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An inside look at Chicago real estate

Mortgage

By Andrew Schroedter

house in hands

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…

Mark.Miles

By Mark Miles

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…

Mark.Miles

By Mark Miles

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,…

Mark.Miles

By Mark Miles

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,…

Mark.Miles

By Mark Miles

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…

Mark.Miles

By Mark Miles

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…

Mark.Miles

By Mark Miles

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…

Mark.Miles

By Mark Miles

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…

Mark.Miles

By Mark Miles

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…

Mark.Miles

By Mark Miles

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…