CHICAGO NEIGHBORHOOD NEWS: Lincoln Park, Lakeview, Bucktown and Wicker Park, Chicago Loop, River North, Oak Park

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Lincoln Park: It’s not too late to reserve your spot for the Bonny Doon Wine Dinner! This Tuesday, March 6 at 6:30 pm, Summer House is hosting legendary winemaker Randall Graham of Bonny Doon Vineyard for a 30th anniversary celebration of his brand Le Cigare Volant. The evening will include a multi-course dinner on the private patio, with an extensive line up of iconic Santa Cruz wines. Items on the menu include an Escarole and Raddichio salad, Sheep’s Milk Ricotta Ravioli, Slow Braised Duck Legs, and Wood-grilled Beef Ribeye. Tickets are $95 per guest (plus tax, gratuity not included). Call 773-634-4100 or email Michelle at shsbparties@leye.com for tickets and to reserve your spot. Find more information on Summer House’s event page on their website.

Lakeview: Still making your plans for St. Patrick’s Day? Diag Bar & Grill has got you covered. Located at 2856 N. Southport Ave., this Lakeview spot has everything you need for your St. Patty’s Day celebration! The doors open at 9 am on Saturday, March 17 and the party lasts all day long. There’s an outdoor beer patio with full service, a vast array of table packages, and huge plasma TV’s for your viewing pleasure. Tickets include admission, an Irish drink and meal package, music, and more. The drink package is inclusive until 1 pm, featuring call liquors, domestic beer, Jameson drinks, Irish stouts, and heavy passed appetizers. For table pricing and tickets, visit their website.

Bucktown and Wicker Park: Looking for a little personal development? Check out the Women’s Networking event in Wicker Park. The event will be held on March 15th from 9:30-10:30 am at Healthsource of Chicago Wicker Park. This will be a morning of power networking with the amazing business women of Chicago! The event is free to all women and open to anyone in Chicago. Register today, here!

Chicago Loop: Want to feel like a star on Oscar Sunday? We’ve got the perfect event for you:  “Hollywood on State: Where You’re the Star!”. Celebrate at this 90th Academy Awards viewing party in style by dressing in Vintage Loungewear or Hollywood Glam. The party will feature delicious food and festive drinks, all while watching the award ceremony on the Film Center’s state-of-the-art big screens. The event begins at 5:30 pm on Sunday, March 4 with the VIP lounge opening at this time. At 6 pm, check out the Red Carpet and get your food and libations. The Oscars begin at 7 pm! The Insider’s Pass begins at $100 and includes open seating in either theatre, small bites from Chicago’s hottest restaurants, an open bar, desserts from Eli’s Cheesecake, photo booth, auction/raffle items, and a goody bag. Buy your tickets today, here!

River North: It’s not too early to mark your calendars for Chicago Donut Fest! The event is Saturday, April 21 from 12 to 4 pm at Old Crow Smokehouse River North. Tickets include donut tastings from some of Chicago’s most famous donut shops & bakeries (as well as some hidden gems!) and 3 drink tickets for either beer or mimosas. Pre-sale tickets begin at $40 and are going fast! Get yours now, here!

Oak Park: Feeling like you and your kiddos have been stuck in the house for months? Get out to Oak Park Conservatory for Toddler Exploration Time! This special interactive time for you and your little one (ages 18 months to 5 years) will open up the natural world as you explore the wonders of Oak Park Conservatory together. There will be guided activities, facilitated by a Friends of the Oak Park Conservatory docents, which will highlight a different topic each month. This month’s topic is “Buzz Bee Buzz”! Space is limited to 18 children and their caregivers and pre-registration is required at www.pdop.org. The event is on Friday, March 16 from 9:30 am to 10:15 am. Find more information and register here. 

