First-Time Home Buyer Expense Checklist

Buying your first home is one of life's major events. It's easy to get caught up in the euphoria of the decision and overlook the reality that it costs a significant amount of money not only to buy a home, but to keep it and maintain it.  Think about
Maintenance- Insurance- Property Tax- Earnest Money- Down Payment- Closing Cost.  Contact me and I’ll sent you a worksheet to help you figure it all out.!   neal.paskvan@bairdwarner.com 
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Downers Grove Real Estate... Did you know there are over 600 Homes for Sale in Downers Grove Right Now?

Did you know there are over 600 Homes for Sale in Downers Grove Right Now?    Prices Range from $33,000 to 3.5 Million

Search Powered by Baird and Warner ChicagoLands #1 Home Search Site

Click here to See all Downers Grove Homes for Sale

Neal Paskvan is a Real Estate Broker with Baird and Warner

You can Contact Neal any time to get more info on any property

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WHO DETERMINES YOUR CREDIT SCORE

FICO stands for Fair Isaac Corporation, which is the company that created the industry standard credit scores used by almost all lenders. FICO has been in business since the 1950s but began building the famous FICO score in the mid 1980s.

What’s in your FICO® score
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.

These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
Payment History

Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)

• Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)

• Severity of delinquency (how long past due)

• Amount past due on delinquent accounts or collection items

• Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)

• Number of past due items on file

• Number of accounts paid as agreed

Amounts Owed

• Amount owing on accounts
• Amount owing on specific types of accounts
• Lack of a specific type of balance, in some cases
• Number of accounts with balances
• Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
• Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

Length of Credit History

• Time since accounts opened
• Time since accounts opened, by specific type of account
• Time since account activity

New Credit

• Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
• Number of recent credit inquiries
• Time since recent account opening(s), by type of account
• Time since credit inquiry(s)
• Re-establishment of positive credit history following past payment problems

Types of Credit Used

• Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

Please note that:

• A FICO score takes into consideration all these categories of information, not just one or two.
  No one piece of information or factor alone will determine your score.
• The importance of any factor depends on the overall information in your credit report.
  For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your FICO score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time.
• Your FICO score only looks at information in your credit report.
  However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.
• Your score considers both positive and negative information in your credit report.
  Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO credit score.

Neal Paskvan is a Real Estate Agent with Baird and Warner in Downers Grove and has a team ready to answer any of you credit questions

Open Houses Downers Grove area for Aug 18th and 19th Provided by Neal Paskvan at Baird and Warner Downers Grove

Did You Know There are Over 15 Open Houses In Downers Grove, Darien, Westmont and Woodridge  This Weekend August 18th and 19th

Did You Know You Know... That You Can Search for Open Houses Anywhere in the Chicago Area using Baird and Warner's Powerful Open House Search!  

Click Here for the Downers Grove Area Open Houses

Click Here to Start Your Personal Home Search

“Neal Paskvan is a Real Estate Agent in Downers Grove with Baird and Warner”

Should I Rent My House If I Can’t Sell It?

There has been a lot written about how buying a home is less expensive than renting one in many parts of the country. Rents are skyrocketing and homes are at bargain prices. These two situations are also causing some sellers to consider renting their home instead of selling it.

 After all, they can get great rental income now and perhaps wait until house values increase in the future before selling. This logic makes sense in some cases. I believe strongly that residential real estate is a great investment right now.

 However, there is a huge difference between deciding you want to become an investor (and landlord) and deciding that renting your primary residence might be ‘easier’ than trying to sell it. As a real estate professional, it is my job to educate the homeowner to the possible challenges that might arise if they rent their home. Here are some questions every potential landlord should consider:

10 Questions to Ask BEFORE Renting Your Home

1.) How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).

2.) Because of the economy, over ten percent of homeowners can no longer make their mortgage payment. What percent of tenants do you think can no longer afford to pay their rent?

3.) Have you interviewed a few experienced eviction attorneys in case a challenge does arise?


4.) Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?

5.) Will you allow pets? Cats? Dogs? How big a dog?

6.) How will you actually collect the rent? By mail? In person?

7.) Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?

8.) Do you have a list of craftspeople readily available to handle these repairs?

9.) How often will you do a physical inspection of the property?

10.) Will you alert your current neighbors that you are renting the house?

This Article was Provided by the Keeping Current Matters Crew and Neal Paskvan

“Neal Paskvan is a Real Estate Agent in Downers Grove with Baird and Warner”
Neal also writes on his own blog about every thing Real Estate
Click Here to Visit Neal's Blog
Neal is also a regular contributor to the Downers Grove Patch
Click Here for the Downers Gove Patch

The Downers Grove / Darien Real Estate August Newsletter is Here

Dog With News Paper?

The August issue hot off the press… ( well the word processor actually). Lot’s of interesting news and ideas in this months issue on the local and national level. Check it out and let me know what kind if information you would like to see in future issues!

Have a GREAT AUGUST… All my best to you and yours. Neal Paskvan- Baird Warner



Click Here For the August DOWNERS GROVE / DARIEN Newsletter -

“Neal Paskvan is a Real Estate Agent in Downers Grove with Baird and Warner”
Neal also writes on his own blog about every thing Real Estate
Click Here to Visit Neal's Blog
Neal is also a regular contributor to the Downers Grove Patch
Click Here for the Downers Gove Patch

Open Houses Downers Grove area for Aug 3rd and 4th Provided by Neal Paskvan at Baird and Warner Downers Grove

Did You Know There are Over 15 Open Houses In Downers Grove, Darien, Westmont and Woodridge  This Weekend August 3 and 4th

Did You Know You Know... That You Can Search for Open Houses Anywhere in the Chicago Area using Baird and Warner's Powerful Open House Search!  

Click Here for the Downers Grove Area Open Houses

Click Here to Start Your Personal Home Search

“Neal Paskvan is a Real Estate Agent in Downers Grove with Baird and Warner”