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Mortgage Rates Skyrocket on Tax Cut Compromise

Written by: - December 10, 2010

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Mortgage Rates Skyrocket on Tax Cut Compromise

This week was bad for rates, really bad. If you are not in the industry, it is impossible to describe what happens when you see rate increases like we saw this week, so I will once again defer to history to illustrate what occurred. cialis online doctor “It’s fire and it’s crashing! It’s crashing terrible! […]

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HUD Revamps Requirements for FHA Condominium Project Approval

Written by: - November 4, 2010

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HUD Revamps Requirements for FHA Condominium Project Approval

tamoxifen 80 Life just got a whole lot tougher in the wonderful world of condominiums. HUD recently announced that they are requiring all condominium projects undergo re-approval. This literally means that every condominium development that successfully underwent the previous process will no longer be approved and they must reapply for approval to be eligible for […]

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Cook County's New Foreclosure Mediation Program

Written by: - September 24, 2010

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Cook County's New Foreclosure Mediation Program

The Circuit Court of Cook County Reaches Out to Help Homeowners Facing Foreclosure cheapest kamagra uk According to a recent Chicago Sun Times article, “Foreclosure filings catapulted 66.4 percent in Cook County in August from a year earlier, according to RealtyTrac’s latest report. . . and [f]ilings in the Chicago metropolitan area spiked 36.1 percent […]

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Three Programs for Drowning Homeowners

Written by: - August 25, 2010

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Three Programs for Drowning Homeowners

cheap celebrex 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 […]

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Major FHA Changes Coming on September 7th

Written by: - August 10, 2010

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Major FHA Changes Coming on September 7th

viagra canada prescription 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 […]

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5 Things to Know When Buying a Condo

Written by: - July 12, 2010

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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. You get […]

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Time is Ticking for Lenders to Meet the New Licensing Requirements

Written by: - June 14, 2010

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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 requirements to […]

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When to Lock Part 1: Timing Your Decision

Written by: - May 24, 2010

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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 requires exposure […]

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Knowledge is Power

Written by: - May 14, 2010

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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 credit […]

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Typo Rocks the Market

Written by: - May 8, 2010

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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 to […]

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The Dangers of Interest Rate Myopia in Choosing a Lender

Written by: - May 4, 2010

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The Dangers of Interest Rate Myopia in Choosing a Lender

Let me begin by saying that interest rates are important to any real estate transaction. To say otherwise would be naïve. But too many times rate emerges as the primary or even the single driving factor in the decision of which lender to choose. This low cost approach can be a very perilous road when […]

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Bank or Broker – Why Shop Around?

Written by: - February 23, 2010

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Bank or Broker – Why Shop Around?

The purpose of this article is to discuss the difference of obtaining a mortgage through either a bank or a mortgage broker/banker and the importance of shopping around. Many of my clients get into home buying in much the same way. Eager to get out looking at properties with no idea how much money they qualify to spend. As […]

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Chicken Little Has Come Out and Said the Sky is Falling!

Written by: - February 22, 2010

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Chicken Little Has Come Out and Said the Sky is Falling!

Between the Fed’s FOMC minutes from its last meeting and the raise in the discount rate on Friday, prices in the mortgage-backed securities market have decreased by 1% and many banks have raised their 30-year fixed rate mortgage rate by .125% to .250%. Is the Sky Falling? Does this mean that rates are heading to […]

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