What is a mortgage agreement?

A Mortgage Agreement is a pledge by a borrower that they will relinquish their claim to the property if they cannot pay their loan. Contrary to common belief, a Mortgage Agreement isn't the loan itself; it's a lien on the property. Property can be expensive and sometimes a lender wants more than just the loan agreement to back everything up. A Mortgage Agreement is the remedy in case the loan isn't repaid.

Use the Mortgage Agreement document if:

• You're borrowing money to purchase property.
• You're lending someone money to purchase property.
• You manage a company that makes loans.

If you're in the process of buying property there's a good chance you'll need a Mortgage Agreement. Buying a home is often a person's biggest investment, and some collateral may need to be involved. As a borrower, you can't borrow an enormous sum of money without some incentive to pay back the loan - a Mortgage Agreement serves to guarantee the loan. Conversely, as a lender you're likely not going to want to lend a large sum of if you feel you won't get it back. A Mortgage Agreement puts a lien on the property and provides security to lenders.

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

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Making a decision to purchase a home or renting.

Buying a home is an exciting decision, and there are a lot of great reasons to go for it. In addition to the natural pride and satisfaction being a homeowner brings, you’ll typically be able to build up your personal equity, potentially get tax breaks, and redecorate and renovate any way you like (time for that orange shag carpeting to finally meet its maker). Still, buying a home isn’t always the best choice for everyone – depending on your plans for the foreseeable future, you may be better off renting for the time being.

Your Realtor will be able to give you a more detailed perspective – we encourage you to contact them for a candid conversation on this (or any other real estate related) topic. They’re your eyes and ears into your local real estate market, and can provide valuable insights into local market trends to aid you in your decision.

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate and will ensure that you receive a clear title.  We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

2018 Illinois Housing Market Forecast

Things are looking good for the Illinois housing market as we start 2018. More and more people are buying homes and it is expected that the average monthly home sales will increase from -0.1% to +16.4%. 

Let us help you sell your current home and purchase your dream home!

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

What is REIT?

There is a type of investment that can put you into the real estate arena without buying a fixer-upper or searching for decent tenants...

It's called a real estate investment trust, or REIT for short.

A REIT is a company that owns and manages income-producing real estate.

REITs were created by an act of Congress in 1960 to enable large and small investors to enjoy the rental income from commercial property.

REITs are governed by many regulations, the most important being that they must distribute at least 90% of their taxable income to shareholders each year as dividends. That’s why they’re so popular with investors seeking steady income.

Published by: Bradford Miller Law, P.C.
10 S. LaSalle, Suite 2920
Chicago, IL 60603
312-238-9298

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago Landlord Attorney, Chicago eviction attorney, Estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate attorney fees, Chicago estate planning attorney. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

How much are you paying on debt for housing?

The back-end ratio is the bankers’ way of assessing how much of your monthly income is committed to debt payments. The higher the percentage, the tougher it will be to qualify for a sizable mortgage.

You don’t need a master’s in banking to calculate your own back-end ratio. Simply start with PITI, as above. Add in any recurring credit card bills, car payments, consumer loans, and other regular monthly obligations. Then, take that amount and divide it by the gross monthly income. The maximum percentage you can have to qualify for an FHA loan is 41 percent, according to the Federal Housing Authority.

Example: Suppose you and your spouse both earn $60,000 per year. If both of you are on the mortgage application, your monthly income is $10,000 ($120,000/12) and your total monthly debt payments are $4,000, your back-end ratio is 0.40 or 40 percent. Most of the time, lenders prefer to see a back-end ratio of 36 percent or lower. But those with good credit can borrow more – and at better interest rates – and still qualify for an FHA loan with back-end numbers of up to 41 percent. Guidelines for Veterans Administration loans are similar.

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
10 S. LaSalle, Suite 2920
Chicago, IL 60603

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago Leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, Short sale attorney Chicago. This is intended to be advertising.  Please consult with an attorney before acting on any information given here.