I make it a point to seek out some of my favorite cuisines in the city. Italian food always seems to be left off that list. I love Italian, it’s just not always at the forefront of my mind when choosing a restaurant. Luckily, one evening, my date suggested Frasca Pizzeria + Wine Bar. Tucked into a cozy corner at 3358 N. Paulina St., this romantic spot is perfect for date night. I will admit, I felt a bit underdressed (we had just come from a baseball game), so next time I’ll swap my Cubs cap for something a bit less sporty. We started with a combination plate from the Farmer’s Table menu. We chose the Bruschetta, a combination of three toasts: 1) fresh mozzarella, tomato and basil, 2) brie and apples, EVOO, and cracked pepper, and 3) roasted pepper and goat cheese. My favorite was the brie and apples. The brie was creamy and rich, perfectly complimenting the sweet crunch of the granny smith apples. The menu is hearty and every item made my mouth water. I finally decided on the Rigatoni Gigante: thick rigatoni noodles with fennel sausage, sweet peas, and a tomato cream sauce. The name is no misnomer, the portion was gigantic. The sausage was flawlessly seasoned and the sauce had just the right amount of spice. I could only get through about half before I had to throw in the towel and ask for a box. My date ordered the risotto, which is always on the menu but changes frequently, as it’s seasonally inspired. His included fresh spinach, creamy mozzarella, tomatoes, and herbs. While we determined risotto is not his favorite dish, the flavors were impeccably blended.

Frasca is a little pricier than restaurants I normally frequent, so it’s perfect for date night, an anniversary, or any other special event. Entrees range from $14-24 and pizzas start at $10 for a build-your-own. We went in after the dinner rush on a Friday night and had no problem being seated right away. If you have a larger group, I would suggest calling to make a reservation. Hours are Mondays through Thursdays from 4:30 pm to 10 pm, Fridays from 4:30 pm to 11 pm, Saturdays from 10 am to 11 pm, and Sundays from 10 am to 9 pm.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Do you know how much your home loan will cost you? It’s a critical question that you need to ask if you’re going to be able to budget accordingly. Luckily, the answer to this can be found on the Loan Estimate, which recently replaced the Good Faith Estimate (GFE) as well as the Truth-in-Lending (TIL) disclosure statement under TRID guidelines.

Mortgage brokers and lenders are required by the U.S. government to supply the new three-page form to borrowers within three days of a home loan application. This gives borrowers ample time to review their statements and identify exactly how much their home loan will cost them in clear, easily-understood terms. As such, it will help borrowers avoid overpaying for a mortgage and sets forth the interest rate. Lower closing costs could help borrowers lower their overall mortgage payments, spend less in closing costs, or even afford a bigger home within their budget.

All lenders must use the same standard Loan Estimate and Closing Statement and are held accountable for the quotes they provide. This helps borrowers compare mortgage loans in order to make a more informed decision.

What’s Included in the Loan Estimate?

Within the Loan Estimate will be a number of crucial pieces of information about your mortgage, including the following.

Amount being borrowed.

Knowing how much you borrowed is obviously critical. This number should be located under “Loan Amount,” and if the amount is more than what you asked to borrow, it’s important to ask your lender about it. It’s possible that some of the closing costs have been included in this amount, but it’s important to inquire anyway. Knowing precisely what fees your lender is adding to your overall loan balance is essential.

Origination fees.

The amount that your lender is charging you in origination fees – which are the costs associated with the lender getting you the loan – will be included in your Loan Estimate. They will be broken down into mortgage application fees and underwriting fees and generally cost anywhere between 0.5% and 2% of the entire loan. This is a negotiable fee that you can wheel and deal with your lender, or you may even try to find a cheaper deal with another lender.

Interest rate.

The interest rate that’s tied to your loan amount can make a massive difference in the overall cost of your loan. Even the difference of a fraction of a percent can mean tens thousands of dollars in savings over the term of your loan. Make sure the rate stipulated on the form is the same as the one quoted by your lender.

Fixed-rate or adjustable-rate loan?

A fixed-rate mortgage comes with an interest rate that’s been set when the loan is originally taken out and won’t change over the life of the mortgage. An adjustable-rate mortgage, on the other hand, comes with an interest rate that can fluctuate. The interest rate may go up or down. Many borrowers who choose an adjustable-rate loan do so because the rate is typically lower compared to a fixed-rate loan.

