mortgage: Tax Return Dollars: Pay Down Mortgage, Pay Off Debt, or Add To Savings?
- 02/05/14 01:10 AM
So you find yourself with a little bit of extra money – perhaps due to a raise, an inheritance or an unexpected windfall? Should you put all of your money toward paying down the mortgage on your home? Or would you be better off placing your extra cash into a savings account? Deciding whether to pay down your mortgage or add to your savings is a complex choice and it depends on a number of factors in your personal financial situation. Here are some of the things that you will need to consider when making the decision: How Much Are Your … (0 comments)
mortgage: What’s Ahead For Mortgage Rates This Week
- 02/04/14 01:25 AM
Last week brought mixed news; while the Department of Commerce reported a dip in new home sales, mortgage rates also fell. The Federal Reserve’s FOMC statement revealed that quantitative easing would be further reduced by an additional $10 billion monthly. New Home Sales: Y-O-Y Reading Best Since 2008 December’s reading of 414,000 for new home sales fell short of November’s revised reading of 445,000 new homes sold as well as expected sales of $455,000. The consensus figure was based on November’s original sales reading of 464,000 new homes sold. The inventory of new homes available rose from last month’s level of … (0 comments)
mortgage: Quantitative Easing : How It Impacts Mortgage Rates
- 02/04/14 01:21 AM
According to a statement provided by the Federal Open Market Committee of the Federal Reserve, the committee has approved another reduction of the Fed’s monthly asset purchases. The adjustment will be made in February and cuts monthly purchases of mortgage backed securities from $35 billion to $30 billion and monthly purchases of Treasury securities from $40 billion to $35 billion. FOMC began reducing its asset purchase under its quantitative easing program in January, when the monthly purchases of mortgage-backed securities and Treasury securities was reduced from $85 billion per month to $75 billion. Citing its goals of maximum employment and price … (0 comments)
mortgage: Looking to Purchase a Home? 2014 May be Your Year!
- 01/31/14 08:33 PM
According to figures released this week, the U.S. Housing Market is on a roll, showing an annual growth of 13.7%. Highlights Include: Chicago area average home prices rose by 11.00 percent, its highest annual gain in almost 25 years!!! Dallas, Texas posted its highest rate of annual growth since 2000. The top 20 cities posted their best November home prices since 2005. Chairman Expects Slower Growth In 2014 David Blitzer, Chairman at S&P Dow Jones, while positive in his remarks about increasing home prices, noted that indicators suggested a slower rate of growth during 2014. What does this mean to you? It … (0 comments)
mortgage: 3 Tips To Get The Most Out Of Your Plumbing
- 01/31/14 01:13 AM
With the recent frigid temps in the Midwest, it seems that all I’m writing about recently is how to take care of your water pipes. My recent blog focused on how to avoid freezing (and then bursting) pipes. Everyone wants their pipes to last as long as possible, but there are a couple of simple problems that might be sucking the life out of your plumbing. Long-term stress is the enemy when it comes to your water system. The three most common enemies are high water pressure, mineral-laden hard water, and grease. Avoid these three mistakes, and your water system will … (0 comments)
An Appraiser Can Estimate A Home’s Monetary Value, But To Gain A True Concept Of Your Home’s Worth, You Must Also Take Into Consideration: Pride Of Ownership. You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit. You buy them because they make you look good and feel good. Security And Stability. Your home provides a roof over your head that’s in your control. You can decorate it how you want. You don’t have to worry about a landlord selling the property or asking you to move … (0 comments)
mortgage: Home Sales Reach Highest Level In 7 Years
- 01/28/14 12:06 AM
The National Association of Realtors provided great year-end news as existing home sales in December pushed 2013 sales of existing homes to a 7 year high. NAR reported that existing home sales for 2013 reached 5.09 million, which represented a 9.10 percent increase over 2012.
More Good News: Price Of Existing Homes Rises
The average price of an existing home for all of 2013 was $197,100. This was the strongest growth in existing home prices since 2005 and represented an increase of 11.50 percent.
There were 1.86 million pre-owned homes for sale in December. At current sales rates, … (0 comments)
mortgage: How to Avoid Frozen Water Pipes During the Frigid Weather!
- 01/27/14 12:12 AM
During these incredibly frigid days & nights, you need to take a little extra precaution to insure that your water pipes do not freeze. Frozen pipes can burst, which can be cause flooding. This can be extremely expensive to fix, not to mention very messy.
Here’s some easy, anyone can do these, tips to help prevent freezing:
Pipes on exterior walls (kitchen sink?) are especially vulnerable. Keep the cabinet doors open to allow heat to surround the pipe. Pipes that run thru attics or thru non-insulated areas are also at risk. Make sure that all heating vents are … (0 comments)
The kitchen is one of the most important rooms of your home. It is where you prepare all of your meals and it is often a hub of family activity. When you host a party, the action often ends up in the kitchen. Where drinks and snacks are enjoyed into the early hours of the morning. It’s crucial that your kitchen functions well because you will use it every day, but you also want to make it beautiful and stylish. Renovating and decorating your kitchen can also be one of the best ways to increase the resale value … (2 comments)
mortgage: MAKING YOUR HOME SECURE
- 01/21/14 10:19 PM
Winter is a great time to look around your home and identify "weak spots". Areas of your home...things about your home that might invite or provide easy access to a burglar: patio sliding door basement door broken doorbell (thieves sometimes ring doorbells to see if someone's home...if you can't hear it they will assume that the house is vacant) dark doorways multiple newspapers in the driveway Read the following tips (courtesy of ACE Hardware) on how to secure your home to help reduce the chances of a break-in. The steps are quite simple but can provide peace of mind, additional security and … (0 comments)
mortgage: HARP 2, Fannie Mae, Freddie Mac: What are They?
