The Chicago 77

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 several years [...]

25 June 2010 – During my time in Colorado, I used to do a lot of skiing and, while it has been many years since strapping two boards to my feet and zipping down a hill, I felt the same sensation this week as rates plummeted to extreme lows. Starting the week generally flat, rates [...]

18 June 2010 – All in all, this was a truly uneventful week for mortgage rates. This, however, was a good thing. Rates began the week higher than last week and, for most of the week, there was a substantial stock rally that could have been problematic for rate watchers. Luckily, rates remained flat and [...]

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 turn-out to [...]

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 requirements to [...]

11 June 2010 – Rates were on the rise toward the end of this week after starting at 2010 lows. Still reeling from last week’s jobs reports that showed a heavy concentration in temporary 2010 Census jobs, the equities markets suffered early Monday. The ensuing flight to quality that continued through Wednesday kept rates very [...]

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 timing. [...]

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 servicers and [...]

4 June 2010 – Coming out of the Memorial Day weekend, mortgages were, for the most part, flat this week. There was no shortage of economic data, however, with reports on mortgage applications from the Mortgage Bankers Association and pending home sales from the National Association of Realtors. Additionally, the Labor Department issued job growth [...]

1 June 2010 – The Federal Homebuyer’s Tax Credit has been extended for servicemen and women, as well as federal employees who served abroad in 2009. As with the Federal Homebuyer’s Tax Credit that just expired for the general public, this represents a way to save between $6,500 and $8,000 on the purchase of a [...]

June 1, 2010 As of today, Fannie Mae will now be requiring all loan applicants to run a second credit report right before closing on a real estate transaction. Not only will the credit report be required with the original loan application, at closing Fannie Mae will now require a second report to be generated. [...]