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Restaurant Review – Tac Quik

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I’m always on the lookout for a great takeout spot. This week took me to Tac Quik, a Thai spot located just off the Sheridan red line stop (1011 W Irving Park Rd). I stopped in late on a Friday evening, around 9 pm. The restaurant is spacious, with a large number of tables, warm lighting, and a charming atmosphere. When you walk in the front door, there is a small room to the right of the host stand with a large counter for placing takeout orders. The menu is huge and so many things looked good! True to form, I had a really hard time deciding what I wanted. My go-to appetizer is Crab Rangoon and I knew I had to try theirs. The order came with six rangoons, fried and stuffed with imitation crab, cream cheese, and celery, and served with a sweet and sour dipping sauce. Since I chose an entirely fried appetizer, I decided to go with a lighter entree. I picked another one of my Thai favorites, the Larb Kai salad: ground chicken seasoned with fresh lime juice, green onion, cilantro, red pepper flakes, and fresh basil. When I placed my order, the server told me I’d have to wait about 15 minutes, totally reasonable for a take-out order. I had been sitting for about five minutes when she told me my order was ready! I was amazed it was so fast. I had about a twelve minute walk home and the food was still piping hot when I got there. Everything was delicious! The rangoons were not greasy, perfectly crunchy, and I loved the dipping sauce. The Larb salad was the real standout. The seasonings were just so tasty; spicy and savory with a hint of sweetness. I can’t wait to try more items on the menu!

Tac Quik is open Mondays through Saturdays from 11 am to 10 pm and Sundays from 11 am to 9:30 pm. Tac Quik is available for dine-in, carry out, and delivery.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Kathy’s Home & Garden Tips – Flooding, Mold and the Spring Season

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Around the Chicago area, it seems like we will have an early spring. That sounds wonderful, but spring also brings heavy rains, which can mean flooding. As with many things, an ounce of prevention is worth a pound of cure.

Most flood prevention systems are quite expensive. If you’ve recently moved to a new area, ask around the neighborhood to see if flooding occurs regularly. Especially in Chicago, flooding can be very different depending where you are. Prevention may be as easy as keeping water flowing away from the house and making sure drains are clear.  A clogged drain in the basement can flood the entire basement quickly. But other areas may need more sophisticated systems like sump pumps and drain tiles. Most flood control companies will do a free evaluation and estimate.

Once the flood waters recede, you are left with a filthy and perhaps dangerous mess. It’s a good idea to toss anything soft and porous that’s contaminated with flood waters. Even if a flood is not from the street sewer, the water almost certainly contains raw sewage. If your area floods often, it’s best to have hard floors that can be disinfected. The idea is to dry everything as quickly as possible. Disinfect any surface in contact with flood waters with a solution of 8 ounces bleach to 1 gallon water. Wear protective gear, as the bleach is harsh. Have any appliances or electrics in touch with flood water evaluated by a professional. Many of us in Chicago have our washers and dryers elevated off the floor as a matter of habit.

One of the nasty components of flooding is mold. Mold is naturally occurring in nature and aids in the decomposition of plant material. It’s when it grows out of control in the home after flooding that it can be a concern. Mold is extremely irritating to those of us with seasonal allergies but can cause rashes and stuffy noses in everyone. After a flood, mold can get out of control quickly. Some molds are extremely dangerous and contain mycotoxins. If an area of mold is particularly large (more than 10 square feet) or very thick and black, it would be a good idea to have it evaluated by a professional. This problem is especially bad in drywall. Drywall is extremely porous and simply cleaning off the surface only works temporarily. Remove and bag securely in heavy duty bags. It’s best to wear ventless eye protection along with a N-95 respirator. Both are available at your local hardware store or home center. 

Even mild increases in mold populations can cause irritation from normal activities around the home. During the rainy season, be especially careful. Always use exhaust fans in bathrooms and the kitchen. Provide good ventilation on all floors. Change bath towels frequently. I keep cleaner with bleach in all the bathrooms and spray down showers and tubs daily. Remember, moisture is the main ingredient for mold growth. Keep everything as dry as possible to prevent mold.

KATHLEEN WEAVER-ZECH & DEAN’S TEAM CHICAGO

6 Alternatives to Traditional Hardwood Flooring

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Hardwood flooring has long been a mainstay in homes, and for good reason. It’s durable, and it’s appealing to the eye. These days, hardwood is being used in more unexpected places, including kitchens and even bathrooms. But as gorgeous as hardwood flooring is, it can also be susceptible to water damage and is downright expensive.

