Festival season is in full swing here in Chicago!  How do I know?  Check out this weekend’s line up as we begin feasting at the festivals!!

The Do Division Street Fest takes place on Division Street between Damen Avenue and Leavitt Street in the West Town neighborhood this Saturday and Sunday (12:00 p.m.-10:00 p.m.).  This fest features a wide variety of local vendors and food, plenty of libation, two live music stages, a dedicated Family Fun Fest area with a petting zoo, mega slide, and rocking kids’ music, and much more!  Also, be sure to catch Do Fashion with local designer runway shows and DJs!!

The Lincoln Park Greek Fest takes place at the St. George Greek Orthodox Church (2701 N. Sheffield Ave.) in the Lincoln Park neighborhood this Saturday (12:00 p.m.-11:00 p.m.) and Sunday (12:00 p.m.-10:00 p.m.).  This annual cultural celebration serves up authentic flavorful food, great music, dancing, and pure fun!  Come and enjoy all the aromas, sounds, tastes and traditions of Greece right here in Chicago.  Food, Fun, and Opa – be Greek for a day!!

Maifest Chicago takes place at Lincoln and Leland Avenues in the Lincoln Square neighborhood this Saturday (12:00 p.m.-11:00 p.m.) and Sunday (12:00 p.m.-10:00 p.m.).  This traditional German celebration of the arrival of spring will feature the same great food, fun, entertainment, and cultural activities that have made this fest one of Chicago’s favorites!  It may be June but here comes Oktoberfest with all its beers, cheers, Lederhosen, pretzels, and plenty of oompah!!

WingOut Chicago takes place in the parking lot of St. Michael (1633 N. Cleveland Ave.) in the Old Town neighborhood this Saturday and Sunday (2:00 p.m.-6:00 p.m.).  Indulge in over 20 varieties of all-you-can-eat wings from the top vendors in the city at this chicken wing block party!  Besides the wings, patrons can also enjoy adult beverages and live reggae music.  I dare you to get your hands and face messy!!

Wrapping up on Saturday at Millennium Park (201 E. Randolph St.) in The Loop is the 33^rd annual Chicago Gospel Music Festival featuring local and national artists performing traditional and contemporary urban gospel music.  There’s also plenty of other activities taking place throughout the day such as the Gospel Brunch featuring The Victory Travelers at the Park Grill South Tent at Park Plaza, kids’ activities at the North Promenade Tent, Inspiration Youth Stage, and much more!  This celebration of urban gospel music will definitely move you!!

Celebrating it’s 70^th year, the 57th Street Art Fair takes place in the Hyde Park neighborhood adjacent to the University of Chicago campus on Saturday and Sunday.  Enjoy a day of art, music, and lectures featuring local arts organizations.  This one-of-a-kind event reunites artists and art lovers at the oldest juried art fair in the Midwest featuring the work of 200 exhibitors in all art mediums!  It’s an outdoor celebration of the visual arts!!

Start Your Summer Off Right!

If you’re planning to apply for a mortgage to help you finance a home purchase, you could get stuck paying mortgage insurance, depending on the type of home loan you take out and your down payment amount.

If it’s a conventional mortgage you’re applying for, you’ll need to come up with at least 20% towards a down payment, or else you will be required to pay Private Mortgage Insurance (PMI) on top of your mortgage payment. The amount you pay is based on a percentage of the initial purchase price of the home.

Fees for PMI range from anywhere between 0.3% and 1.5%, depending on factors such as your down payment amount and credit score. The higher these numbers are, the lower percentage you’ll likely be charged.

If you’re applying for an FHA-backed home loan, you’ll automatically be billed for FHA Mortgage Insurance Premium (MIP), which is an insurance policy that protects lenders if borrowers default on their mortgages. Regardless of the down payment amount, borrowers with an FHA-backed home loan will be responsible for paying MIP.

Since FHA loans come with less stringent lending requirements for borrowers – including a lower down payment amount and lower credit scores for approval – lenders who are eligible to issue them need added protection in the event of mortgage default.

