An inside look at Chicago real estate

Financing

Patrick.Cruz

By Patrick Cruz

With mortgage rates lingering at their historic lows, there is infinite possibility (and opportunity!) for first-time home buyers and previous homeowners to take advantage of great deals in Chicago real estate. But there are still a few details to straighten out on your end.

Patrick.Cruz

By Patrick Cruz

According to the Federal Housing Finance Agency (FHFA), the number of refinancing projects fulfilled through the Obama administration’s mortgage finance program has more than doubled since last May. On top of this positive news, mortgage rates are continuing to plummet, leading experts to believe that the trend will continue.

Patrick.Cruz

By Patrick Cruz

Inheriting a Chicago home and in turn re-gifting it to a family member sounds like a straightforward endeavor, but beware—there’s serious red tape involved. Here’s a scenario: your sibling just graduated college, can’t find a job and is down on her luck, so you decide to let her to live…

Patrick.Cruz

By Patrick Cruz

Most home buyers realize that when getting a mortgage loan, the bank runs a credit check to determine your payment history, level of debt, etc. A positive credit report score often means that your loan will be approved. But there is still room for caution, as described below. In many…

Patrick.Cruz

By Patrick Cruz

Have you heard about Obama’s Loan Modification Plan? The program is meant to help Americans who are struggling to cover their mortgages by securing payment schedules that are more manageable with their current situations. Definition of Loan Modification: Simply put, a loan modification is a process in which the terms…

Patrick.Cruz

By Patrick Cruz

If you are among the millions of potential homeowners who’ve been waiting on the bottom to arrive – News Flash: IT’S HERE! The Federal Housing Administration (FHA) announced that starting in summer 2010, they will increase the minimum down payment requirements to 10% for borrowers whose FICO is 580 and…

Patrick.Cruz

By Patrick Cruz

Thirty-year, fixed-rate mortgages matched their historic low of 4.78% last week, a figure likely to generate more new home purchases and refinancing activity. Additionally, both the fifteen-year and the five-year ARM rates dropped to all time lows. With a tepid recovery and ongoing market pressures driving rates lower, the continued support…