The purchase price of the home you agree to buy will obviously have a direct impact on your mortgage payment.  But the actual mortgage product itself will heavily influence these payments as well.

Different terms, interest rates, fees, and insurance premiums can make your mortgage more or less expensive. That’s why it’s important that you work with a lender who can offer you the most affordable and convenient mortgage product.

When you’re on the prowl for a mortgage lender, keep the following tips in mind to help you choose the right one.

1. Understand What Type of Professional You Want to Work With

When it comes to mortgages, there are different professionals involved in this sphere. It’s in your best interests to understand the various types of experts involved in mortgages and determine which one you’d prefer to work with.

Banks and credit unions: This is the more common source for mortgages. After all, everyone has their bank that they hold their checking or savings account with, so banks and credit unions are typically the obvious first option. But banks and credit unions are only able to offer their own products, so you could be limiting yourself to what they have available to offer you.

Mortgage brokers: These specialists don’t work for a bank or credit union, so they don’t have any of their own products to sell. Instead, mortgage brokers work on behalf of the buyer to find the best mortgage product available to meet the buyer’s needs.

These professionals do all the leg work on behalf of buyers and negotiate with various lenders. As such, you don’t need to do any of the comparison shopping yourself. This can save you a ton of time and money at the end of the day.

Alternative lenders: More and more online lenders and “bad credit” lenders are popping up, giving buyers a much larger pool of options in terms of where to get their mortgages.

Online lenders make the process convenient by allowing borrowers to apply for mortgages completely online without having to visit a bank in person. And private lenders provide borrowers with bad credit options when banks turn them down for a mortgage. It should be noted that it’s always important to be vigilant about potential predatory lenders who may not have borrowers’ best interests at heart.

2. Find the Lowest Rate

Lenders who offer the lowest interest rate are obviously going to get the most attention among borrowers, and rightfully so. Ideally, you want to lock in at the lowest possible rate. Doing so can help you save tens of thousands of dollars over the life of your loan.

Lenders often compete with each other for your business, and that often means offering the best rate they can possibly offer. However, it’s important to make sure that all other aspects of the mortgage are looked at in great detail to make sure you’re not inadvertently paying more at the end of the day because of exorbitant fees, which we’ll get into later.

3. Find the Best Terms

The interest rate of a mortgage is certainly an important aspect to look at. But the terms of the mortgage are just as important, as they will dictate how well you’ll be able to manage your mortgage. Consider the following mortgage terms:

• Early repayment penalties
• Late payment fees
• Payment frequency
• Ability to convert from an adjustable- to a fixed-rate mortgage
• Flexibility to make occasional lump sum payments towards the principal
• Ability to apply the mortgage to another property if you sell

4. Identify All the Fees That Are Charged

As if the mortgage itself wasn’t already a hefty payment to make every month, there are fees that lenders charge that you will be responsible to pay as well. Different lenders have their own sets of fees that borrowers have to pay, so you’ll definitely want to get a run-down of what these fees are and how much it will cost you.

The types of fees you may find on a lender’s contract include the following:

• Origination fees – This fee covers a mortgage broker’s time spent helping you find and process your mortgage.
• Application fees – The administration required to pull your credit report and collect all necessary paperwork is paid for through an application fee.
• Rate lock fees – If you find a great interest rate and want to make sure it doesn’t increase by the time your mortgage approval is finalized, you can lock it in. But there will typically be a fee associated with this service.
• Underwriting fees – This fee covers the cost of closing and funding the mortgage.
• Appraisal fees – Lenders send professional appraisers out to verify the value of a property before they agree to extend a loan. Buyers are usually responsible for paying for appraisals.

5. Comparison Shop

Different mortgage lenders will have their own mortgage products to offer home buyers, each of which will come with its own terms, fees, and interest rates.

It’s always important to compare different lenders and their respective products to find the one that best suits your situation. Much like you would comparison shop when buying any other product to find the best deal, the same theory applies to shopping for a mortgage.

