that rate will last for. If you think you might need more than thirty days to complete your home purchase or refinance, tell your lender how many days you will require, and they will give you an adjusted rate quote.

Rate locks are especially useful if interest rates are on the upswing, and you are concerned about ending up with higher monthly payments. If you cannot afford the risk of a further interest rate increase, lock in your loan rate now.

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Real Estate Trivia
Q 
What is considered one of the few remaining tax shelters in the 1990s?

A 
Homeownership--property taxes on a residence or vacation home are deductible up to $1 million.
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Tod Pratt, REALTORŪ, real estate agent and broker for Chicago and Lincoln Park Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Tod Pratt
Koenig& Strey

1940 North Clark Street
Chicago, IL 60614
312-475-4185
773-744-4433
Fax: 312-943-6500
tod@yourhomeinchicago.com

Tod has been successfully selling residential real estate full time for the past 16 years. Since the beginning of his real estate career, Tod has believed that good listening and communication skills are his keys in assisting his clients toward the successful search, purchase, and closing of their new home. In this service-oriented business, giving clients the timely, appropriate advice they need is what Tod strives to deliver to every client. In 1993 Tod received the GRI designation (Graduate Realtors Institute), and in 1994, the CRS designation (Certified Residential Specialist). Being the recipient of these designations shows Tod's professional commitment to his industry, and more importantly, to his clients. Tod has had much experience in assisting relocating corporate clients into their new city and home. Tod has been a recommended realtor of Johnson & Johnson, Bristol-Myers Squibb, Jannsen Pharmaceutical, along with many others. Tod specializes in the sale of the following downtown areas of Chicago: Lincoln Park, Gold Coast, The 'Loop', River North, River West, Wrigleyville, and Lakeview. Give Tod a call today and let him use his experience to help you find 'your home in Chicago'.

CRSEqual HousingGRI


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