Long before the new mortgage disclosure statements came out, many borrowers were unaware that they actually took out adjustable-rate home loans when they were under the impression that they were signing up for fixed-rate loans. When their mortgage payments started to increase, they were unpleasantly surprised. Many times the mortgage amounts were more than they could afford, placing them at an increased risk of default.

The Loan Estimate will stipulate whether or not the loan amount will increase after closing. If you’ve taken out a fixed-rate loan, your Loan Estimate form should clearly state that the loan amount will not change. Otherwise, you may have unknowingly signed up for an adjustable-rate mortgage and should speak with your lender about making the necessary adjustments.

Monthly payment amount.

You’re obviously going to want to know how much you will have to pay each and every month in order to budget accordingly, and this number will be spelled out on your Loan Estimate. The Projected Payments tab will break your loan payment down into three components – principal and interest, mortgage insurance, and estimated escrow – and how each component may change in the future.

Appraisal fee.

Before you are approved for a mortgage, your lender will want to know exactly how much the home you agreed to buy is worth. Ideally, it should be appraised at or near the price that you agreed to pay. Your lender will appoint a professional appraiser to have the appraisal done. If it comes in low, you may be denied a mortgage as the lender will not want to assume the risk of extending a mortgage for more than what the home is presently worth based on current market conditions.

The appraisal will come at a cost to you, and this fee will be stated in the Loan Estimate. Generally speaking, this expense will have to be paid to the lender before the appraisal is even conducted, and therefore before you’re approved for a mortgage.

Charges for discount points.

If you “buy down” the interest rate, this amount will be payable at closing and will be outlined in the disclosure statement. Buying down points essentially means paying an upfront fee in exchange for a lower rate. Each discount point bought down generally equates to a decrease of as much as 0.25 of a percentage point on an interest rate.

Total amount owed at closing.

You will need to show up to the closing table with the total amount owed, which will be indicated on your Loan Estimate. You’ll likely be asked to bring this payment in the form of a certified check or money order, which your lender will verify for you. Be prepared to pay an administrative fee to your bank for generating the check.

The Bottom Line

The Loan Estimate is definitely not a document that you want to gloss over quickly without going over it in detail. After all, it lists all the expenses you’ll be responsible for paying, so knowing what all these fees are before the deal is sealed will help you avoid any unpleasant and unexpected surprises. Go through this document with your lender and make sure to ask any questions if anything is unclear or seems to be inaccurate. To make sure you’re fully in-the-know about what you owe, study the figures on your Loan Estimate and compare them to what’s been outlined on your Closing Disclosure.

Brunch in Chicago is practically a ritual and this week was no exception. However, weekday brunches can be more difficult to come by. Thank goodness for Kanela Breakfast Club! The menu is extensive, with a variety of sweet and savory options that are sure to delight any palette. My mom and I were overwhelmed by the choices and decided to share two plates. The first was the Black Bean Wrap. The soft tomato basil wrap was stuffed with warm black beans, avocado, tomato, corn, pesto, hunks of goat cheese, fresh spinach, and jalapeno. I am not normally one for vegetarian entrees, but this was top-notch. The combination of flavors was delightful! We also tried the Avocado Toast. This is an increasingly popular dish at restaurants, but I especially loved Kanela’s twist: adding roasted chickpeas and a sunny side up egg. My best friend ordered the California Benedict. She added peppered bacon to hers, which really completed the dish. The srircha hollandaise was also particularly tasty. Finally, my dad ordered the Breakfast Sandwich: an English muffin topped with house made pork sausage, cheddar cheese, a sunny side up egg, arugula, and a spicy pepper jam. The bite I had was mouthwatering; I may want to order this the next time I come in.

Kanela Breakfast Club has five locations in Chicago. We visited the Andersonville outpost, located at 5413 N Clark St. Their hours (and the hours of all other locations) are 7 am to 3 pm daily. The atmosphere is quiet and intimate, ideal for a brunch or lunch date.

While there are certainly similarities between selling different forms of real estate, there are also some differences that should be noted as well. Before you even begin the listing process for your condo, it would be wise to understand what these differences are.