FHA mortgage insurance policies have two separate payments: one is a lump sum that is paid upfront, and another is paid on a monthly basis over the life of the loan.

Regardless of whether you’re paying PMI or FHA MIP, the added fees can make your mortgage more expensive than it has to be. But there may be ways to get rid of that extra payment for good at some point in the future, which will help you keep more money in your pocket every month.

How to Eliminate PMI

Before you can get rid of PMI, you will need to pay down your mortgage to at least 80% or less of the principal amount of the loan. This can be done in a few different ways, including the following:

Pay down your loan – The most obvious way to get to the 80% equity mark is by simply contributing to your mortgage every month until your loan-to-value ratio (LTV) – which is the loan amount relative to the value of the property – is 80% or less. Once you’ve paid off at least 20% of the original loan amount and reached the 80% LTV threshold, you should be eligible to have PMI eliminated.

That said, you will likely have to get in touch with your lender once you’ve reached that 80% mark, as PMI cancellation doesn’t happen automatically until you’ve actually reached 78% of the outstanding principal.

Have the home appraised – The great thing about real estate is that it typically increases in value over time. Many real estate investors have built wealth by simply owning and holding real estate and allowing appreciation to add value. If you believe that your home is worth a lot more than what you paid for it, you may have built up enough equity through appreciation to bring your equity amount to at least 20% of the home’s value.

In this case, you would need to contact your lender to have an appraiser come out and assess the current value of your home. If it is determined that your home has in fact increased in value to the point that you’ve reached 20% equity or more, PMI can be removed.

Refinance your home loan – Another way to remove PMI from your mortgage is to refinance your mortgage. If you can refinance with a new loan that accounts for less than 80% of the value of your home and has a lower interest rate than your original home loan, you may be able to have your PMI dropped from your mortgage. Having said that, you’ll want to ensure that refinancing makes financial sense for you.

Update your property – By taking on certain home improvement projects, you may be able to effectively add equity to your home to make you eligible to have PMI removed. Just be sure to tackle smart projects that will add more value compared to the cost of the improvement. Your real estate agent will be able to help guide you in the right direction.

Automatic cancellation – Lenders are required by law to remove PMI automatically from a borrower’s mortgage if all pertinent criteria are met. When the loan balance drops to 78%, lenders must eliminate PMI as per the Homeowners Protection Act, as long as you stay up-to-date on all your scheduled payments.

How to Eliminate FHA MIP

FHA loans are not eligible for mortgage insurance cancellation. However, there are still ways that you may be able to get out of it, and refinancing is usually the way to go about it.

If your finances are in order and your credit score is high enough, you may be able to refinance out of your original FHA home loan into a conventional mortgage without PMI. Since FHA loans don’t have prepayment penalties for paying these types of loans off early, you won’t have to worry about having to pay an added fee to get out of it. As such, you can refinance whenever you like, as long as you have an LTV of at least 80%.

If you took out your FHA mortgage before June 2013, you can cancel your MIP after five years if you have a 30-year mortgage without the need to refinance. With a 15-year loan, there’s no minimum. In this case, you need to have at least 22% equity in your home and have been on time with all of your payments.

The Bottom Line

Paying mortgage insurance on top of your mortgage may seem like wasted money, but you may be able to cancel it if you’ve got all your ducks in a row. Be sure to speak with an experienced mortgage specialist to help you assess whether you’re ready to finally ditch that pesky payment once and for all.

I am a relative newbie to the awesomeness of Oxiclean. It is marvelous! I had an old bedroom curtain from my mother-in-law that had seen better days. It was covered with years of old dust and dirt and was smelly to boot. I remembered that old commercial where they dip the yellow curtain in the solution and it comes out white! And it really works!! Not instantly of course but with a little soaking, the curtain looks like new. Oxiclean is much safer than bleach and can be used on most colors and fabrics. Always test first if you’re not sure.

Oxiclean has four basic ingredients. Bubbling oxygen bleach breaks down protein bonds and decolorizes stains. Ph-boosting sodium carbonate softens and separates layers of dirt. Surfactants emulsify and wash away oily compounds. Anti- redisposition agents prevent stain particles from attaching to anything else.

