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What Documents Are Required For Financing and Buying A Car In Chicago?
By [http://EzineArticles.com/expert/Rock_Watson/171256]Rock Watson
There were times when horse carriages made a statement. Today, cars are in style. And by the look of it, cars are going to be here forever. Chicagoans are car- crazy like everyone else in America. Driving a car provides a great adrenaline rush. The City with Big Shoulders is best explored in a comfortable car.
Wouldn't you want to cruise the streets of Windy City in your dream car? When it comes to buying your favorite car, do you suffer from a perfect case of ambivalence? Do you love car but abhor the car buying process? If yes, you are not alone, many Chicagoans feel the same. There are so many things to do. You need to arrange for finance, and then you have to scout for that perfect car. It doesn't get over here. There is the car registration, car title and process for getting parking permit sticker. All these processes have made you sit on the fence for long but, not anymore. Here is an article that will make you ready for the grueling task ahead. Buckle up for we are going through the fast lane understanding what all documents are required in Chicago to buy your dream car.
Several documents are required to get your favorite car home. When you live in the City That Works, you are constantly on the go. So, you need to be prepared all the time. Here's your checklist for purchasing a car in Chicago.
Lenders Are Loan-Ready, Let's Get You Document-Ready
No car dream is fulfilled without a car loan. With the rising cost of cars, auto financing has become inevitable. You can get a car loan in Chicago for almost all situations, bad or worse. Chicago is a big city and it offers many options for getting affordable auto loans.
Bad credit and no credit auto loans are easier when you have got what lenders require. You can also avail no money down auto loans or the difficult no co-signer loans. Yes, any and every loan is possible when you have all the documents ready.
1. Proof of Income
A minimum income of $1,000 is required by almost all lenders of Chicago. They want to ensure your capability of making regular monthly payments. And, so you need to submit your pay-stubs as a proof of income. If you have your own business, provide your IT Returns.
You must also mention other additional income like rental property income, alimony, child support, social security income, etc.
2. Credit/Banking History
Lenders will ask for personal information like your full name and SSN. This will enable them to get your credit report. Your credit history will determine your credit worthiness.
Also, lenders will require banking history to understand your banking transactions and to calculate your debt to income ratio. They don't want to lend money to someone who is risky. So, get ready with copies of your bank statements, lease agreements and mortgage contracts.
3. Residence Proof
Your lender must know where you live so that he knows where to contact you. Your residence proof can be anything from a driver's license to a utility bill or even your monthly rent.
4. Vehicle Information
Lenders want to be sure that you are buying a car and nothing else. So, they will require Bill of Sale/ Sales Agreement. Also, the purchase price should be clearly mentioned with the VIN, make, the model, the condition of the vehicle and the mileage.
Also, lender will ask for a copy of car title just to make sure of any outstanding liens. If you are buying a used car, then he will need a copy of Odometer Disclosure.
5. Proof of Insurance
Lenders use car as collateral and want to be insured all the time. So, they will ask for a comprehensive insurance coverage. But, you can negotiate and only buy the insurance as required by Illinois' mandatory insurance law.
No Driving Before Registering
Documents and paperwork won't leave you even after availing auto loan. Instead, the real work starts now. You will have to register your car at the Secretary of State's office. Now, you can mail all the documents to the main office in Springfield or go to your local SOS office and get your work done. Here are the addresses of your local offices:
Chicago office
17 N. State St.
Room 1100
Chicago, IL 60602
(312) 793-1010.
Chicago Central (0.4 miles)
100 W. Randolph
Chicago, IL 60601
Chicago West (6.5 miles)
5301 W. Lexington St.
Chicago, IL 60644
Chicago North (9.5 miles)
5401 N. Elston Ave.
Chicago, IL 60630
Chicago South (11.3 miles)
9901 S. Dr. Martin Luther King Jr. Dr
Chicago, IL 60628
Lombard (18.7 miles)
837 S. Westmore B27
Lombard, IL 60148
Naperville (29 miles)
931 W. 75th St., Ste. 161
Naperville, IL 60565
Documents for Registering Your Dream Car
Here is the list of documents required for registering your dream car in the City That Works.
Application for Vehicle Transaction(s) (VSD 190) - This is the application for transferring title and registering the car to your name.
Car Title - Keep the car title ready and make sure that there no outstanding liens on it.
Form RUT-50 - Fill this form if you bought your car from a private party (it doesn't matter if it is an in-state or out-of-state purchase).
