peter thompson: How to Understand Credit and Improve Your Credit Score - Part 4 - Correcting Mistakes - 11/29/07 12:01 PM
In the first installment of this series, How to Understand and Improve Your Credit Score - Part 1, I gave an overview of how credit is looked at when applying for a mortgage. The second installment covered the factors that make up your Fico scores, one of the biggest issues in qualifying for … (5 comments)
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peter thompson: Are You Planning to Buy a Home? Plan ahead - 11/26/07 10:05 AM
I got a call yesterday from a prospective buyer, a first time home buyer who had just found his dream house. It was a referral and this was the first time I had talked with him.
We went over all the normal mortgage pre-qualification questions, and things were looking good. He was … (0 comments)
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peter thompson: How to Understand Credit and Improve Your Credit Score - Part 3 - 11/24/07 12:30 PM
In the first installment of this series, How to Understand and Improve Your Credit Score - Part 1, I gave an overview of how credit is looked at when applying for a mortgage. In the second installment I covered what makes up your Fico scores, one of the biggest factors in qualifying for … (2 comments)
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peter thompson: Where Are Mortgage Rates Headed From Here? Economy Sagging - 11/21/07 11:43 AM
These are some of the business headlines for the day:
U.S. Stocks Tumble, Wiping Out S&P 500's Gain for Year
Freddie Mac May Need to Raise $6 Billion to Boost Capital As Assets Drop
U.S. Leading Economic Indicators Index Fell More Than Forecast in October
Home Prices Fall in a Third of … (1 comments)
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peter thompson: How to Understand Credit and Improve Your Credit Score - Part 2 - 11/20/07 11:51 PM
With all the changes in the mortgage market, having good credit is more important than ever. In the first installment of this series, How to Understand and Improve Your Credit Score - Part 1, I gave an overview of the credit market. This installment we will go over Fico scores, one of … (6 comments)
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peter thompson: What Kind of Mortgage Do You Have? 34% of Consumers Don't Know! - 11/18/07 08:53 PM
The Chicago Tribune had an article today which said that in a survey commissioned by Bankrate.com, 34% of the people did not know if their mortgage was a fixed rate or an adjustable. In a separate survey commissioned by the AFL-CIO, 49% of consumers with adjustable rate mortgages did not know … (2 comments)
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peter thompson: Hold on to Your Hats - Mortgage Interest Rates are About to Drop - 11/15/07 06:57 PM
Hold on to your hats, interest rates are about to get a whole lot better. The past 2 weeks have been a back and forth battle for direction in both the stock and bond markets. It seems that one day stocks would be flying high and bonds were tanking, and the … (49 comments)
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peter thompson: How to Understand Credit and Improve Your Credit Score - Part 1 - 11/15/07 12:28 PM
Are you looking to buy or refinance a house? How is your credit? Credit has always been a big factor in qualifying for a loan, but with recent changes in the mortgage industry, the underwriting is stricter and a good credit score is now more important than ever. This is a big … (3 comments)
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peter thompson: Bruce Springsteen's Nebraska - Soundtrack for a Dark Time - 11/13/07 06:35 AM
I bought my first home back in 1982 in the middle of a severe recession. Unemployment and inflation were rampant. Mortgage interest rates had come down from an all time high of over 20%, but the going rate at the time was still in the high teens - if you could … (3 comments)
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peter thompson: The Yield Spread Premium and the Law of Unintended Consequences - Why the YSP Helps Consumers - 11/10/07 07:19 PM
I've been reading a lot lately about House Bill HR3915, the bill designed to clean up abuses in the mortgage industry. There have been problems in the industry, but I'm afraid that if enacted, this bill will trigger the law of unintended consequences and make it harder to buy a home … (3 comments)
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peter thompson: Why Buying Your Own Home is One of the Smartest Decisions You Will Ever Make – Part 3 - 11/08/07 04:01 PM
If you are a first time homebuyer, buying real estate and owning your own home may be the best financial decision you will ever make. In the first installment of this series we talked about how you gradually build equity in your home as you pay down your mortgage. In the … (4 comments)
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peter thompson: Are You a Scummy Realtor or Loan Officer? - 11/08/07 11:04 AM
Today I got what I took for a left handed compliment. I've had a few conversations with a CPA who works with one of my clients. Today I got the information I needed from him and answered a couple of questions he had. At the end of our conversation he said, … (9 comments)
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peter thompson: No-Closing Cost Refinance Can Save You Thousands - 11/07/07 08:47 AM
When rates are down, the cost of refinancing their mortgage is the biggest obstacle to homeowners lowering their payments and taking advantage of the low rates. The more that the loan costs, the longer you will need to be in the new loan before refinancing even makes sense. So if a … (2 comments)
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peter thompson: Am I Making Myself Clear? - 11/05/07 09:47 PM
I was working with this FSBO who had no W2s, so I sent off a VOE. But before I ran the DU in the AUS, I thought maybe we should do this as an NIV. He was looking at a JUMBO I/O but he didn't like the APR, and his PITI … (3 comments)
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peter thompson: Why Buying Your Own Home is One of the Smartest Decisions You Will Ever Make – Part 2 - 11/05/07 09:51 AM
In the first installment we talked about the first financial benefit of owning a home, how you gradually build equity by paying down your loan. A more dramatic benefit of owning a home is property appreciation. Over the years, home prices have risen steadily in the Chicago area and throughout the … (2 comments)
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peter thompson: Lessons Learned at the Donald Trump Wealth Expo - 11/04/07 08:46 PM