You can save some time by checking online, as most lenders will have pertinent information about their product posted via the web. Just keep in mind that the information may be changed based on your credit health, assets, debt, and all other factors that influence your financial situation.

You can also work with a mortgage broker who can comparison shop for you rather than you having to do it yourself, as mentioned earlier.

6. Ask Your Agent

Your real estate agent is probably the best person to ask if you’re looking for a mortgage lender to work with. These professionals usually deal with a large network of other industry-related experts, including mortgage specialists. Odds are your agent probably knows someone who would be a good fit for you, so make sure to ask before you start looking.

The Bottom Line

You don’t have to settle for your regular banker when it comes time to get a mortgage. Instead, there are plenty of different mortgage products and lenders out there for you to peruse. Make sure to do your due diligence and compare different lenders and their products to find the best, most affordable mortgage that you can qualify for.

Out of all debt payments that you may have on the books, a mortgage payment will likely be one of your biggest. After all, mortgages are taken out to pay for real estate purchases, which are hefty expenditures. Thanks to mortgages, however, consumers across the country have the ability to make these large purchases that they may otherwise not be able to afford.

But the overall cost of a mortgage can be directly affected by the interest rate charged. When rates are low, mortgages are much more affordable, while the opposite is also true when rates spike.

Right now, rates are still somewhat low compared to what they have been in years past. In fact, since the housing crash in 2008, mortgage rates have hovered near historic lows for years, though they are now starting to creep back up.

While there is little that buyers can do about the posted mortgage rate, there is still a lot that can be done to keep the rate that lenders offer as low as possible.

Here are some ways to help you get a low-interest rate on your mortgage that can help you save thousands of dollars over the life of your loan.

Shop Around

Much like you would comparison shop before purchasing any goods, you’ll want to do the same with a mortgage in order to get the lowest interest rate. Taking the time to compare what different lenders are willing to offer can really save you thousands of dollars over the life of your mortgage. Even a fraction of a percent can make a huge difference in how much you end up paying.

You may also want to consider working with a mortgage broker who will do all the comparison shopping for you. That way you only have one loan application to fill out, and your mortgage broker will take that information and look around from their network of lenders to see who is willing to offer the lowest rate and best mortgage terms.

Give Your Credit Score a Boost

A huge factor that comes into play in terms of the interest rate offered to buyers is credit scores. Generally speaking, the higher the credit score, the lower the interest rate, and vice versa. If your credit score is anywhere over 760, you will likely get the lowest rate possible. But if your score is less than 650, you’ll probably wind up with a much higher rate, which will make your mortgage a lot more expensive.

Buyers with high credit scores present a much lower risk to lenders because they will be more likely to make their mortgage payments on time. Those with low scores, on the other hand, are perceived as a higher risk. And in order to hedge against this elevated risk, lenders tend to charge low-credit borrowers a higher interest rate.

Giving your credit score a boost is a great way to ensure a lower interest rate when you’re ready to apply for a mortgage. If your score could use a little improvement, consider taking the following steps:

• Pay all your loan bills on time
• Don’t spend any more than 30% of your credit card limit
• Don’t apply for any additional loans or lines of credit
• Have any errors on your credit report fixed
• Pay down your debt

Boost Your Down Payment

The more money you’re able to put towards your home purchase, the better in terms of the type of interest rate you may be able to get. Making a higher down payment can effectively reduce the amount of money you need to borrow and will also reduce your loan-to-value ratio (LTV), which is a measure of the loan amount relative to how much the property is valued at. A lower LTV is viewed more favorably by lenders, who will often reward borrowers by offering a lower rate.

Not only can you decrease the interest rate charged to you, but you can also save more money by not having to pay Private Mortgage Insurance (PMI). This type of insurance premium is charged to borrowers who put less than a 20% down payment towards their mortgages. If you can come up with at least 20% of the purchase price of your home, you can avoid having to pay these extra fees.

Pay Down Your Debt

The amount of debt you carry relative to the income you bring in will have an impact on the interest rate your lender offers you, as well as your overall ability to secure a mortgage at all. If you carry a lot of debt, adding another debt to the pile might overburden your finances.