There are many products that contain Oxiclean. They are useful in their own right, but I use the regular stuff in the big tub. It can be used on virtually any surface to clean and deodorize. Every tub comes with a measuring cup. For hard surfaces (like tile and floors), mix one measuring cup full into four gallons of water. Apply using a sponge, brush, or by pouring directly onto the surface. Let stand for a few minutes (up to 30) but try to not let it dry. Rinse with cool water. For grout, make a paste to brush on. For carpet and upholstery, fill the cup to line 1 and combine with 16 ounces water. Pour onto carpet stain and let stand for 2-5 minutes. Blot with a white towel and repeat as necessary. Do not pour directly onto upholstery; instead apply with a white towel and blot out stain. Then blot again with a clean white towel. For every wash load, add half the measuring cup. For tough laundry stains, soak with a measuring cup full per one gallon water. Soak for 1-6 hours (best results with 6). Wash with detergent and more Oxiclean.    

There are many more uses for Oxiclean from patio furniture to trash cans to baseball uniforms. Check them all out at oxiclean.com. Click on the “How to Use” tab. Oxiclean is also a great deodorizer with natural oxygen, so it’s wonderful for odors from musty towels to smelly work out gear. It’s also safe for the environment.     

KATHLEEN WEAVER-ZECH & DEAN’S TEAM

Not only will Chicagoans be celebrating Memorial Day this weekend, but they will also be kicking off the beginning of their summer season! This weekend has neighborhood celebrations taking over the streets, with plenty of music and food festivals.  Welcome to summer!

Come and join the thousands of people who will be honoring our veterans and active duty military at this year’s Memorial Day Parade beginning at noon on Saturday. The parade begins State and Lake Streets and heads south to Van Buren Street in The Loop.  Prior to the parade, a wreath laying ceremony takes place at 11:00 a.m. on Daley Plaza (Dearborn & Washington Streets) honoring all men and women who made the ultimate sacrifice in defense of our country!  It’s one of the largest Memorial Day parades in the nation!!  Then on Monday (11:00 a.m.), the Chicago Cultural Mile Association will host the Annual Ceremony and Dedication of the General John A. Logan Monument.

Celebrating its 34^th year, the Belmont-Sheffield Music Fest unofficially kicks off Chicago’s summer outdoor street fest season on Saturday and Sunday (12:00 p.m.-10:00 p.m.) at 3200 N. Sheffield Avenue between Belmont Avenue and Roscoe Street in the Lakeview neighborhood.  Once again, top local tribute bands, food, libations, artisans, and a second stage with zany entertainment are on tap for this iconic street party!

In the heart of Chicago’s Mexican community at 18^th Street and Ashland Avenue in the Pilsen neighborhood, the 9^th annual Festival Mole de Mayo takes place on Saturday and Sunday (12:00 p.m.-10:00 p.m.).  This festival includes a Mole cook-off where local restaurant chefs compete for the Mole de Mayo’s Best Mole Award (May 26^th) and the People’s Choice Award (May 27^th).  It also features traditional mole booths, three stages of live music, merchants, and artisans in an open air mercado (market), lucha libre wrestling performances, and much more!  Come get your fill celebrating mole – a culinary dish from Mexico!!

The Randolph Street Market kicks off its outdoor & indoor summer season with its Garden Party on Saturday and Sunday (10:00 a.m.-5:00 p.m.) at 1341 W. Randolph Street in the West Loop.  This Market is the destination for antique collectors, merchandisers, decorators, fashionistas ,and style setters from around the globe.  It features the most spectacular array of vintage and modern decorative objects, home furnishings, art, global goods, handmade foods, drinks, and much more!  It’s sure to be a fun day of shopping!!

In the mood for some pre-warm-up fun to your weekend?  Then head on down to Soldier Field (1410 S. Museum Campus Dr.) in the South Loop on Saturday for the 15^th annual Soldier Field 10 Mile.  It’s a three-wave race, perfect for runners/walkers of all levels, on a course highlighting the city’s biggest attractions. You’ll also receive a finisher’s medal to commemorate your achievement.  Afterwards, join the post-race tailgate party on the Stadium Green outside of Soldier Field featuring live music, food, and sponsor activations.  It’s not just a race, but an experience!

