Home Buying in Chicago>Question Details

Mike, Home Buyer in indianaplolis

currently owned a condo in indiapolis and purchased a preconstruction condo in South Loop for 2nd residency.

Asked by Mike, indianaplolis Mon Mar 31, 2008

Looking for mortgage loan within 2 yrs for Chicago condo, is there any money saving tips in terms of mortgage loan, property tax?? I am a working professional and will have 2 jobs in both area. Thanks

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Property taxes are paid in arrears so buying new construction may give you a break for the 1st year but the only savings idea for taxes I can think of is personally escrowing to make money on your accrual between payment periods. Some lenders charge a rate premium for no escrow but others do not.

For managing your mortgage payment there are a variety of standard tools depending on how long you plan to remain in the property & mortgage. Here is my blog on this subject.

http://localism.com/article/203111/What-s-Your-Rate
1 vote Thank Flag Link Mon Mar 31, 2008
you might look at switching you primary residence from Indy to Chicago - would have a positive effect on both mortgage and taxes here. Of course speak with your account or tax advisor.
1 vote Thank Flag Link Mon Mar 31, 2008
Keep your credit score up so you can get the best rates when you need to get the mortgage. There is nothing you can do about the tax
Web Reference: http://www.condochicago.com
0 votes Thank Flag Link Mon Mar 31, 2008
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