Lenders will look at your debt-to-income ratio (DTI) to assess your current debt relative to how much money you make. If your income is barely enough to cover your current financial obligations, then your lender may not approve your mortgage application. If your application is approved, you may be subject to a much higher interest rate.

Ideally, lenders like to see DTIs no higher than 36%, though 43% has often been the acceptable limit. If you’re looking to get a lower interest rate on a mortgage, work diligently to pay down your debt and inevitably reduce your DTI.

Ensure Steady Employment

For obvious reasons, lenders prefer to work with borrowers who not only make a decent income but are steadily employed. Having a permanent full-time job is safer than a contract position. Ideally, you should be able to prove steady employment for a minimum of two years. The longer, the better.

If your employment past shows sporadic periods of unemployment over recent years, you’ll be hard-pressed to not only snag a low-interest rate but get approved at all. If time is on your side, get your employment situation in order to boost the odds of securing a mortgage at a relatively low-interest rate.

Consider an Adjustable-Rate Mortgage

If rates are expected to stay low over the next two to five years, then an adjustable-rate mortgage might be a good way to get a lower interest rate. These types of mortgages come with a low-interest introductory period, which usually lasts anywhere between two to five years.

The rates offered during this period are typically lower than those with fixed-rate mortgages, which is why they’re often an attractive option for borrowers.

But once this introductory period is over, the rates will usually increase. Adjustable-rate mortgages are therefore ideal for those who either have an appetite for risk of rates increasing or who may have intentions of selling their home before the introductory period ends.

Lock in a Low Rate

If it’s anticipated that rates are expected to increase over the next little while, it may be worth it to go with a fixed-rate mortgage instead of an adjustable-rate mortgage. With a fixed-rate mortgage, you have the opportunity to lock in a lower rate and hedge against an increase in mortgage rates over the near future.

You can even ask your lender to lock in the rate sooner rather than later – even while your mortgage is being processed – in order to make sure the rate stays put. Your lender might charge you a fee for this, but it might be worth it if you have reason to believe that the rate you’ve been quoted is likely to increase soon.

The Bottom Line

If there’s any way for you to knock even a fraction of a percent off your mortgage interest rate, you can effectively save yourself a ton of money in mortgage payments. Luckily, there are plenty of things you can do to help ensure that you’re offered the lowest rate possible. Consider working with a mortgage specialist who will be able to guide you throughout the mortgage process and make recommendations of what you should do to put you in the best position to snag a low-interest rate on your mortgage.

I’m always on the lookout for a healthy (and cheap!) restaurant. This week, I hit the jackpot with Pockets. Pockets website says “we specialize in providing customers with a large assortment of fresh, healthy ingredients… we hope to work our best to please the community and create a healthy option for all.” I immediately knew it was my kind of place! The menu is comprised of pockets, calzones, salads, kids meals, pizza, and potatoes. What’s a pocket, you ask? A pocket is a freshly baked, multi-grain bread hot out of the oven, split open, and stuffed with your choice of finely chopped greens, vegetables, cheeses, and meats; served with your favorite dressing on the side. Since it’s the name of the restaurant, I knew I had to try one! I chose the Asian Pocket with Chicken: lettuce, spinach, broccoli, carrots, red cabbage, red onions, edamame, and crunchy noodles; served with sesame ginger dressing. This was fantastic! The pocket itself was delicious- the bread was thick and fluffy, just how I like it! The vegetables were so fresh and crunchy and the sesame ginger dressing was just the right sweet compliment to the savory filling. My friend ordered the Southwest Salad with Chicken: spinach, lettuce, tomatoes, green peppers, corn, black beans, onions, and cheddar cheese; served with chipotle ranch dressing. This was super tasty as well! I loved the addition of the spinach to the lettuce, it gave the salad great texture. The ranch was so yummy, I knew it had to be made in house; and it is! I can’t wait to come back and try more menu items here.

