I know I’ve mentioned before how much I love Asian food, but it bears repeating. I. Love. Asian. Food. This week took me to Spoon Thai, a charming restaurant located between Ravenswood and Lincoln Square. We went with a group of five and everyone was willing to share, which meant we got to try a large assortment of dishes. We started with a few appetizers: the crab rangoons, the spring rolls, and chicken satay. I am a crab rangoon fiend and these absolutely passed the test. The breading was light and the crab mixture was perfectly creamy. I also quite enjoyed the chicken satay; the peanut sauce is one of the best I’ve tried. The menu at Spoon Thai is large and as always, I had trouble deciding what to eat. I decided to go with a staple, the Pad Thai with pork. My boyfriend ordered the Thai Pepper Steak and my best friend ordered the Sweet & Sour Mango Chicken. We also ordered Pineapple Fried Rice with chicken and our dinner companions ordered Cashew Chicken. The Pad Thai was delicious, definitely worth ordering. The portion was gigantic, perfect for taking home leftovers. My favorite dish was the Sweet & Sour Mango Chicken. It was packed with veggies and fruit: grilled pineapple, mango, onions, bell pepper, tomatoes, and snap peas. The sweet and sour sauce was tangy and complex, the perfect complement to the crunchy veggies and fruit.

The prices at Spoon Thai can’t be beat, with entrees ranging from $8.95 to $15.95. The restaurant is BYOB, so feel free to bring in your favorite six-pack or a bottle of wine. Hours are 11 am to 10 pm daily. You can also order food online and receive 20% off your first online order! There is a $2-4 delivery charge depending on your location and a minimum order requirement of $12. They also have coupons available here, on their website.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

It can be devastating to be turned down for a mortgage after getting your heart set on buying a new home. While lenders have loosened their lending criteria somewhat since the financial debacle nearly a decade ago, it can still be challenging to get approved for a mortgage if your credit score is low, your debt-to-income ratio is high, or your income is unstable. Ideally, lenders want borrowers to be able to check off all requirements before extending a mortgage.

So, what happens after you’ve been turned down for a home loan? Is your dream of buying a home dead?

Not necessarily. The next steps you take from this point forth will depend on a few components, including why you were denied in the first place. Having said that, there are certain things you can do right now going forward to help boost the odds of having your application approved at some point in the near future.

Find Out Why Your Mortgage Application Was Rejected

First things first. Identify the exact reasons why your lender denied your mortgage application. Luckily, lenders are legally obligated to inform you in writing why you were denied, which should make it easy for you to identify these reasons. But while this letter should outline particulars about your mortgage denial, sometimes the language used can be confusing to the average consumer. As such, it’s helpful to get in contact with the lender to have the points made in the documentation explained and have any of your questions answered.

Some of the more common reasons why mortgage are denied include:

• Low credit score
• No credit
• Inadequate income
• Lack of sufficient funds for a downpayment
• High debt-to-income ratio
• High loan-to-value (LTV) ratio
• Low appraisal

Whatever the reason, there are steps you can take to improve your situation and put yourself in a better position to be approved the next time around.

Consider Other Loan Options

If you were turned down for a conventional mortgage, perhaps you stand a better chance of getting approved for a different type of loan program. Conventional mortgages typically have stricter criteria compared to other types of loans.

For instance, government-backed mortgages like FHA loans tend to be a little easier to get approved for, as their down payment requirements are lower (3.5% of the purchase price compared to a minimum of 5% for conventional mortgages), as are their credit score requirements (580 compared to 720 for conventional loans). In addition, traditional mortgages are typically less flexible when it comes to debt-to-income ratios compared to FHA loans.

Keep in mind that sometimes lenders might not have the mortgage option that you want or need, but this doesn’t necessarily mean that you can’t find it somewhere else. If the lender you’re currently working with does not offer these alternative options, consider shopping around for one that does.

Have Another Appraisal Done

If the reason your mortgage was denied was because the appraisal for the home you agreed to buy came in much lower than the purchase price, consider having another appraisal done. Lenders aren’t partial to extending loans on properties that they perceive not to be worthy of their investment. It’s too risky for them if the borrower winds up defaulting. As such, they typically reject these mortgages unless the borrower is able to come up with the cash to make up for the difference.

However, it’s possible that an error was made in the initial appraisal, causing the value to come in too low. Perhaps the appraiser used old or dissimilar comparables or did not take into account any improvements that were recently made to the home. Nothing is perfect, so there is a slight chance that the appraisal was simply inaccurate. If you have a hunch that this is the case, consider seeking a second opinion.

