Small-business spotlight on Tim Perry from Union Home Mortgage: Assessing the housing market and understanding expenses and the programs available to home buyers
Union Home Mortgage
1314 W. Touhy Ave. in Park Ridge
Background in real estate and mortgage lending
I have bought and sold many houses. I have been a mortgage professional since 1993 and a real estate investor since 1990. I love the process, I love the market and I love houses and finance, so both mortgage brokerage and my realtor status combine to work well for my interests. I have my realtor’s license in both Illinois and Indiana, specializing in the Indiana Dunes and Long Beach areas, as well as lakefront properties in northern Indiana.
Assessment of the housing market, both in its current state and expectations for the near future
The current state is that there’s not enough supply, and there still is a relatively decent demand. In the near future, I think the demand will stay the same, if not rise, and supply will begin to loosen up, leading to a more balanced market.
Make sure to find a trusted mortgage originator who can help you understand all of the expenses involved with buying and owning a home. … Develop a good relationship with a smart financial person. It’s not all about the lowest rate that you find online.
Things home buyers tend to overlook when shopping for both a home and home loan
I would tell buyers to make sure to find a trusted mortgage originator who can help you understand all of the expenses involved with buying and owning a home. It’s also important to make sure that people understand the different programs available to them. For example, if somebody’s only going to live there for the short term, maybe a five- or seven-year arm would save them money over a 30-year mortgage or fixed rate. Develop a good relationship with a smart financial person. It’s not all about the lowest rate that you find online.
Current or popular trends that potential home buyers should be aware of
Don’t get caught up in the hype of a hot market. Our market has cooled a little bit, and the buyers have more control than they realize. A clean offer with a pre-approval letter and a fast closing can carry a lot of weight. Have a realtor that understands how to present and negotiate on your behalf, and get your deal accepted.
I take pride in providing my clients with…
Great advice from 30 years of experience that will help them and their families take advantage of the market, the programs and the current environment.