Pockets has four locations in the city: Hyde Park, Madison & Morgan, Lincoln Park, and Rogers Park. They also have a location in Aurora. I went to the Lincoln Park location, located at 3001 N Lincoln. They are open 7 days a week from 11 am to 10 pm. For other location information, catering, online ordering, and more; visit their website.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

If you want your home to stand out from the crowd and entice buyers to put in an offer, you’d be well advised to have it staged. But there’s a right way and a wrong way to stage a home for the market.

While there are plenty of things that can help improve the way a home is presented to buyers, there are plenty of other blunders that can send buyers in the other direction.

When staging your home to sell, make sure not to make the following mistakes.

1. Neglecting to Depersonalize

One of the first rules when it comes to staging homes for sale is to make sure they have been depersonalized and neutralized. That means making the home look as if it’s ready to take on new owners and a new family without leaving remnants and reminders of the people who live there now.

You might have your own tastes, but that doesn’t mean that all buyers will necessarily feel the same way. You might have an eccentric sense of style which tickles your fancy, but it might have the opposite effect on buyers.

The goal is to attract buyers and impress them enough that they actually want to spend the big bucks on your home. But if your home is overly decked out in quirky finishes and colors, you could risk turning buyers off.

2. Leaving Your Family Photos Up

Creating a space that makes the majority of buyers able to see themselves living there can be impossible if your home is still covered in family photos. If you want to scream that another family is still living in the home, then leaving your family pictures hanging on all walls or perched up on all shelves is the way to do it. But you should be striving to do the opposite.

You’ll make it very difficult for buyers to be able to see themselves living in your home if it is still filled with pictures of your family. You’d be doing yourself a favor by putting them away and ready to be moved to your new home.

3. Not Tending to Your Yard

Focusing on the interior of your home is great, but what about the outside? After all, the exterior of your home is the first thing that buyers will see. If you’ve neglected to trim the bushes, mow the lawn, and water your flowers, your home’s curb appeal will suffer, and so will your efforts to attract a willing buyer.

If the look of your home from the curb isn’t appealing, buyers will be likely to move on to the next home on their list.

4. Forgetting to Clean Out Your Closets

You may have decluttered your home, taken down all your personal artifacts and photos, and decked out your home with all the right furniture pieces and accessories. But have you given your closets any attention? You can bet your bottom dollar that buyers will open all your closet doors, and the last thing they want to be greeted by is a pile of items that come crashing down on them the second they open the door.

Not only is that annoying, but it will also do little to show buyers that your home has decent storage. Your closets should be organized and have just enough items for the space to comfortably fit them. Clean closets will help sell the storage factor of your home. But if your closets are in complete disarray, you’ll be doing your listing a disservice.

5. Not Making Minor Repairs

You might not think that a chipped tile, burned-out lightbulb, or loose doorknob is a big deal, but it is to buyers. Ideally, buyers want to be able to walk into a home and see that it’s move-in ready.

But things that need repair – even minor ones – will stand out to buyers. The last thing they want to see is a home that is in need of extra attention after a deal is sealed. No matter how well your home is staged, neglecting to make minor repairs can be a turn-off for buyers.

6. Not Converting Rooms Back to Their Original Purpose

You may not have a need for that third bedroom and may have been using it as a home office or at-home gym. But when it’s time to sell your home, you’ll want to convert it back to its original intended purpose. A three-bedroom home is certainly more valuable than a two-bedroom home, especially if the neighborhood calls for it.

And if buyers are looking for three-bedrooms – and your home is advertised as such – then all three bedrooms should be used and staged as such. Not converting certain rooms back to their original intended use can sabotage your sale.

7. Leaving Your Collections Out

Whether you collect stamps, spoons from across the globe, or mini crystal figurines, they should be tucked away when your home is on the market. Collections like these will only make your home look cluttered, which is never a good thing. While these may be treasures to you, buyers might not feel the same way.