The good news is that homeowners have plenty of options for flooring materials that provide a similar look to their interiors as hardwood. Such materials not only rival the look of hardwood, they’re also often more affordable.

Here are some alternatives to hardwood flooring that warrant some consideration.

1. Bamboo

If you’re the eco-friendly type but still loves the aspect of natural materials, then you’ll love bamboo. You won’t be sacrificing in durability because bamboo is as tough as nails. It’s incredibly sturdy and is actually stronger than many types of wood.

Bamboo features a grain that closely mimics that of hardwood, making it a wonderful alternative to the more traditional type of flooring. Many homeowners prefer bamboo to traditional hardwood because it is typically much more water resistant. That’s because bamboo is technically not a wood at all, but rather a type of grass. That said, it’s not entirely immune to water, so the same types of precautions should be taken to protect bamboo flooring from excess water and moisture.

Bamboo flooring is easy to maintain with nothing more than a damp cloth for cleaning. It is also more resistant to scratches and scuff marks compared to hardwood flooring.

To create flooring with bamboo, poles are sliced into strips of varying widths and skin is removed. The strips are then compressed under high heat to create the final flooring product. It can then be stained in any number of colors to create a fully customized look.

2. Cork

Another type of sustainable flooring material that an increasing number of homeowners are choosing over hardwood is cork. While this material is a little soft, it is still incredibly durable, making it a safe flooring option. It also tends to be a more comfortable type of flooring for children to play on given it’s slightly softer feel.

Cork doesn’t exactly look like hardwood, but it’s a natural material that is increasingly finding its way into homes across the country. Available in both planks and tiles, cork is rather simple to install. It’s resistant to mildew, absorbs sound, and wards off insects to prevent any damage done by pests.

While cork is easy to maintain, any spills should be mopped up immediately or else the material could be subject to swelling and staining. The material should be sealed with wax every year in order to avoid any permanent damage as a result. Since cork cannot be sanded down and refinished, it’s important to ensure no damage is done to this material.

3. Engineered Hardwood

Unlike hardwood flooring – which is made from planks taken from actual trees – engineered hardwood is made of wood particles that are fused together and enclosed by a veneer wood. It is this type of construction that makes engineered hardwood so durable and resistant to wear and tear from heavy traffic.

Engineered hardwood also much better able to handle exposure to water and moisture, as well as extreme fluctuations in temperature and humidity. Traditional hardwood is notorious for experiencing severe damage as a result of water and heat.

This is a more cost-effective option compared to hardwood, while still providing the same beautiful esthetics. And since there is less waste involved with the construction of engineered hardwood, it’s also more eco-friendly too.

4. Vinyl Planks

The thought of “vinyl” on flooring might not sound very classy, but vinyl planks can be just as visually appealing as the real thing. And since these planks are applied individually just like hardwood, they do a very good job of imitating actual wood for a much more affordable price.

Of course, you can also find vinyl that comes in tiles and sheets, but the planks are more authentic looking. Vinyl planks even come textured with beveled edges to further increase the legitimacy of this hardwood alternative.

This flooring material is not only affordable, it’s also easy to maintain and very durable. In fact, it can last just as long as – if not longer than – other traditional types of flooring materials. It’s also more sound absorbent, which means all that clanking from foot traffic won’t be as loud.

That said, vinyl planks are more susceptible to scratches, which means a little more care is needed to keep them in good condition.

5. Laminate Wood Flooring

Another affordable alternative to hardwood flooring is laminate, which may have been around for a long time but has recently gained more attention. You can easily get the look you’re after thanks to all the options you have in terms of colors and patterns.

Laminate wood flooring material is very durable and is highly resistant to water and moisture, unlike its hardwood counterpart. For this reason, this type of flooring is a great option for those who love the look of hardwood in the kitchen but don’t want something that’s going to ruin so easily in these types of environments.

If you do decide to go with laminate, be sure to do some research into the different products and manufacturers out there, as there is a wide variation in the level of quality of this type of material.

6. Wood-Look Porcelain Tile

Porcelain tile that looks like hardwood? Yes, it really exists, and it’s actually quite attractive. In fact, porcelain tile that simulates hardwood is becoming an increasingly popular trend in flooring among homeowners who appreciate an incredibly durable material under their feet.