Tax Form RUT-25 - Use this form in case of an out- of- state car purchase.
ST-556 - This form is most common because it is used when you purchase your car from an Illinois dealer.
Also, as Chicago comes under Cook and DuPage counties, you will have to compulsorily undergo the smog test. Also, pay the required Use Tax.
Stickers for Your Car
City of Chicago requires you to get a vehicle sticker within 30 days from the date of vehicle. You need to have a valid Bill of Sale/Title of the car for getting the sticker.
If you park your car in the residential parking permit zone, you will also have to purchase an annual residential parking permit. For this, you need to provide your photo ID and residential proof.
Once you are done with all the legal documents, you can freely drive your perfect car. All this paperwork may be a bit cumbersome, but they do guarantee a safe and penalty-free driving.
So, now that you are document- ready, get ready to drive your car on the streets of Chicago.
All the best!
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Article Source: [http://EzineArticles.com/?What-Documents-Are-Required-For-Financing-and-Buying-A-Car-In-Chicago?&id=6962682] What Documents Are Required For Financing and Buying A Car In Chicago?
Financing a New Home in Chicago
By [http://EzineArticles.com/expert/Dave_Badger/52011]Dave Badger
Chicago is the largest city in the state of Illinois and also the third most populated city in the United States of America, with almost 3 million people. Chicago is located along the southwestern shore of Lake Michigan and when combined with its suburbs and the nine surrounding counties in Illinois, the metropolitan area known as Chicagoland encompasses a population of 9.4 million. Nowadays Chicago is known as a major transportation, business, and architectural center of the US and it is the economic, business, financial and cultural capital of the Midwest. The Chicago area is moderately expensive; the home price median here is nearer the national median than homes in spots such as New York City. Buyers can probably spend about three times their incomes, depending on the part of the area where they're house-hunting.
Chicago's suburban real estate market is as vibrant as the city itself. The suburbs have developed both commercial as well as residential real estate at a tremendous pace. A large number of properties are always available for purchase in Chicago's suburban areas such as Lake County, Kane and DeKalb counties and DuPage and Will counties. There are real estate firms that specialize in one of the suburbs, while others deal with all of them. When financing a new home in Chicago, have in mind that the real estate prices are high. Northern suburbs are considered "elite".
There are many ways to finance a new home in Chicago. It all depends on your credit history, the price of the property and your income. The next paragraphs give brief explanations on some of the methods for financing a new home in the city of Chicago.
The first thing to understand is the difference between a variable, or adjustable interest rate mortgage and a fixed rate mortgage. With a fixed rate mortgage, the monthly payments remain the same over the period of the loan. The adjustable rate mortgage has a lower introductory interest rate, but it may vary over the duration of your loan. So depending on the interest rates, whether they are lowered or raised each month, your monthly mortgage payments will also change accordingly.
When [http://www.bestchicagocondos.com]financing your new Chicago home through a loan, no matter if it is adjustable or fixed rate, you have to consider the length of the loan, in terms of how long you finance your home. The most common terms are 15, 25, 30, 40 and now even 50 year mortgages in some areas. Of course, the longer the period the more you will pay in interest over the duration of the loan.
With a FHA home loan you can purchase a single family home, condo, house, or apartment in one of the neighborhoods in Chicago. This FHA home loan is mostly used by first time home buyers because it allows the purchase of a home with a lower down payment, in some cases as low as 3%. This form of new home financing requires you to have a good credit history and enough income to cover the loan and your other financial obligations.
The Chicago City Mortgage program offers qualified first-time homebuyers 30-year, fixed-interest mortgages at competitive interest rates and a gift of 4 percent of the mortgage amount to cover down payment and closing costs.
One of the most important things to do when searching for a way to finance the purchase of a new home is to do the math and find out how much money you can spend on it each month. The rule is that all of your housing costs each month, including house note, property taxes and insurance cannot exceed 29% of your gross monthly income. In addition to that, your housing costs plus your other monthly long-term debt should not exceed 41% of your gross monthly income. Furthermore, you must get a copy of your credit report and check your credit score. Having a bad credit score, or one lower than 580, means that you will have problems with obtaining the loan in the first place, not to mention that you will be forced into paying higher interest rates.
For more Chicago home financing information, as well as great resources for buying or selling a home, see [http://www.bestchicagocondos.com]Best Chicago Condos.