8. Furnishing With Off-Scale Pieces

The pieces that you furnish your home with should be relative to the scale of each room. For instance, a small room filled with oversized bulky sofas and chairs will only make the room seem smaller, while a large space equipped with only a couple of dainty chairs can make the space seem off-balance and cold.

Not choosing the right-sized furniture according to the scale of each room in your home will do little to impress buyers and help them develop an emotional connection to your home.

9. Blanketing the Whole Home in the Same Color

Neutral colors are always recommended for sellers when staging their homes. These colors will be more appreciated to buyers as opposed to much brighter, more vibrant hues that not everyone might like. But splashing the exact same color across every room in the home is not exactly a good idea, either. Doing so will just make your home look boring and dull.

The Bottom Line

Staging is a fantastic opportunity to showcase your home in the best light possible and help you increase your odds of selling quickly and for more money. But how you stage your home matters. Be sure to streamline your efforts and focus on tasks that have been shown to help boost home sales while leaving the above-mentioned mistakes by the wayside.

Lakeview: Start your New Year right with a calming Meditation Workshop at the Japanese Culture Center. The workshop is this Saturday, January 19 from 12-2 pm. Zazen, the practice of meditation is a transformative process that aims to deepen our connection to the mind and body. With regular practice, meditation and breath training can significantly reduce stress, improve mental clarity, and cultivate a well-grounded state of awareness. This introductory workshop is recommended for anyone new to zen meditation or working to deepen their existing practice. The workshop is $30 per student. Tickets can be purchased in advance here.

Lincoln Park: Join Oyster Bah for a New Year’s Resolution Dinner with Church Street Brewery. On Monday, January 28, dinner will begin at 6:30 pm. The four-course beer dinner is $49.95 per person, plus tax and gratuity. All courses will be expertly paired with one of Church Streets unique brews! Some menu items include sushi grade ahi tuna, filet mignon, steamed whole Maine lobster, potatoes, grilled corn, and more. Purchase your tickets here!

Bucktown and Wicker Park: Join 2 Towns Ciderhouse for a Tap Takeover and Meet the Maker during Chicago Cider Week! On Wednesday, February 6 from 7-10 pm, 2 Towns founder and head cider-maker Dave Takush will be at Mac’s Wood Grilled from 7-8 pm. You’ll play a game of “Stump the Cider-Maker”. If Dave can’t answer your cider-related questions, you’ll score 2 Towns swag! There will be pours of four featured ciders and you get to keep the glass (while supplies last!). Find more information on their Facebook page.

Chicago Loop: Continue to ring in the New Year with a fun and festive Girl’s Night Out! Join Chicago Housewives on Thursday, January 31 for a VIP Girl’s Night Out from 4-7 pm. You’ll socialize, shop local vendors, enjoy cocktails, and eat delicious food from Latinicity. The event is free to attend, but you do need to register on Eventbrite. You can do so here! The event is at Latinicity, located at 108 N State Street, on the 3rd floor.

Lincoln Square: It’s not too early to start preparing for Valentine’s Day! Mark your calendars for the Lovetails Valentine’s Market on February 9 from 12:30 to 5 pm. Shop local, while enjoying a beer from Dovetail Brewery! Vendors include jewelry by Sacred Art, candles by Adorn Chicago, face and body treatments by Scrub Me, vegan treats by Tubby Taste, and much more. Find more information here.

Evanston: Celebrate Martin Luther King Jr. at the Evanston Public Library! This Monday, January 21 from 11 am to 4 pm, gather in the Children’s Room to remember and celebrate the life of Martin Luther King Jr. Two films will be shown: Martin’s Big Words at 12:45 and 1:45 pm; March On! at 1:15 and 2:15 pm. From 2:30-3:30 pm, Young, Black & Lit will be giving away 150 children’s books featuring black main characters to attendees. YB&L’s mission is to put books that center, reflect, and affirm black children into the hands of local youth. Reverend Eddie P. Reeves will read Dr. King’s ‘I Have a Dream’ speech at 3 pm. There will be a community sing at 3:20 pm, led by Marlene Meyer. Find more information on the library website.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO