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Three Programs for Drowning Homeowners

Written by: Doug Katz

Wed, Aug 25, 2010

Three Programs for Drowning Homeowners

There is a great misconception that there are no options for struggling homeowners. The reality is that major players in the mortgage lending market, specifically Fannie Mae, Freddie Mac and HUD (The Department of Housing and Urban Development), would like to avoid foreclosures whenever possible. As a result, they have created loan programs designed with this end in mind. Fannie [...]

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Tue, Aug 10, 2010

Doug Katz

Major FHA Changes Coming on September 7th

Major FHA Changes Coming on September 7th

FHA (Federal Housing Administration) insured loans are headed for a big change. For those unfamiliar with FHA mortgages, these loans are insured by the government, which allows for flexible approval guidelines. This insurance is paid for by the borrower as an upfront premium collected at close and as a smaller premium collected on [...]

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Fri, Jul 16, 2010

Stacy Braack

Negotiating – A Lost Art

Negotiating – A Lost Art

Today’s chaotic market presents pricing, communication, marketing and mortgage challenges that vary with each transaction, each listing, and each buyer. However, one often overlooked component common to every transaction is the lost art of negotiating. I call it a “lost art” because many sellers focus solely on marketing and advertising when choosing an agent, and [...]

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Mon, Jul 12, 2010

Doug Katz

5 Things to Know When Buying a Condo

5 Things to Know When Buying a Condo

The condominium is a great type of property. It provides the joy of ownership with minimum amount of maintenance, but it is also a type of property that strikes a bit trepidation into the heart of lenders. Think of it as the difference between running the 100-meter hurdles versus a simple 100-meter dash. [...]

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Tue, Jun 29, 2010

Stacy Braack

Home Valuation – Who, What, and How

Home Valuation – Who, What, and How

I recently spoke with a long-time client who is considering refinancing their home to take advantage of today’s low interest rates. The client had called her mortgage banker to start the process. Her northwest Chicago home was purchased in May of 2004 for $590,000, not quite at the peak of the market, and [...]

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Fri, Jun 18, 2010

Catherine Brennan

Chicago High-End Real Estate on the Upswing

Chicago High-End Real Estate on the Upswing

Despite speculation that the luxury residential market in the city of Chicago, $1,000,000+, will experience a slight down-turn as consumers sit-back and wait to see what happens with the stock market, the statistics paint a different picture. This information was taken from the Multiple Listing Service showcasing that the first-half of June could [...]

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Mon, Jun 14, 2010

Doug Katz

Time is Ticking for Lenders to Meet the New Licensing Requirements

Time is Ticking for Lenders to Meet the New Licensing Requirements

It should be no surprise that the collapse of the housing market drew the attention of regulators to professionalize the lending industry. Let me go on record as saying that this is not a bad thing for the consumer. Like Wyatt Earp cleaning up the streets of Tombstone, the government has created new [...]

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Wed, Jun 9, 2010

Doug Katz

When to Lock Part 2: The Right Lock Period

When to Lock Part 2: The Right Lock Period

So, now hopefully you have enough understanding of the market conditions that contribute to mortgage pricing and securing a good rate. Stocks are down and investors are fleeing to the safety of the bond market, which has driven down mortgage lending rates.  When this happens everything points to a lock. Keep in mind the [...]

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Mon, Jun 7, 2010

Katie Anderson

Fannie Mae Lights a Fire Under Short Sales

Fannie Mae Lights a Fire Under Short Sales

Fannie Mae has made an announcement regarding all loans held in their portfolio. The program is set to take place August 1st, 2010. It is called the Fannie Mae’s Home Affordable Foreclosure Alternatives Program or HAFA for short. HAFA is part of HAMP or Home Affordable Modification Program and provides financial incentives to [...]

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Fri, May 28, 2010

Randy Whiting

Discount Brokers: Do You Get What You Pay For?

Discount Brokers: Do You Get What You Pay For?

Discount Brokers:  Do you get what you pay for? The answer, as with many things in life is, it depends. It is very easy for an agent at a full-priced broker to use the phrase, “You get what you pay for,” when attempting to downplay the credibility of a brokerage that offers rebates to [...]

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Mon, May 24, 2010

Doug Katz

When to Lock Part 1: Timing Your Decision

When to Lock Part 1: Timing Your Decision

The rate lock conundrum is the basis of angst for every borrower that I have ever had. After all, this is a choice that is going to have an effect on your finances for a considerable amount of time. On the one hand, there is desire to secure the best possible rate, which [...]

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Fri, May 14, 2010

Doug Katz

Knowledge is Power

Knowledge is Power

The other day I was reading an interesting article regarding a high correlation between mathematical/financial education and default rates on mortgages. Basically, the data in the article showed that a greater portion of delinquencies and foreclosures carried today are associated with borrowers who lacked the sufficient knowledge to fully understand the basic terms of [...]

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Sat, May 8, 2010

Doug Katz

Typo Rocks the Market

Typo Rocks the Market

This week, I have to hide my schadenfreude for the equities market as it was a sweet week for rates and housing in general. Even with some good reports on the jobs front, bad news in Europe and a crazy fluke provided what amounted to jet fuel to the lending market with rates dropping [...]

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