The Chicago 77

13 October 2009 ? If you thought it was tough getting a loan before? well? it just got tougher. For those in the market to purchase a property the job of doing so just got more difficult. Due to the financial meltdown and poor loans given out in the past, Fannie Mae and Freddie Mac […]

Do you know what the minimum credit score is to qualify for a home mortgage? Currently it?s a mid credit score of 620, but this may change very soon to 640. In fact, some banks have already stopped taking loan applications with a 620 mid score. What’s a Mid Credit Score? When applying for a […]

19 August 2009 ? The Federal Housing Administration?s 203(K) loan is gaining popularity as more and more distressed homes are entering the marketplace due to foreclosures and short-sales. According to data released last week by the Office of the Comptroller of the Currency, more than 11,000 loans have been insured thus far this year: a […]

Not since the post-1987 stock market, have so many sellers been ?upside down? on their mortgages. Unlike this early 1990?s real estate market, when sellers commonly would bring money to closing to make up the difference, banks are now commonly willing to forgo part of what is owed to them to get the liability off […]

15 July 2009 ? According to a recent article in the Wall Street Journal, Stan Liebowitz, University of Texas Economics Professor, shared his findings on mortgage foreclosure trends since 2007. Overall, Liebowitz learned that sub-prime mortgage lenders are not the primary cause of current market conditions, and in essence, debunked the prevailing belief that these […]

6 July 2009 ? Today the mortgage backed bonds opened up 6bps. Right now we are currently down 6bps. The Dow is down 67 however, and that is not really giving any steam to a rally for the bond market. The mortgage backed bonds are at a resistance level as we have seen the rates […]

25 June 2009 ? Mortgage backed bonds opened up 19 this morning and continued to trend up to a positive 41! Mortgage Bonds may be rallying as the unemployment continues to rise with 15,000 more jobs lost than forecasted. Yesterday?s announcement by the FED that they will keep the Prime Rate close to zero (0) […]

So, you are facing foreclosure, and are worried and scared and don?t know what to do? Well, you are not alone. Millions of people nationwide have been foreclosed on or will be soon. There?s been all kinds of blame and finger-pointing (see my Who?s to Blame post for further info on that), but that’s not […]

I’m going to assume that the family interested in going green does not have the cash available to pay for all the costs of an energy efficiency renovation all at once. You don?t want to use a credit card to finance the purchase, as the interest that you would pay makes the entire process much more costly than needed. So where can you turn?

6 May 2009 – Stocks have crept upward this week, with the Dow being above 8,400 Wednesday morning. Tuesday and Wednesday mortgage rates have inched downward very slightly. Did you know? 1) For quite some time now, conforming and FHA fixed rates have been as good, or even better than, adjustable rates. 2) Many parts […]

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?

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??

23 April 2009 – We are recommending a “floating” stance for mortgage loan locks today. Existing home sales were reported at slightly lower than expected which, although not far from expectations, was still below the quiet optimism that had been building in the market place. Initial jobless claims were in line with market expectations; however, […]