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What Is a Rate Lock and How Does It Affect My Loan?

Written by: - April 30, 2009

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What Is a Rate Lock and How Does It Affect My Loan?

Almost anybody who has ever purchased a home, or refinanced a mortgage has probably heard of a ?rate lock? or ?locking the rate.? However, what does it mean to you, the borrower, and how can it affect your financing?

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Why Have Property Values Dropped So Much & When Will They Stop?

Written by: - April 29, 2009

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Why Have Property Values Dropped So Much & When Will They Stop?

The two big questions on everyone?s mind are why have property values dropped so much, and when will they stop dropping? Even though there are no truly simple answers to the complex set of issues which have created and sustained the problems in the real estate and financial sectors of our economy, I can distill […]

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How and Why To Refinance a Mortgage

Written by: - April 24, 2009

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How and Why To Refinance a Mortgage

Why should I refinance? The obvious answer is that it will save you money. But it?s more than just your monthly payment going down. You might say, ?But Brad, I have no problem making my payments right now, why should I bother??

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Ten Ways To Save Real Money on Homeowners’ Insurance

Written by: - April 13, 2009

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Ten Ways To Save Real Money on Homeowners’ Insurance

As a note, as I explained in a previous post, I am not a proponent of slashing insurance expenses across the board without understand the long term ramifications. It definitely can be expensive to be cheap. But, with a little knowledge, you can put real money in your pocket in one short afternoon. How can […]

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Reverse Mortgages Are a Good Thing For the Right Homeowner

Written by: - April 10, 2009

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Reverse Mortgages Are a Good Thing For the Right Homeowner

I hear people say all the time, ?Oh, a reverse mortgage? I’ve heard those are bad,? or some variation. I?d like to tell you why they can be a lifesaver for the right person. First, Who Is Not Right for a Reverse Mortgage For instance, my parents are debt free, and pay for everything in […]

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New Helpful Legislation – More Details on New Foreclosure Law

Written by: - April 9, 2009

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New Helpful Legislation – More Details on New Foreclosure Law

It’s good to hear that the government wheels are turning & finally churning out legislation to help those that they were elected to serve. On Sunday, April 5th, the Illinois State Senate passed and Governor Pat Quinn signed into law Senate Bill 2513.

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Seriously Delinquent Subprime Loans On the Rise – Data Supports Gov’t Plan

Written by: - April 3, 2009

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Seriously Delinquent Subprime Loans On the Rise – Data Supports Gov’t Plan

The Wall Street Journal is reporting two important conclusions based on data from the Office of Comptroller of the Currency and the Office of Thrift Supervision: Seriously Delinquent Subprime Loans Rise from 10.75% to 16.4% The report found that the number of seriously delinquent subprimes loans is on the rise. This means that more and […]

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Property Value Dropped? Your ITV Probably Hasn’t.

Written by: - April 3, 2009

3 Comments

Property Value Dropped? Your ITV Probably Hasn’t.

Over the past few months, the economic downturn has caused many of us to reevaluate our household budgets and seriously reconsider our spending. Along with this comes the direct insurance companies inundating our mailboxes with ?promises? to save you hundreds of dollars on your home insurance. If it sounds too good to be true…they generally […]

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Rates Are Down, But Loans Still Hard To Get

Written by: - March 23, 2009

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Rates Are Down, But Loans Still Hard To Get

Being someone who deals with dozens of banks and lenders daily, I can emphatically state that the banks have not been loosening up the purse strings. They take the money, and extend credit to only the most-well qualified, who likely aren?t feeling the brunt of the recession anyhow.

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11 Tax Tips for Homeowners and Buyers

Written by: - March 16, 2009

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11 Tax Tips for Homeowners and Buyers

Tax season is looming and homeowners everywhere should know the opportunities available to them for tax breaks and incentives. This info is also valuable for potential home buyers so they are aware of what expenses are deductible and the ins and outs of new tax laws, since there are so many nowadays!  Thanks President Obama! […]

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What Causes Mortgage Rates to Move?

Written by: - March 9, 2009

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What Causes Mortgage Rates to Move?

Mortgage bonds, like stocks, and just about everything else in a free-market society, work on supply and demand. When demand goes up, so do prices. And when prices on mortgage bonds go up, rates go down.

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An Amazing Explanation of the Banking Crisis

Written by: - March 2, 2009

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An Amazing Explanation of the Banking Crisis

The This American Life radio show from Chicago Public Radio produced an amazing explanation of how the banking crisis called, Bad Bank.  It’s 59 minutes long and taught me a lot. It brought together snippets of information that I had and put them into a cohesive picture of what’s going on. It explains everything from […]

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More First-Time Home Buyer Tax Credit Thoughts

Written by: - February 24, 2009

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More First-Time Home Buyer Tax Credit Thoughts

The recent stimulus plan that was enacted can help home buyers, but it’s limited to certain situations.  If you are a first time home buyer, or if you have not owned a home in the past three years you could qualify for this credit. The credit cannot be used at closing, however.  This credit is […]

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