Manufacturers have become pretty savvy in their creations and have managed to come up with porcelain tile that looks as close to hardwood as possible. The textures, colors, and grain patterns in various porcelain tile materials help homeowners achieve the look of hardwood while providing them with something that’s as durable and easy to keep clean as possible.

Of course, it’s still porcelain, so you’re not going to get the feel of actual wood with this type of material.

The Bottom Line

You might love hardwood, but aren’t too keen on its price tag. Or, you might be looking for something that looks like hardwood but is easier to maintain and is able to withstand a little more wear and tear. You’re in luck, because there are several alternatives available for you to consider when it comes time to revamp the floors in your home. Consider any one of the above materials to achieve the esthetic appeal of hardwood and create an attractive interior without blowing the budget.

THIS WEEKEND IN CHICAGO- Find the FUN in February!

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While it’s beginning to feel like spring will never arrive, that’s no reason to stay inside and mope! It’s time to get out and enjoy all the fun Chicago has to offer- despite the cold!

Kick your weekend off with some smart fun for the kids! The Chicago Architecture Foundation (224 S. Michigan Ave.) is hosting Engineering Fest from 10 am to 3 pm this Saturday February 24 and Sunday February 25. Geared towards kiddos age 5-12, this event will explore Chicago’s tallest skyscrapers. Your kids will meet an engineer, visit the engineering lab, take a photo in a skyscraper-themed photo booth, go on a self-guided tour, take the design challenge, and learn how to “read” a building. The event is free. Find more information on their website!

Take your kiddos to get a crash course in bioarchaeology at “All Bones About It” this Saturday February 24 at the Oriental Institute Museum. The event is for kids aged 5-12 and will take place from 1-3 pm on Saturday. The event description says, “Think skeletons are just for Halloween? The bones inside you would disagree! What’s more, written on your own bones is the story of the physical activities you take part in and the food you eat.” Prior registration is required, which you can do here. General admission is $14 and members are $10 (includes one child and one adult ticket). For GA, each additional entrant is $7. For members, each additional entrant is $5.

This one’s not just for the kiddos! Come out and enjoy “Fire and Ice” at Maggie Daley Park this Saturday, February 24 from 5:30 to 7:30 pm. Bring your own ice skates (or rent them at the fieldhouse) and join in an exciting evening of fire and ice activities! There will be frozen art activities, like ice painting and crafts, snow cones, fire pits, s’mores, and a performance by Full Moon Drumming. The event is free, but you can register online in advance if you wish.

Get your chow on with the Chow Chow Chinatown Tour! The tour begins at 12 pm and takes place on Saturdays and Sundays. The tour lasts 3.5 hours and runs at a comfortable pace, so it may run a little longer. Tours take place rain or shine and visitors should wear comfortable walking shoes. You’ll walk the vibrant streets of Chicago’s famous Chinatown, while eating some of the most divine foods the neighborhood has to offer. The guided tour visits several locations that include many sit-down food stops. Between foods, the tour also visits cultural and historical landmarks. The tour includes Oriental Boutique gift shop snacks, a Buddhist temple, authentic Hong Kong style Dim Sum, a traditional Chinese snack shop, a visit to Ping Tom Park, the Chinese Zodiac Square, Beijing Peking duck, Chinatown Supermarket, and Chinese tea. Book your tickets now!

If you’re hankering for more tasty Chicago food, you’ve got to explore Andersonville Restaurant Week! 24 of Andersonville’s finest restaurants are participating from February 23 to March 4. They’ll offer at least one menu option priced at either $10, $20, or $30 per person. Restaurants will be serving up breakfast, brunch, drinks, and lunch, as well as dinner options. Participating restaurants include Anteprima, Big Jones, Dollop Diner, First Slice Pie Cafe, Hopleaf, Lady Gregory’s, Vincent, and more. See the full list here!

How are YOU going to find the FUN in February this weekend??

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

CHICAGO NEIGHBORHOOD NEWS: Bucktown and Wicker Park, Lincoln Park, Lakeview, Old Town, Logan Square, Evanston

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Bucktown and Wicker Park: Meet People Chicago is bringing you Wicker Park’s St. Patrick’s Day Bar Crawl! The crawl starts at 3 pm on March 17 at the Six Corners intersection: Milwaukee, Damen, and North Avenue. Then the crawl will move southeast along Milwaukee Avenue. After the crawl, there will be a huge after-party! The crawl includes prizes too! There’s a “Most Sober” prize: the winner gets two drinks of his/her choice or $25 worth of food! There’s also a prize for the “Most Spirited Irishman or Woman” and the winner will receive a free bottle of Jameson whiskey. Your bar crawl ticket includes entry to one neighborhood bar crawl, an invitation to the Five Saints Crawl after-party, one drink ticket for the after-party, drink specials at participating bars, and participation in the prize contests. Tickets range from $15-25, depending on when you purchase. Find more information and get your tickets here!

Lincoln Park: It’s time for the 2018 Chicago St. Pat’s Whiskey Festival! The festival is at Lion Head Pub from 10 am to 12 pm on Saturday, March 17. The package includes a two-hour whiskey tasting (2 1/2 for VIP), 15 tasting tickets (more available for purchase), featured food and drink specials, and a special whiskey giveaway. Featured brands include KOVAL, Copper Dog, Cody Road Distilling, Mississippi Road Distilling, and Milestone Brands. Find more information and buy your tickets here, now!

Lakeview: Have you made your plans for Oscar Sunday? Rocks Lakeview has got you covered. Watch the 90th Academy Awards live! Rocks is featuring $5 Academy Award Winning Cocktails for you to sip on while you watch the stars receive their awards. Play Oscar Bingo too! If you get a bingo, you’ll win a round for your group! If you’re feeling super confident, make your picks before the ceremony starts to win a $50 gift card or a discount on your tab. There will also be free popcorn and movie trivia cards! Find location information, regular food menu, and more on their website.

Old Town: Get ready for a special edition of “A Night Out in Old Town”. The Old Town Merchants and Residents Association presents an evening of drinks, pizza, and a show with comedian Gilbert Gottfried on Thursday, March 8. There will be a pre-show reception at Oreo’s from 6:30-7:30 pm and then the show at Zanie’s beginning at 8 pm. Advanced registration is required by March 1, there will be no walk-in registrations for this event. Tickets are $40 for members and $55 for nonmembers. Registration includes 2 drink tickets for beer or wine, pizza at Orso’s, and one discounted ticket for the show at Zanie’s. Register for this fabulous event here, now!

Logan Square: Get in the kitchen with Bang Bang Pie! This hands-on class will be held on Wednesday, February 28 from 6 to 9 pm. Executive Chef Emily Stewart will teach you how to make a picture perfect Apple Pie. You’ll get to take home your self-baked pie, snack on light treats during your class, and sip on BYOB drinks. All necessary materials will be provided by Bang Bang Pie, but participants are encouraged to bring their own aprons and wear closed-toed shoes. Register here!

Evanston: Get excited for Hidden Gems Wine Tasting! On Wednesday February 28 from 6 to 8 pm, Master Sommelier Alpana Singh as she shares six of her favorite undiscovered wine selections. A portion of the tasting will be seated and guided and then guests will be welcome to mingle and enjoy the evening at their leisure. A portion of the proceeds will benefit Downtown Evanston, a company that provides marketing and management services to downtown Evanston. Tickets are $45 and can be purchased here.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Restaurant Review – Fernando’s