Lessons I learned at Donald Trump's Expo in Chicago
1. Many people are unhappy with their current situations and are looking for something to change their lives.
2. All the news about foreclosures and the real estate slowdown is good news for those who think they can take advantage of the market and … (2 comments)
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peter thompson: Why Buying Your Own Home May Be the Smartest Decision You Will Ever Make - part 1 - 11/02/07 08:54 AM
There are so many reasons for owning a home - the pride of having a place of your own, a chance to establish your roots, the joy of having a real home where you can express your own personality and style. But the best reasons to buy may be financial. In … (0 comments)
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peter thompson: Fed Cuts Rates - Now What? - 10/31/07 03:20 PM
As expected, the Federal Reserve Bank lowered the Fed Funds rate by a quarter of a point down to 4.5%. This wasn't a surprise, and was priced into the market. The suspense has been tied to how the statement issued after the meeting would read. Well, the suspense is over. Bernake and company stated that … (7 comments)
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peter thompson: Renting is Dating, Buying a Home is Marriage - 10/31/07 08:51 AM
It's all about commitment. If you are a first time home buyer - that is, if you are thinking about becoming a first time home buyer but you are renting now - this is a big step. You probably have some serious commitment issues.
Renting is a casual fling. You probably … (15 comments)
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peter thompson: Interest Rates Are Too High! - 10/29/07 10:30 PM
The Federal Open Market Committee (The Fed) is meeting again tomorrow for the first day of a 2 day meeting. What they do in this meeting, and what they say when they are done, will help determine the direction of mortgage interest rates. Conventional wisdom is that they will cut the … (4 comments)
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peter thompson: Is it Optimism? Or Denial? - 10/28/07 05:40 PM
Do you remember back when our biggest real estate problem was lack of inventory? Do you think fondly of the days when listings sold before they hit the MLS? Have you checked recently to see if your phone it is still working? Have you been finding you have more time to … (7 comments)
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peter thompson: Long Term Recycling Centers for Household Hazardous Items in Chicago, and Naperville - 10/27/07 06:05 PM
You've finished painting and you have a half gallon left that you know you will never use. You have a whole collection of bug sprays and household cleaners that just take up space in your garage. We use chemicals and toxic substances every day. But these items tend to accumulate, what … (0 comments)
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peter thompson: Lisle, a Great Place to Live and A Great Place to Own A Home - 10/22/07 09:43 PM
Lisle was recently named by Money Magazine as number 20 on the list of the top 100 best places to live in the United States. All I can say to that is, it's about time! Lisle has long been overshadowed by its larger neighbors, Naperville and Downers Grove. These larger … (0 comments)
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peter thompson: Without Savings, A Strong Wind Can Knock You Over - 10/20/07 11:42 AM
The other day I met with a couple who wanted to buy a home, but had some financial set backs and needed advice. I knew they weren't going to be able to buy a home for at least a year, but this was a referral from a good source, and I … (2 comments)
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peter thompson: Why get pre-qualified, when you can get pre-approved? - 10/18/07 08:24 AM
Whether a buyer has been pre-approved or pre-qualified for a mortgage, and what exactly that means, is now part of the standard MLS contract here in the Chicago area. There are a number of choices listed on the form, from a basic pre-qualification - they talked with a loan officer - … (7 comments)
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peter thompson: Zero down –zip, zilch, nada – the top 7 ways to buy a home in the Chicago area with no money down, today - 10/15/07 02:36 PM
If you listen to the news, you would think that the first-time home buyer, no money down loan has gone the way of the dinosaur and the dodo bird - extinct and gone for good. The credit crunch has eliminated some mortgage programs and modified others, but I am glad to … (0 comments)
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peter thompson: More Scary Stuff - Haunted Houses around the Chicago Area - 10/13/07 12:05 AM
Spooked by the market? Don't let your spirits get you down? The real estate market isn't the only scary thing this time of year.
Here is a list of some of the haunted houses around the Chicago area.
20th District Haunted House
5400 North Lincoln Ave, Chicago, IL Oct 27 & 28
All Hallows Eve: … (2 comments)
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peter thompson: A Scary Tme for Frst Time Home Buyers - 10/11/07 09:23 AM
As a long time Illinois mortgage banker, I know that buying your first home is scary in the best of times. It has to be absolutely terrifying when there is talk of recession, home prices are falling and stories of foreclosures and the mortgage credit crunch lead the evening news. It's got … (4 comments)
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