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mortgage: Plainfield IL, Naperville Illinois Real Estate - Fannie Mae/Freddie Mac - 09/11/08 11:04 AM
Fannie, Freddie Takeover Keeps Mortgages Flowing The federal government's sweeping takeover of mortgage market giants Fannie Mae and Freddie Mac is expected to have positive short-term benefits to the real estate market and opens the door for the industry to shape the restructuring of the companies. The NATIONAL ASSOCIATION OF REALTORS® commended the Treasury Department's decision, which it said will bring much-needed stability and continued liquidity to the nation's mortgage market."This demonstrates that the government is clearly committed to keeping the flow of capital uninterrupted, which is crucial to the housing sector and the economy," NAR President Richard F. Gaylord said … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - $7500 Tax Credit - 08/26/08 11:33 AM
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009.
1. Who is eligible to claim the $7,500 tax credit?First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.
2. What is the definition of a … (1 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Down Payment Assistance - 08/16/08 02:54 AM
For first-time buyers, often the first thought that comes to mind is, "I need a down payment." This is often followed by the question, "Now, where do I get that down payment?"
Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you're set. But what if you don't? What if you're renting? You can afford a mortgage within your means, but coming up with the down payment money needed to begin the transaction can be challenging. So, where can you turn?
One of the most overlooked sources of down … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - VA Jumbo Loan - 05/27/08 11:03 PM
For years, the Veterans Administration has allowed "Jumbo" VA loans; it's just that hardly anyone knew about them. The current VA loan limit with zero down, is $417,000, matching the conforming loan limits set by Fannie Mae and Freddie Mac. But the VA does make allowances for VA loans above that amount ... way above. Say around $700,000.
Current Jumbo fixed rates are anywhere from 1.00 percent to 1.50 percent higher than conforming rates. That's a lot, and has many Jumbo buyers in a quandary. A 30 year fixed conforming rate might be 6.00 percent while a similar Jumbo rate could … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Is the end near? April foreclosures and pre-foreclosures drop - 05/13/08 11:38 AM
The nation's foreclosure hemorrhage slowed a bit last month, according to Foreclosures.com. Lenders repossessed 74,570 homes following foreclosure in April, down more than 5 percent from March. April pre-foreclosures dropped 7.52 percent from March too, according to California-based Foreclosures.com foreclosure information specialists."The sky isn't falling, and the bottom of the housing market is in sight," says Alexis McGee, president of Foreclosures.com.Foreclosures.com says its analysis is based on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and trustee's deeds/REOs (real estate owned by lender through foreclosure).In the … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - How much house can you afford? - 05/09/08 10:09 AM
Deciding how much house you can afford
Before you start house hunting, you need to determine how much house you can afford, which will entail getting either prequalified or preapproved for a home loan. A real estate agent can help you find a mortgage broker to begin the process. While getting preapproved is a more in-depth process, a preapproval letter lets both real estate agents and sellers know that you're a serious shopper who means business.
What do I do to get prequalified?
A prequalification can be done online or over the phone and does not require your submitting financial documents. … (1 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Financing Solutions - 05/06/08 08:56 AM
Overcoming the misconceptions about the "credit crisis"
You've watched the news and read about it in the papers. You know, the "credit crisis" and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren't making loans anyway. So, why bother, right? Wrong!
We're right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can't get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available … (1 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - If You Think You're Saving Money Renting ... Think Again - 04/29/08 09:57 AM
If You Think You're Saving Money Renting ... Think Again
A new report by the National Association of Realtors shows the real reason why home sales don't crash for long -- rents. When purchase demands slow down, rentals speed up. Rents provide the floor that stops housing prices from major declines.
Home prices going down has been the big news lately, but in the shadows is a statistic that may surprise you. The first quarter of 2008 makes the 24th consecutive quarter that rental prices have escalated nationwide.
According to Reis Inc., a New-York based research firm, the soft home market and … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Reasons to buy a home - 04/28/08 07:24 AM
Pride of Ownership
Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future. Appreciation
Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Getting a loan in a tight credit market - 03/27/08 12:09 PM
How to get a loan in a tight credit market.
While there is home financing available for people with good credit, the options are fewer if your credit score is less than stellar. If someone has a credit score below 680, they will pay more private mortgage insurance on loans above 80 percent LTV. Below 620 it's going to be extremely difficult. Mortgage insurance companies that typically do loans for people with lower credit scores aren't offering it without extremely high monthly premiums. If the client has face-to-face counseling, most mortgage insurance companies will lower the cost of private mortgage insurance … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Larger Loan Amounts, Lower Interest Rates - 03/27/08 09:31 AM
Larger Loan Amounts. Lower Interest Rates.Now Available On FHA Loans.
Good news! Qualified customers can now borrow loan amounts from $417,000 and up to $729,750 without paying a typically higher jumbo interest rate. The new FHA loan amounts are only available in certain metropolitan areas.
That means, for a limited time, purchasing or refinancing a home:
• Is more possible• For more people• In more metropolitan areas.
If you've been waiting for a better time to explore your options -it's here!
Get More Details Right AwayFind out soon if one of our government-insured FHA loans is right for you. Contact me today for a free no … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Homes for rent - 03/21/08 08:49 AM
Did you know that I can help you find a home to rent?
In the multiple listing service, there are rentals available. Contact me today and we will work together to find a home for you to rent. Whether you want a month-to=month lease or a one year agreement, I'll be sure to find you something. With so many homes on the market today, many home owners are looking for other options like renting out there homes.
"That sounds great, Cheryl, but I can't afford to pay you!"
No problem, as the renter, you are not responsible for my compensation. The landlord would be responsible … (0 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Should I refinance right now? - 03/21/08 08:40 AM
The economy is going through a rough patch, and the stock market is well below its all-time high. Mortgage rates have been dropping since the end of last year. For homeowners, that can mean only one thing: It's time to think about refinancing your mortgage.
If you can save on the interest you're paying, then it's time to do a mortgage refinance. For some homeowners whose adjustable-rate mortgage (ARM) interest rates are rising, the low interest rates on 30- and 15-year fixed-rate mortgages offer an opportunity to refinance into something that's a known quantity. If you have a mortgage that's going to … (2 comments)
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mortgage: Plainfield IL, Naperville Illinois Real Estate - Will my mortgage insurance cover the difference if I default on my loan? - 03/18/08 09:29 AM
If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?The mortgage insurance is not there for your protection, just the lender's. If you are paying PMI (private mortgage insurance) it is there to protect the lender in case you default on your loan. You can usually get the PMI removed after you have enough equity in the home. The lenders will not remove this for you. It is your responsibility to get this removed. Afterall, why do you want to be paying PMI if you don't have to. It doesn't protect you, it protects … (0 comments)
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Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
Plainfield,
IL
More about me…
Keller Williams Realty
Address: 608 S. Washington Street, Suite 100, Naperville, IL, 60540
Cell Phone: (630) 712-1921
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