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I always find myself craving Mexican food when the weather is cold. This week took me to Fernando’s Tequila Bar and Restaurant. Located at 3450 N Lincoln, the restaurant is huge, with expansive seating in the bar area and a large number of tables spread over two other rooms. The menu is large as well, with a wide array of options to choose from. The Chile con Queso immediately caught my eye: hot, melted jalapeño cheese dip served with home made crispy corn tortilla chips. Unfortunately, I wasn’t hungry enough to order an appetizer as well as an entree. I’ll just have to come back and try the queso another time! I decided to try the mini tacos. Each taco is $2.95 and served on a small corn tortilla with your choice of protein, fire salsa, cilantro, and onions. I ordered three tacos: the Mesquite Chipotle Chicken, Slowly Cooked Beef Barbacoa, and Slowly Cooked Pork Carnitas. These were delicious! They were the perfect size and I loved the simplicity of the toppings. My favorite was the beef barbacoa, it was so tender and spicy. My boyfriend ordered the taco dinner: three soft shell corn, flour, or crispy corn tortillas with your choice of meat. Each taco is topped with lettuce, tomato, onion, cilantro, and queso fresco. He chose the Char-Grilled Skirt Steak, Beef Barbacoa, and Mesquite Chipotle Chicken. For his two sides, he chose Mexican rice and black beans. He said the tacos were very tasty, but the steak was a bit overcooked. We both really liked the black beans!

Fernando’s is open Sundays through Thursdays from 3 to 10 pm and Fridays and Saturdays from 3 to 11 pm. Come in and check out this fantastic spot!

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Kathy’s Home & Garden Tips – Cybersecurity

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We all think it’s never going to happen to us, but many people find their personal information compromised. Many times, we have no control; like if there is a breach at our doctor’s office or credit card company. However, most dangers can be reduced by taking precautions with our everyday internet use. Always connect over secure, password connected networks. Reduce the use of public networks like coffee shops (I personally never use them).

Banks and credit card companies will NEVER ask for your personal information online or over the phone. Think: they already have all your information! Cyber criminals are very sophisticated and can fashion an email with all the logos, bells, and whistles. Don’t be fooled. If you have questions, call your bank.

Often, we receive emails seemingly from a friend or colleague. Check the return email; if it’s different, it’s fake. Never, never, never click on a link in an email from someone you don’t know. Even if you do know the person, it’s best to enter the URL by hand rather than clicking on the link. Clicking on a bad link can introduce viruses and let in cyber criminals.

Speaking of viruses, always use good computer security software like Norton. Make sure all updates are downloaded and applied as soon as you are notified. Every week, new viruses and cyber dangers come around and all security software will have updates to deal with them. I also use Norton when I’m online as my safe search. An additional malware preventer like Malwarebytes is also a good idea.

Social media is becoming a favorite spot for hackers and information thieves. Make sure your privacy settings are up to date and be circumspect with what information you share. Information shared publicly is just that: public.

Be careful and change passwords often. Never use birthdates, addresses, or parts of your social security number. Instead, use symbols and numbers in random order. Password protect all devices that have access to the internet.

As with all things in this world, trust your gut. Offers online that sound too good to be true are just that, too good.

KATHLEEN WEAVER-ZECH & DEAN’S TEAM CHICAGO

6 Home Loan Tips For First-Time Buyers

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Buying your first home is an incredibly exciting time, but it can also be a frightening one, especially when considering the cost associated with such a purchase. But before you apply for a mortgage, there are a few things you should know first. Understanding the process will help you make a more informed decision and get the most out of your mortgage.

Here are a few mortgage tips that all first-timers should know.

1. Don’t Take Out the Amount You’re Approved For

The amount that a lender agrees to loan you isn’t necessarily the amount you should agree to take out. Just because you’ve been granted approval for a certain amount of money doesn’t mean you should take it. In fact, you’d be wise not to. Instead, you might only want to take out a fraction of what you’ve been approved for.

If you spend the limit of what a lender is willing to loan out to you, it’s very possible that you may find yourself with a very tight budget to balance. And if you experience any negative financial circumstances in the near future, you could find yourself in a tough spot.

Lenders use your gross income and debts to assess how much you would be approved for, but they don’t factor in your lifestyle and spending habits. There are a ton of other expenses to cover that aren’t necessarily accounted for in the financial documents that you provide to your lender, such as travel, entertainment, daycare, extracurricular activities for the kids, and so forth. Your lender won’t take all of these extra costs into account when determining how much to lend you.

Stay well below your mortgage approval limit to give you a financial cushion to fall back on and to avoid maxing out on your ability to pay all of life’s expenses.