Start Working on Your Credit Score

If a low credit score played a big part in your mortgage denial, then the time to start improving it is now. While boosting your score doesn’t happen overnight, the steps you take today can make a huge difference in your score in just a matter of a few months. By that time, your score may be healthy enough for your lender to approve your mortgage application.

For starters, pull your credit report so you can see exactly what your score is and if there are any errors on the report that may be pulling it down. If you spot any, report them to your credit bureau to have investigated and rectified.

To prevent your score from falling any further, be sure to pay all of your bills in full by their due date. Perhaps one of the biggest reasons why your score is low is because you’ve defaulted on payments in the past. To increase your score, make sure to be timely with all debt payments going forward.

If you have a credit card, don’t max it out. The credit limit you’ve been granted shouldn’t be seen as an invitation to rack up your bill. Instead, it’s recommended that you spend no more than 30% of your credit limit in order to improve your credit rating. If you have an old credit card that you rarely use, don’t cancel it. Old credit is typically seen as good credit, as long as you don’t abuse it.

As you work towards ensuring mortgage approval in the near future, do what you can to better your credit rating.

Pay Down Your Debt

The amount of debt you have on the books has a huge impact on how your lender views your ability to pay your mortgage on time every month. A large amount of debt relative to your income will increase the odds that you won’t be able to make due on your mortgage payments, at least in the eyes of the lender.

If you currently have a high debt-to-income ratio, do your best to start chipping away at that pile of debt. Practice some self-discipline and avoid making any large purchases, especially on credit. The less debt you have on your record, the better your chances of getting approved for a mortgage in the near future.

Start Saving For a Beefed-Up Down Payment

While you’re paying down your debt, set a little bit of money aside each month to be put towards your down payment, especially if this was a major reason why your application was denied. The higher your down payment, the lower the mortgage amount you will need to qualify for.

Consider a Co-Signer

If you’re still finding it challenging to qualify for a mortgage despite your best efforts to improve any of the above, consider asking a close relative to co-sign the mortgage with you. This is often a last resort and is not typically recommended, but it’s still an option nonetheless. Of course, the co-signer will need to do their due diligence to ensure they fully understand the implications of co-signing on a home loan, as they will ultimately be on the hook if you ever default on the mortgage at some point.

The Bottom Line

It’s never fun to see the words “DENIED” stamped in bold red letters across your mortgage application, but that doesn’t mean your home buying journey is over. You can always try again in the near future, but before then, there are steps you should take to significantly improve the odds of approval the next time around.

Lakeview: So many exciting things are coming to Wrigley Field with the addition of the new Wrigley Plaza. Located just north of Clark and Addison, the new plaza is titled “The Park at Wrigley Field.” This summer, there will be a weekly farmer’s market, bi-weekly live music, and six movie nights. If you have tickets to a game, you have access to the plaza two hours before game time. There will be food and drinks for sale, as well as activities before, during, and after the game. The Music Box Theatre will be hosting the movie nights. The lineup includes “Ferris Bueller’s Day Off” on June 14, “The Jungle Book” on June 28, and “The Sandlot” on August 9. The first farmer’s market, hosted by Green City Market, is on June 15 and will run every Thursday until October 26.

Lincoln  Park: Award-winning playwright Tracy Letts brings another world premiere to Chicago with his new play, “Linda Vista”. Showing at the Steppenwolf Theatre (1650 N Halsted St.), the show opened this past Sunday and runs until May 21. For Easter Sunday, Steppenwolf is pairing with Vinci to offer an Easter dinner special. After the 3 pm matinee, sit down for a 3-course meal at 5:30 pm for $90. If you want to see the evening show at 7:30, you can have a pre-show dinner at 5:30 pm for $75 (also 3 courses). To reserve your tickets and dinner reservation, select the “Dinner Package” price when purchasing your show tickets. You can find more information here, on the Steppenwolf website.

Bucktown and Wicker Park: A new rooftop bar is opening on May 7 in Wicker Park. Cabana Club is part of the Robey and Hollander hotel complex. There is a 160-seat outdoor deck where you can catch some rays or sip your cocktails in the indoor 60-seat lounge. However, the rooftop pool is for hotel guests only. The Cabana Club is located at 1616 N. Milwaukee Ave. The food and drink menus are being kept under-wraps for now, but rumors say they will be “Mexican inspired” and may include “Latin bites”. Hours are 5 pm to 1 am nightly. Find more information about this hot new spot here.

Logan Square: Empanadas are coming to Logan Square! “Arepas Empanadas” will be taking over the space at 1552 N. Kedzie Ave, formerly occupied by Grandma J’s Local Kitchen. The empanada shop will serve breakfast, lunch, and dinner. The opening date and menu have not been released yet, so the neighborhood is in suspense for now. Signs have been posted on the storefront, so keep your fingers crossed for empanadas sooner rather than later!

Lincoln Square: Mark your calendars quickly! The Old Town School of Folk Music is hosting an open house tomorrow night, Friday April 14. You can listen to (or join!) jam sessions, workshops, and performances from current students. The open house is from 7 to 11 pm at 4545 N. Lincoln Ave., free of charge.

Evanston: The Unitarian Church of Evanston is hosting an Easter brunch this Sunday, April 16. Their youth group, Journeys, along with their mentors have organized this event as a fundraiser for an upcoming trip to Boston. Brunch will include homemade breakfast casseroles, pastries, baked ham, and more. The meal will be served from 12:15 pm to 1:30 pm.  Directions available here.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

One of the best parts of having friends visit is showing off Chicago’s amazing food scene. I live very close to Andersonville, which has some incredible restaurants. Little Bad Wolf has been on my list for weeks! Two of our good friends from Austin came to visit and we knew it was the perfect spot to take them. Little Bad Wolf, located at 1541 W. Bryn Mawr, has a charming, intimate atmosphere. The lighting is subdued and the space is small. With a limited number of tables, we did have to wait about 45 minutes for a group of 5. However, with so many bars in Andersonville, we simply walked down the street, had a drink, and by the time we finished, our table was ready. Little Bad Wolf is known for their craft cocktails, so of course I had to try one. I started with the El Chupacabra. Made with mezcal, rum, and pineapple shrub, it was sweet and smoky; a perfect aperitif. To give our friends a taste of Texas, we started with the chips, guacamole, and salsa trio. The chips are cut in house and they were delicious. Perfectly puffy and salty, they complimented the dips so well. Little Bad Wolf’s main menu is divided into four sections: Fold (tacos and baos), Grab (burgers), Stab (salads), and Entrees. Everything looked amazing (and I had trouble deciding) so I decided to mix and match from the Fold section. I ordered a shrimp taco, a pork taco, and a pork bao. The bao was my number one favorite. The small bun was flawlessly steamed and filled with barbecued pork, pickled carrots, and daikon. I normally don’t like daikon, but it was crisp and refreshing. The pork was mouthwateringly tender and the sauce was sweet and tangy. My best friend ordered the Little Burgers, which comes with three sliders. Little Bad Wolf’s burgers are simple: American cheese, mayo, and house made pickles, but the taste is out of this world. The meat is tender and flavorful and the house made pickles are excellent.

Little Bad Wolf is easily one of my new favorite restaurants in Chicago. So much so, I’m taking my parents when they come to visit next week! Little Bad Wolf does not take reservations, so be sure to get there ahead of time to put your name on the list, especially if you have a larger group. Hours are Monday through Friday from 11 am to 2 am, Saturday from 11 am to 3 am, and Sunday from 11 am to 12 am.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

The majority of real estate purchase agreements will include a contingency to have a home inspection before a buyer takes the keys to a home. It’s not uncommon for buyers to gloss over issues with a home that a licensed home inspector might be able to catch. If there is a major issue uncovered, it will certainly be the subject of renegotiation.

If your home is currently listed for sale, you might want to consider prepping it before a buyer expresses interest in it and has their own inspector discover an issue that could put a wrench in the closing.

Most buyers will want to be sure that what they’re buying doesn’t come with a list of major problems that end up making the investment a money pit. They’ll want to be made aware of any issues with the major systems of the home, its appliances, and what components will need to be repaired or even replaced.

As such, their real estate agents will typically recommend that they have a home inspection conducted before closing in order to uncover issues that will either give them reason to renegotiate the purchase price, or walk away from the deal altogether.

Neither one of these scenarios is a pleasant one for sellers, which is why getting the home in tip-top shape before it even hits the market can help avoid any unnecessary, long drawn-out situations that can potentially put the seller right back at square one.