Celebrating its 17^th year, MB’s Bike the Drive takes place on Sunday (5:30 a.m.) at Columbus and Jackson Drives in The Loop.  Enjoy Chicago’s striking skyline and shimmering waters of Lake Michigan on a car-free Lake Shore Drive!  Afterwards, enjoy a festival in Grant Park featuring a beer garden, the MB kids’ zone, tons of free giveaways, and more!!  It’s one of the greatest bike rides you’ll ever have in the United States!

Enjoy Your Summer!!

Bucktown and Wicker Park: Now that the weather is finally nice, it’s running season! Join HealthSource of Wicker Park for their May Pub Run. On Wednesday, May 30, the group will meet at HealthSource (1448 N Milwaukee Ave) at 6:30 pm. Then, you’ll head out on a 30 minute run (or walk!) on the 606 and finish up with a beverage at Swig. Find more information here!

Lincoln Park: It’s time for Lincoln Park Greek Fest 2018! The 41st annual festival returns to the grounds of St. George Greek Orthodox Church from Friday June 1 to Sunday June 3. For all you Chicago foodies, there will be Greek street foods, baklava, loukoumades (honey puffs), pastitsio (Greek-style lasagna), vegetarian moussaka, gyros, Greek chicken, and more. The stage will feature traditional and modern Greek music, dance troupes, and the pop/rock stylings of 16 Candles and Karma Committee. There will be kids activities, including a bounce house and games, and an all-new craft area featuring more than a dozen artists! Hours are Friday from 5 to 11 pm, Saturday from noon to 11 pm, and Sunday from noon to 10 pm. Any donation is accepted as admission. Find more information about this exciting festival here!

Lakeview: Do you want to learn more about the traditional art of Japanese painting? Well, now is your chance! The Japanese Culture Center is hosting a Japanese Painting Weekend Workshop on Saturday June 9 from 2-5 pm and Sunday June 10 from 11 am-2 pm. Taught by Japanese Arts Foundation and Japanese Culture Center artist-in-residence Mami Takahashi, this workshop will introduce fundamental skills and knowledge of this traditional art form. Students will be taught basic methods of pigment making and application of gold and silver leaf as a background. Students will also be taught the importance of line drawing using a special brush. All materials and tools are provided. The course is $120 and tickets are available here.

River North: Mark your calendars for Wednesday, May 30! The Green City Market Dinner Series is a four-course table dinner series featuring market fresh ingredients. The culinary team hand selects the best offerings each Wednesday morning from the Green City Market in Lincoln Park, Chicago’s year-round sustainable farmer’s market. Inspired by in-season and local produce, they create a new menu each week! This special menu is available for guests until they run out. 10% of the proceeds from the menu benefit Green City Market, a non-profit organization. The dinner is held weekly at Travelle Kitchen + Bar (330 N Wabash) through October 24. The meal is $55 per person with an optional $20 wine pairing.

Lincoln Square: It’s time for Mayfestiversary 2018! Join Begyle Brewing and Dovetail Brewery in celebrating spring, the neighborhood, good food, music, and beer at this 2nd annual festival. The two-day festival (May 26-27) will feature more than a dozen locally brewed beers, a variety of cuisine from some of the best food trucks in the city, live music from local Chicago musicians, and activities for the whole family (including pups!). The festival is free, with a suggested $5 donation benefiting Foundations of Music, CHIRP Radio, and One Tail at a Time. Find more information here!

Portage Park: It’s not too early to mark your calendars for County Fair Chicago! This fall, urban will meet rural at the County Fair. The fair is September 8 and 9 and is Portage Park’s newest event. You can stroll the Midway, graze on delicious locally-made cuisine, check out educational and interactive workshops, listen to bluegrass, rockabilly, and country music on the Grandstand Stage, and even attend a traditional barn dance on Saturday night! Find more information about this exciting new event here!

RACHEL HOOVLER & DEAN’S TEAM CHICAGO