An inside look at Chicago real estate

Mortgage

Renters’ Views of Homeownership

Mark.Miles
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Freddie Mac conducted a Harris Poll back in August of 2014 of over 2,000 adults in the U.S. to get a take on what keeps renters renting. And as you can probably suspect, there are a lot of factors.

CFPB Forms New Protections for Homeowners

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The Consumer Financial Protection Bureau unveiled new rules to help homeowners better understand their mortgages and options if they fall behind on loan payments. The bureau says the new guidelines, released this week, will result in a “market with fewer surprises and runarounds” and “improve the communication from…

What Home Buyers Should Know About Mortgage Approval

Mark.Miles
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For many Chicagoans, the ability to purchase a home hinges on getting mortgage approval. So what exactly are lenders looking for when evaluating loan applications? And how can you be better prepared to ensure your mortgage app is approved? Inman News had an interesting article yesterday that addressed…

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Mortgage Apps/Home Sales on the Rise

Mark.Miles
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Both new mortgage and refi applications rose last week, according to a survey by the Mortgage Bankers Association (MBA). The increase in applications is a 17.2% jump from last year at this time and another sign that the housing market is heating up with the temperature. From the…

Mortgage News and Commentary by Guaranteed Rate

Mark.Miles
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The last ten days have seen announcements of the Obama Administration’s three main initiatives aimed at solving the housing and credit crisis. First, a $790 billion stimulus package was passed by Congress that combines middle class tax cuts with a large variety of spending programs primarily focused on…

Mortgages Made More Available by Covered Bonds

Mark.Miles
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The U.S. government is looking to European financing models in hopes of finding a way to make home loans more attainable for American home buyers. The new approach to mortgage loans would use a money lending practice called “covered bonds,” which is popular in Europe and has been…

Start Now to Secure the Best Mortgage Rate for the Future

Mark.Miles
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Current house hunters can do things now to improve their financial situations and set themselves up for a better mortgage. Here are a few quick tips: First of all, pay your bills and pay them on time. Any delinquencies will probably be seen by your lender as a…

New Mortgage Requirements Resort to Old-School Terms

Mark.Miles
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Home buyers in 2008 stand to get some really great deals on properties due to a surplus of inventory, developer incentives, low interest rates, and reduced prices. But could stricter mortgage requirements prevent some potential purchasers from owning the home of their dreams? Following the subprime mortgage fallout,…

Fed Cuts Rates: How Will it Affect Home Mortgages?

Mark.Miles
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The Federal Reserve cut interest rates again this week (by 0.75% this time) – so what does that mean for your home loan rates? Well, it may actually cause fixed rate mortgages to go up, but if you have an adjustable rate mortgage (ARM) you might see lowered…