For instance, single-family dwellings don’t come with condominium documents that govern how owners are to use their properties or even how they are to market them for sale.

Educating yourself on the process of selling a condo will help you familiarize yourself with it so that you’ll be well prepared for what’s to come. Luckily, you have a plethora of information at your fingertips, particularly wth your real estate agent who will be able to provide you with everything there is to know about selling a condo.

Work With an Agent Who’s Experienced With Condo Sales

When selling a condo, it’s essential that you hire a real estate professional who is well-versed in the art of selling condos. There are plenty of agents out there who may have years of experience buying and selling real estate, but perhaps their niche lies outside of the condo realm. Ideally, you want to work with an agent who has had their hand at many condo sale transactions so that your unit is appropriately marketed and the right price is negotiated.

Get Familiar With Condo Association Rules, Regulations, Fees, & Assessments

Perhaps the biggest difference between selling a condo versus selling a single family home is the homeowners association (HOA). This entity is what governs the condominium and establishes rules, regulations, fees, and possible future assessments. This is an added party that you will have to deal with when it comes time to place your condo on the market.

As a condo owner, you’ve already had the opportunity to get familiar with your HOA rues and how they have impacted your enjoyment of your home, but it’s time to understand how it will affect how the sales process goes. You will need to find out what your condo association allows when marketing and selling.

Every association has its own set of rules that dictate what you can and can’t do with your unit. For instance, the association might place restrictions on who you can and can’t sell to. You might be required to have the buyer get pre-approved by the association, and may also not be allowed to place For Sale signs out in front of your unit or in the window. Understanding procedures that your HOA association will place on you is crucial.

Get Condo Docs Put Together

Buyers who may not have had any experience with HOA’s will have to be made aware of both the pros and cons of having to abide by such an entity’s rules. That means all of these regulations will have to be disclosed to prospective buyers so they are able to make a more informed purchasing decision.

A common contingency that’s inserted into a real estate contract by condo buyers is a review of HOA rules and regulations. In fact, this contingency should be a must among all condo buyers because it provides them with an opportunity to get their lawyers to review these HOA documents to ensure that the condominium and its association are in good standing, be it physically, financially, and legally. Prior to listing your condo, gather up your HOA documents and have them prepared for when your buyer asks for them. This will help save you a ton of time after a buyer signs the real estate contract.

Price Your Condo Appropriately

This is an issue that’s not necessarily restricted only to condo selling. In fact, pricing right is probably one of the most important factors associated with a successful sale regardless if you’re selling a condo, single-family home, townhouse, or any other type of dwelling. But it’s an issue that every homeowner needs to deal with when placing their home on the market.

Your condo will only sell if you price it right. Ideally, it should be priced according to what the current market dictates. If you list much higher than a similar unit in the same complex that recently sold, you will likely wind up with a stale listing. The further out you price your condo beyond what similar units have been selling for in the recent past, the longer your unit will sit on the market, and the longer it sits there, the more of a negative stigma it will develop.

It’s a lot easier to price your condo competitively and sell quickly than to have your condo linger on the market for months without a bite. At that point, you’ll likely have to drop the price just to start attracting prospective buyers again, and potentially sell for even less than what you may have been able to sell for had you priced it appropriately from the start.

List the Strong Features of Your Condo

Advertising all the features that make your condo great is crucial. After all, the more interested eyes you can get on your condo, the higher the odds of selling faster and for more money. If your condo is a corner unit with a wrap-around deck, let your buyers know about it. If you’ve got high ceilings, floor-to-ceiling windows, or extra storage space, list these features too.

It can be easy to forget about all of the amenities that your condo has after having lived there for a few years, so take some time to look around and pinpoint all the features that buyers would be attracted to. Your real estate agent can be a huge help in this department, as they can provide an objective view of your unit and help list all the features that should definitely make the cut on your listing.

Advertising your unit’s attractive traits is especially important with a condo because there typically aren’t as many details that distinguish one unit from another compared to a single family home. For this reason, the more little features you can find and list, the better.

The Bottom Line

With the proper guidance and the right advice, selling a condo shouldn’t have to be a major challenge. Follow the above guidelines, arm yourself with the right information, and hire an experienced real estate professional, to help you realize a successful sale.