An inside look at Chicago real estate
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 servicers to…
By Dream Town
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 this very…
By Dream Town
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 previous week,…
By Dream Town
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 infrastructure, healthcare,…
By Dream Town
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 used there…
By Dream Town
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 risk factor…
By Dream Town
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, lenders cracked…
By Dream Town
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 loan rates…
By Dream Town
As the situation revolving around the home loan industry is righted, things are starting to look promising for 2008′s housing market. A number of factors are falling into place that will help residential real estate in the upcoming year – a shift that both economic forecasters and individual Realtors® are…
By Dream Town
As result of the changes that have been occurring in the mortgage industry over the past several months, many homeowners are finding it hard to keep up with their home loan payments. Delinquency and foreclosures are widespread, creating a situation that affects both the consumer and the lender. We know…
By Dream Town
Sub-prime lending troubles are not spreading to the rest of the housing market, according to Chicago Federal Reserve President Michael Moskow. The U.S. housing market is working toward stabilizing right now, Moskow said in an overseas appearance today. Even though there are no signs of it now, there is some…
By Dream Town
A trend is emerging among large lender companies that will make it more difficult for buyers to purchase a home without putting any money down. Starting this week, the country’s largest mortgage lender will no longer offer “no down payment” alternatives to borrowers. Countrywide Financial Corp is joining other nationwide…