Article Source: [http://EzineArticles.com/?Financing-a-New-Home-in-Chicago&id=299259] Financing a New Home in Chicago
Consolidating Debt Loans in Chicago - Can You Gain Financial Freedom?
By [http://EzineArticles.com/expert/Jon_Kirklin/94153]Jon Kirklin
Everyone wants to be financially independent - stand financially on their feet and at the same time acquire and own material possessions. Such motivations and needs sometimes drive us to borrow indiscriminately. People borrow to buy a house in a more expensive neighborhood, or get a pool in a nice upscale neighborhood. People borrow to decorate with antique furniture. People borrow to become a member of a few upscale country clubs and so forth. The point here is the needs and desires keep on growing and people keep on borrowing to pay for the excesses on top of their original income. What happens when you have all these debts to pay? Is there no hope? Well, there are methods to consolidate loan debts: accumulate all your debts, consolidate your loan debts and pay them off with a single loan. Ah, relief is in sight.
Psychological Perspective: Well, social psychologists have come up with the easy solution. The answer is self control. Simply curb your desires and your spending sprees will melt away. But easier said than done; controlling such desires, especially in a fast- paced competitive society, is not simple. After all, we 'must' keep up with the trend in our neighborhoods - roof decks, bigger homes, more toys, etc...
Consolidate Debt Loans
Debt consolidation is the latest 'buzz' word, especially for individuals earning fixed income, who have already borrowed beyond their income levels. This has been a trend for several years now in the Chicago area and consequently such families are unable to manage the payments on these often high levels of debt.
The atypical structure of a Chicago household (both Chicago and surrounding suburbs have been included in the analysis) is to have a mortgage loan for the house, a car loan, ATM card to spend for daily needs, a credit card for the impulse purchases which usually carry heavy interest rates. And this is just the beginning. All these debts add up and eventually lead to a bad credit report card. To meet these debts, people are succumbing to borrowing even more and paying high interest rates across several outstanding debts. From using credit cards at the supermarket to the purchase of furniture one year out, to the latest electronic gadgets, the debt seem to mount, little by little, even unintentional. But one day there is a pile of debt bigger than is manageable.
When the reality of the high debt finally hits home, it becomes impossible to satisfy all of the payments and pay off even the interest on the debt. This is when a loan consolidation becomes a wise choice and solution.
Consolidating loans - getting back financial freedom:
When people who have passed their limit of manageable debt begin to realize they need help with a solution, they quickly discover the possibility of getting a consolidation loan. The process is usually painless but does involve evaluating the assets you have and loans outstanding to determine one new loan amount that is both manageable for your situation and satisfies all of your outstanding creditors. The consolidated loan repayment period is fixed, according to the repayment ability of the party. With this structure, the party comes out of all his existing debts, while only the new loan needs to be serviced. The loan is backed by credit insurance, so that in the event of the death of the borrower, the debt is cleared by the insurance company.
After consolidation of loan
Once you have your new consolidation loan, it is important to now exercise discipline to maintain only this level of debt and NOT incur more debt! This should provide relief and enable your monthly maintenance of the debt to be manageable with cash flow to allow for more options in your life.
Thus consolidation of debts provides freedom from the accumulated various small debts that cause constant worry to the individual, and simultaneously preserves your credit, makes day-to-day financial management of your cash flow easier and is a good vehicle provided by the lending institutions.
On the macro level
Debt loan consolidation is also for the economy as a whole. Individual debts get eliminated and this effectively increases consumer spending and demand cycle. Additionally, primary lending institutions are able to increase and improve loan portfolios. Some even consider the option of loan consolidation as a part of mortgage refinance where, a loan is offered to the individual to pay existent loan.
The development and success of the debt loan consolidation strategy is good for both the financial and consumer sectors. Inflation is controlled but at the same time such strategies preserve individual credit.
To learn more about loan consolidation in Chicago and surrounding suburbs or when you are ready to get a new mortgage refinance loan, visit http://www.southsideloans.com The experts you will meet through SouthSideLoans.com will direct you to the best mortgage broker in your area. Sign up and you even get a FREE mini-couse on preparing yourself to get the best mortgage loan for you.
Article Source: [http://EzineArticles.com/?Consolidating-Debt-Loans-in-Chicago---Can-You-Gain-Financial-Freedom?&id=1060424] Consolidating Debt Loans in Chicago - Can You Gain Financial Freedom?
Can You Still Buy A Home In The Chicago Area With No Money Down?
