Pacor Mortgage Corp. - Loop Office

02/01/2024

Cottage-style charm for today’s House Crush.

01/01/2024

Happy New Year!

12/25/2023

12/02/2023

12/01/2023

The Miller Hull Partnership designs a home on Bainbridge Island that may be the most ecologically ambitious residential renovation in the world.

11/28/2023

Picture perfect symmetry & a gorgeous entrance for today’s House Crush.

05/24/2023

Financing is easily one of the most intimidating parts of buying a house. Talking to a lender can still be incredibly valuable for several reasons. 

🏡You’ll Learn About Various Types of Loans
Talking to a lender can help you become more fluent in the jargon-y language of mortgages and, possibly, even start thinking about which type of loan is best for your situation. A lender can also open your eyes to home-buying assistance programs you may be eligible for, such as those for first-time buyers.

🏡You’ll Start Your Home Search with Realistic Expectations
With a little legwork on your part, a lender can help you zero in on exactly how much house you can afford, based on current interest rates, your expected down-payment amount, and other factors.

🏡You Can Improve Your Finances
Meeting with a lender early means that if some part of your financial picture is less than perfect for buying a house — your credit score, for instance — you can get a head-start on making improvements. And even if you already have great finances, a lender may be able to share tips on making them even greater, thus getting you a better interest rate and saving you money over the long run.

🏡You Could Miss Out on the House You Want
Right now, there are very few homes on the market. Even though interest rates are high, this means that competition is steep. If you don’t have financing lined up in advance, you could lose out on a house you really want, just because some other buyer was more on top of things.

Once you’ve decided you’d like to buy a house sometime in the future, set up a meeting with a lender and you’ll be a strong, prepared buyer.

📲 (773) 279-9900
mowerylaw.com

05/24/2023

From top chefs to mixology icons, the Windy City has always been an epicenter for culinary trailblazers. Here, the top 48 local luminaries who call Chicago home. GRANT ACHATZ AND NICK KOKONAS…

05/24/2023

In spaces small or large, an eat-in kitchen is a useful hub for singles and families alike.

03/14/2023

What Does Sale Pending Mean in Real Estate?

A pending sale means that a seller has accepted a buyer’s offer. Unlike a contingent status, which means the seller has accepted an offer but must still meet some requirements, pending usually signifies that the contingencies have been worked out, the contract has been signed, and all that is left is to move through the final stages of escrow.

Homes are listed as pending because even though they are under contract, they haven’t sold yet. There’s always a chance the sale could fall through – for instance, if the buyer’s financing was declined.

However, even though the sale is almost complete, the house hasn’t officially sold yet. If the real estate listing has a pending status, it’s still possible for you to put in a bid on the home yourself. But keep in mind: It’s unlikely that the seller will be able to seriously consider your offer unless the other sale falls through.

📲 (773) 279-9900
mowerylaw.com

11/21/2022

What Is a Promissory Note?

In the most basic terms, a promissory note is a legal document you sign containing a written “promise” to pay a lender. Promissory notes are a standard part of all real estate financing contracts and include basic information such as:

* The amount due
* The terms of repayment (e.g., do the payments include principal and interest, or only interest)
* The interest rate and whether it can change or is fixed
* Whether there is a prepayment penalty
* The loan maturity date
* The names of the lender and borrower
 
Promissory notes are also an important yet often misunderstood part of the loan process.

What is a promissory note in comparison to a mortgage?
The promissory note is your promise to pay your mortgage. The mortgage, on the other hand, is a contract that kicks in more when things go wrong.
A mortgage is a pledge you sign to put up your property as collateral in case you default on your loan. In other words, if you suddenly find yourself unable to repay your home loan, your lender will eventually confiscate your property and sell it as a foreclosure to help it recoup its losses from lending you all that money.
Another difference between these two documents: The lender holds the promissory note until the loan is paid off. A mortgage or deed of trust is part of county land records and remains there indefinitely.

What happens once you fulfill your promise?
What is a promissory note good for after the loan is paid off? It’s basically a receipt for paying off your loan, so you should stash it in a safe place, lest you encounter any snafus down the road where you have to prove you’ve paid off this debt.
But probably the most important thing to do with promissory notes is to really look at what you’re signing and consult with an attorney.