While buyers can have their own inspection done, so can sellers. By having your own inspection done, you’ll be able to find out if there is anything wrong with your home, and if so, how it can be fixed before your buyer finds out about it.

Here are some things you can do to adequately prepare your home and improve the odds that the buyer’s home inspection will come out with minimal issues.

Ensure Clear Access For the Inspector

Inspectors will go through anything and everything they can get access to, and that includes the attic and crawlspace. You’ve likely had little reason to visit these spaces in your home, but the inspector will surely have an interest in them. Make sure that you clear out any clutter that may be standing in the way of easy access to these particular areas in your home.

While you’re at it, make sure you’ve also cleared a path to your air conditioner, electrical panel, and water shut-off source. If you don’t, it not only makes the job of the home inspector more difficult, it may even make it look like you’re trying to hide something from the buyer.

Check the Condition of Your Appliances

If you are including your appliances in the sale of your home, take some time to make sure they’re in proper working order first. Inspectors will fiddle with the appliances to see how they function. It’s possible that the light in the fridge doesn’t work, or the dryer isn’t generating much heat when it’s in operation. Issues like these might need to be fixed, unless your contract specifically states that the appliances are being sold in “as-is condition.”

You might also want to give them a thorough cleaning job – especially the oven – before the inspector scopes them out.

Ensure All Detectors Work

Detectors are critical components in a home, such as your smoke alarms and carbon monoxide detectors. These are life-saving components and should ideally be installed on every level of the home. If you don’t have any detectors, be sure to install them right away. If you do have them, make sure they are working. It could be something as simple as replacing dead batteries.

Check the Plumbing

A burst pipe is an obvious problem that needs to be dealt with right away, but small leaks in the pipes might not be as readily noticed. Scope out all the faucets and taps in your home, and don’t forget to look under the sinks to check for any leaks. Look for any signs of water damage, which could point to a potential leak that’s coming from a source that may be behind the wall, ceiling, or floor.

Run all the faucets, showers, and bathtubs, and flush all the toilets in your home. While you’re testing these areas, pay attention to the water pressure. If it’s low, there may be some clogging or damaged pipes that might warrant further evaluation. An inspector will be sure to do all this testing, so take the time to do it first to see if there is anything that seems like it might need fixing.

Identify Any Electrical Issues

Ideally, the electrical panel should support the amount of power that your home’s appliances and systems need and use. In addition, there shouldn’t be any knob and tube wiring, which will typically render a home uninsurable and will deter a lender from approving a mortgage to the buyer. Check for any shoddy electrical work as well, as these can pose fire hazards. When in doubt, call in an electrician to have any potential issues fixed before a buyer is made aware of them.

Even dealing with minor things like replacing light bulbs can go a long way in ensuring that the buyer’s home inspection goes smoothly without a hitch.

Uncover Potential Issues With Your Windows

Check both the inside and outside of your windows, and make sure that they open, close, and lock adequately. Look for any cracks in the glass or tears in the ripped screens. Depending on the scope of the damage, the buyer may ask to have it repaired. Not only that, the lender may even have an issue extending a loan for the home if the windows are in severely bad shape, especially if they are broken.

Inspect Your Home’s Mechanics

The mechanics of a home are extremely important, including your HVAC system, water heater, and roof. Before you even put your home up for sale, you should consider having the HVAC system cleaned and inspected by a specialist. Be sure to keep the receipt so you can show it to the buyer to prove that you’ve had the HVAC system cleaned and inspected and that it’s in proper working condition. 

Get a roofing contractor to check out the roof as well, especially if it is getting old and is showing signs of wear. If the roof has to be replaced, you might want to consider having this done before listing your home. If a potential buyer finds out that the roof needs to be replaced, that could be enough to scare them off. Besides, having a new roof is something you’ll be able to advertise in your listing and is something that you can work into your listing price.

Look Over the Home’s Exterior

Take a walk around the outside of your home and identify any problems, such as clogged downspouts, cracks on the foundation, peeling paint, potholes in the driveway, an ill-functioning garage door opener, and overgrown weeds in the yard. Not only do all of these components play a key role in curb appeal, they can also be flagged on a home inspection report. If you notice anything awry, be sure to rectify them before the first prospective buyer sets foot in your home.

The Bottom Line

While buyers will bring in their own home inspectors, getting your own inspection done can help uncover issues that you may not have been aware of. This will give you the opportunity to make any necessary repairs or updates so that the buyer isn’t met with any unpleasant surprises when their inspection is done.