By [http://EzineArticles.com/expert/Pete_Thompson/54311]Pete Thompson
Here in the Chicago area, I've found that first time home buyers generally have two things in common. One, they are nervous about the home buying process and whether they will be able to qualify for a mortgage (especially now with all the economic uncertainty and the tighter underwriting from the mortgage mess), and two, they don't have a lot of money saved up for a down payment. This wasn't a problem a year or two back. Over the last few years 100% financing loans were the norm for first time home buyers. Now, with mortgage guidelines tightened (strangled?) and mortgage insurance companies running scared, no money down conventional loans have disappeared. So the question is, can you still buy a home here in the Chicago area with no money down?
The answer is yes. You can still buy a home with out any of your own money, but you will have to plan ahead. The best way left to buy with zero down is with an FHA loan combined with a grant from a down payment assistance program. (There are plenty of reasons to buy FHA in our present mortgage market, even if you could qualify for a conventional loan). Most conventional loans now require a 5% down payment (it could be more in areas marked as declining markets). FHA only requires a 3% down payment. But even a 3% down payment can be a huge obstacle. The down payment can mean the difference between buying now, and waiting a few more years until you have put enough cash aside to buy. This is where the Down Payment Assistance programs (DPAs) come in.
FHA guidelines say that you can buy a home with no down payment if the money comes as a gift from a relative or a grant from a charitable or non-profit organization. The gift from a relative is always an option, but if you don't have a rich uncle to call on, there are plenty of non-profits that want to help you out. The DPAs take advantage of a loophole in the FHA guidelines. In a way, this is a legal form of money laundering. The home seller is actually paying for your down payment.
Here is how it works. When you find the home you like, you negotiate the contract so there is a concession on the price upfront which allows the seller to donate the amount to the DPA. The two biggest DPAs are Nehemiah and AmeriDream. With AmeriDream, the donation from the seller needs to be 3% of the sale price plus $500. The 3% will go for the down payment; the rest goes to pay for the organization's administrative costs. The seller then agrees to give this negotiated concession to the DPA at the closing table out of the proceeds from his home after the loan has closed. The DPA in turn give a grant to the buyer for their down payment at the closing table. So the grant is from the DPAs own funds and the donation from the seller goes into their coffers to pay for the next home buyer.
Why would the seller go along with this? Sellers are concerned with how much they will net, not how the loan is structured. So let's say you were buying a home listed for $300,000. One way you could do this is offer a purchase price 3% ($9,000) below the list price. This means the seller is selling the home for $291,000. Another way you could do it is by offering the seller the full asking price of $300,000, but conditional on the seller donating the 3% to the DPA. Either way he nets the same amount, $291,000. (This is simplified because the administrative fee needs to be in there too). The important thing is to do this when you are first negotiating the offer. If you are negotiating on the same $300,000 home and the seller agrees to sell it for $290,000, you are going to have a hard time coming back later and asking him for more of a concession to pay for your down payment.
There are a few things to watch out for with this home buying strategy. First, the property has to be able to appraise out. You need to negotiate a price which will stand up to what comparable homes are selling for. Also, you need to make sure you follow the guidelines and get all the proper documentation. You will need to put the right phrasing in the contract, and get a few extra forms signed. Here is the wording for AmeriDream:
Seller agrees to contribute 3% of the purchase price ($ ), plus $500 (total $_______) to the AmeriDream Downpayment Gift Program.
There were some questions about whether these DPAs were legal and if the program could continue. But a court ruling last year kept the down payment assistance option open, so for now it is the best option for first time home buyers or anyone who wants to buy a home with no money down.
Keep in mind, the down payment assistance program takes care of the down payment, but you will still need money for closing costs, pre-paid interest and to set up the escrow accounts. There is a way to buy with not just no down payment, but with no money out of your own pocket at all. I'll cover that in another article.
Pete Thompson is an Illinois mortgage banker who provides superior mortgage service and competitive mortgage rates in Chicago, the Chicago area and throughout Illinois. For a Free copy of The Real World Home Buyer's Guide - How to Save Thousands when Buying a Home and Getting a mortgage, go to http://www.ptmortgage.com/rwhg.html
For information on the latest mortgage news and current Illinois mortgage rates, please visit [http://www.illinoismortgageratesandnews.com]
Article Source: [http://EzineArticles.com/?Can-You-Still-Buy-A-Home-In-The-Chicago-Area-With-No-Money-Down?&id=1136206] Can You Still Buy A Home In The Chicago Area With No Money Down?
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