An inside look at Chicago real estate
By Dream Town
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.
By Dream Town
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.
By Dream Town
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…
By Dream Town
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…
By Dream Town
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…
By Dream Town
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…
By Dream Town
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…
By Dream Town
When purchasing a home, it is important for buyers to get pre-approved before they make an offer. Investor guidelines are constantly changing, so it is important to know if a buyer is qualified to purchase a specific property. Lenders review each buyer’s credit history, income, and assets. This information helps…
By Dream Town
Many buyers and realtors are stunned when they hear the answer to this question and the answer is –YES, you can! Yes, you can finance a condo with only 5% down through Guaranteed Rate. Guaranteed Rate is a Chicago-based mortgage brokerage that currently has a 5% down payment option available…
By Dream Town
Many people are finding out it may be difficult to buy a foreclosed home for sale with an FHA loan or even conventional financing. A number of home buyers have battled it out with minimal success. One factor that kills many deals is the foreclosed home, selling at a very…
By Dream Town
FHA Loans are a type of mortgage that is insured by the Federal Housing Administration. It is commonly used by home buyers who do not have capital for the conventional percentage of the purchase price as down payment. Here are a few frequently asked questions about FHA loans to help…
By Dream Town
The luxury housing market would get a boost from a new Congressional plan aimed at improving the state of residential real estate nationwide. One part of the proposed bill, which is working its way through Washington at the moment, focuses on high-end home purchases. Government-sponsored mortgage groups Fannie Mae and…