The Chicago 77

27 August 2010 – For those of you that did not read or heed my post last week, congratulations. You have received a reprieve on low rates. Continued abysmal housing data released this week reinforced the belief that we are far from turning the corner on our current economic woes. Existing home sales dropped by [...]

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. [...]

20 August 2010 – Well folks, we may have hit the bottom, at least in the short-term that is. Rates ticked a bit lower than last week Monday and Tuesday, but began a mild movement upward by the middle of the week. This slight change was likely less the result of economic factors than the [...]

13 Aug 2010 – I have Calypso music in my ears this week as my fingers dance around the keys. The mortgage limbo dance has continued with lending rates once again reaching record lows this week. In short, rates have never ever in the recorded history of rates been this low. To put it in [...]

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 a monthly [...]

6 Aug 2010 – As I begin this week’s commentary, I think to myself “does it make sense to write the same thing week after week?” I feel that I risk becoming like Ben Stein in Ferris Bueller’s Day Off droning on to a disinterested audience, but, then again, this continued low rate environment offers [...]