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Located west of Chicago, just a stone's throw away from O'Hare International Airport, the Village of Rosemont is a small area that leaves a big impression. Officially incorporated in 1956, Rosemont has long been a destination for people from all across Chicagoland, who head out looking to enjoy one of this area's great restaurants, stay at one of its lavish hotels, or experience one of its unique attractions.

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Rosemont

For buyers looking at every possible home option in their chosen market, it's important to understand foreclosures and short sales. Both foreclosures and short sales are types of distressed sales, meaning that a property is being sold urgently, and often at a significantly lower price than it might otherwise go for. But how do these two types of sales work? How are short sales and foreclosures different? And what do buyers need to know before they start looking at short sales and foreclosures as an option?

Private mortgage insurance (PMI), is a way for many homebuyers to be able to purchase their dream home, with a lower downpayment than many may expect. If you want to make your dream of home ownership a reality, it may be important to understand PMI — including what it is, how it works, and when borrowers do and do not need it.

What is Mortgage Insurance?

Oftentimes, homebuyers won't be able to afford a 20 percent downpayment on the property of their dreams. In fact, it's quite common to put less than 20 percent down. A recent study found that 60 percent of home buyers were able to finance their home purchase with a downpayment of 6 percent or less. Similarly, in 2017, the median down payment on a home was 10 percent, according to a Motley Fool report.
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