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 […]

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 […]

Discount Brokers: Do you get what you pay for? The answer, as with many things in life is, it depends. It is very easy for an agent at a full-priced broker to use the phrase, “You get what you pay for,” when attempting to downplay the credibility of a brokerage that offers rebates to buyers […]

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 […]

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 […]

Given that this is by many accounts “The Year of The Short Sale,” I plan to share my experiences with my peers and the public to shed some light on what Realtors go through when working with this type of transaction. As a listing agent I recently had a short sale accepted by the bank […]

Starting April 5th, 2010 the government is going to start the Home Affordalbe Foreclosure Alternative program, or HAFA for short. HAFA was created in 2009 with a goal of working with home owners to make their mortgage payments more affordable to avoid home foreclosures. Highlights of the Home Affordable Foreclosure Alternative Program Include: Not allowing […]