2. Save Up a 20% Down Payment to Avoid Extra Fees

Homes are incredibly expensive these days, so saving up for a down payment that’s 20% of the purchase price can be a tall order. But it’s not impossible, and the benefits of spending the time saving up for a hefty down payment are well worth it.

Putting down 20% means you’ll avoid having to pay private mortgage insurance (PMI). This policy is meant to protect your lender, not you, but you’ll still be paying the fee anyway. The lower the down payment amount, the higher the perceived risk to lenders. As such, an insured mortgage is meant to protect lenders in case borrowers default on their mortgages.

Unfortunately, you’re the one stuck with this fee until you’ve managed to pay down your mortgage balance to 80% of the property’s original appraised value. Until then, you’ll be paying anywhere between 0.5% to 1% of the loan amount on a yearly basis. On a $500,000 mortgage, for instance, you would be paying $5,000 per year based on a 1% PMI rate. That’s a lot of money that you could have otherwise sent elsewhere.

If possible, try your best to save up as much money as you can to be put towards a down payment. This will help you avoid throwing your money away on these extra insurance fees.

3. Take Measures to Boost Your Credit Score

Your credit score plays a key role in the interest rate that your lender is willing to offer you. The higher the rate, the more you’ll be paying. Even just a half of a percentage point on the interest rate can save you a ton of money.

For instance, a $100,000 fixed-rate mortgage on a 5-year term would cost you $53,405 in interest over the life of the loan base don a 3.7% rate. Slightly lowering the rate to 3.0% would cut down on interest to $42,250 over the life of the mortgage. That’s $11,155 in savings.

Besides paying less in interest, borrowers with a higher credit score have a better chance of getting approved for a mortgage. Generally speaking, lenders are seldom willing to approve borrowers who have a credit score of less than 620. If your score is currently less than that, now is the time to take steps to improve it.

Be sure to pay all of your creditors on time and in full, every month. Pay down as much of your credit card balance as you can instead of just making the minimum payments. And don’t take out any new debt, which will only increase your debt load and potentially have a negative effect on your score.

Making an effort to increase your credit score will help improve the odds of mortgage approval at a lower interest rate.

4. Budget For More Than Just Your Mortgage Payments

Your mortgage payments will probably be one of your biggest bills to pay every month, but they won’t be the only ones. Owning a home is an expensive endeavor that involves a lot more than just paying your mortgage. There are a few other costs associated with running a home that you should budget for.

Utility bills, new furniture, repairs, maintenance, and other costs will need to be covered. For this reason, it would be wise to come up with a workable budget that factors in all the fees associated with operating your home. Make sure you’re comfortably able to cover these extra costs in addition to making your mortgage payments every month.

5. Get a Mortgage Pre-Approval

Don’t start looking for a home until you’ve spoken with a mortgage broker and have been pre-approved for a mortgage. Doing so will help you identify how much you’ll be able to afford, which can help you narrow your focus on properties that fit your budget. Otherwise, you could be wasting your time looking at homes that are a lot more than you can realistically afford.

In addition, having a pre-approval letter in hand will show sellers that you’re a serious buyer and are financially capable of securing financing to make a home purchase. Sellers don’t want to take a chance on a buyer who may or may not be able to get a mortgage to close a deal. Those who are pre-approved stand a better chance of mortgage approval.

6. Shop Around

Consumers tend to look around and comparison shop before they make a purchase. After all, they want to make sure they’re not spending any more for a particular item than necessary. The same can be said for mortgages: by shopping around, you’ll be able to find the right lender who will offer you the right home loan package best suited for you.

Failure to shop around for a home loan can cost you. Without considering different interest rates, terms, and fee structures from different lenders, you could be missing out on significant savings. As mentioned earlier, a slightly lower rate can mean the difference of thousands of dollars over the life of the loan. That’s why it’s so important to scope out several lenders and see what they have to offer before settling on a deal.

The Bottom Line

As a first-time homebuyer, you’ll most likely need a mortgage to help you finance a home purchase. But you shouldn’t go into the process blindly. Instead, get acquainted with the mortgage process in order to take the right steps and make the best decision regarding your financing. Long before you start house hunting, speak with a mortgage specialist in depth to find out what you can do to put your best foot forward and set yourself up for success.