- 01/21/14 03:24 AM
Fannie Mae and Freddie Mac have been in the news quite a bit over the past few years, so it’s a good time to do a refresher on who they are and what role they play in the real estate market.
Who Are Fannie Mae And Freddie Mac? Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing. Fannie and Freddie don’t sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the … (0 comments)
mortgage: Mortgage Rates Dip, Housing Starts Up
- 01/20/14 01:20 AM
Welcome news arrived last week as lower mortgage rates and a higher number of housing starts were reported. Mortgage Rates Dip, Housing Starts Up According to Freddie Mac, average mortgage rates fell last week. The rate for a 30-year fixed rate mortgage dropped from 4.51 to 4.41 percent with discount points unchanged at 0.70 percent. The rate for a 15-year fixed rate mortgage was 3.45 percent as compared to the prior week’s reading of 3.56 percent. Discount points rose from 0.60 to 0.70 percent. The average rate for a 5/1 adjustable rate mortgage dropped from 3.15 to 3.10 percent; discount points … (2 comments)
mortgage: Real Estate Taxes:Have You Received Your Homeowner's Exemption?
- 01/20/14 01:18 AM
Illinois Property Owners in any county: Have you received your homeowner's exemption for your real estate taxes? If not, you are paying too much. If you, or someone you know, purchased a home (condo, town-home, single family home, or multi-unit) in ANY COUNTY in Illinois in the last 2 years, please share the video below (the video is for Cook County only). Not sure? Contact me and I can get you that information. n.coleman@comcast.net or 708-349-7467. https://www.youtube.com/watch?v=brzjk_-wQws#t=38
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mortgage: What’s Ahead For Mortgage Rates This Week – January 13, 2014
- 01/12/14 10:35 PM
Mortgage Rates Mixed Freddie Mac’s Primary Market Survey reported mixed results for average mortgage rates last week. The rate for a 30-year fixed rate mortgage dropped to 4.51 percent from 4.53 percent with discount points lower at 0.70 percent; the rate for a 15-year fixed rate mortgage was 3.56; this was one basis point higher than for last week. Discount fell from 0.70 to 0.60 percent. The rate for a 5/1 adjustable rate mortgage jumped by 10 basis points to 3.15 percent with discount points unchanged at 0.50 percent. This Week This week’s scheduled economic news includes retail sales and retail … (0 comments)
mortgage: Taking out a home loan just got harder
- 01/09/14 12:20 AM
The Dodd-Frank Wall Street Reform and Consumer Protection Act’s latest provision – the Qualified Mortgage rule – is going to effect on January 10, 2014. While its ability to protect customers remains to be seen, one of its impacts is already clear. Taking out a home loan just got harder. This could end up making it more difficult for customers to qualify to borrow money to buy a house. Email me at n.coleman@comcast.net for more info or to see if you qualify for a home purchase or refinance (or call me at 708-349-7467). Verifying Incomes Lenders now have to follow even more stringent procedures to verify … (0 comments)
mortgage: 3 Considerations When Making A Down Payment
- 01/07/14 10:29 PM
One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to pay “discount points” to lower your interest rate. There are pros and cons to doing both and each borrower’s situation will be different so it’s important to understand which option is best for your individual need. Some Factors You Should Consider Include: Cost Of Borrowing - generally speaking, to lower your interest rate will mean you pay a premium. … (2 comments)
mortgage: NO BIG DEAL: FHA loan limit changes for 2014
- 01/02/14 11:51 PM
Beginning Jan. 1, 2014 the maximum FHA loan size in the Chicago area is $365,700, down from $410,000. While this will affect some home buyers, its impact will be non-existent for most. Why? The 2013 median price was $170,000 in the nine-county Chicago Primary Metropolitan Statistical Area. Here’s the breakdown by county: Cook 263,800 Dupage 284,000 Will 219,000 Lake 297,000 Mchenry 189,500 Kane 223,000 Dekalb 230,000 Kendall 196,700 Grundy 155,800 Illinois 145,000 Chicago 253,500 As you can see, most purchases will still qualify for FHA mortgages. Loans that exceed the above limits may still qualify for conventional (Fannie/Freddie) mortgages. Email (n.coleman@comcast.net) or call (708-349-7467) for more info … (0 comments)
mortgage: What’s Ahead For Mortgage Rates This Week – December 16, 2013
- 12/16/13 01:43 AM
Mortgage Debt Rises For First Time Since Recession Last week was relatively quiet concerning scheduled housing-related news, but the Federal Reserve’s financial accounts report, released on Monday, indicated that mortgage debt in the U.S. had increased for the first time since the first quarter (Q1) of 2008. Mortgage debt increased by a seasonally-adjusted annual rate of $87.4 billion, or 0.90 percent. Mortgage debt remains approximately 12.00 percent below pre-recession levels. Increasing debt is not often considered good news, but in the case of mortgage debt in today’s economy, it suggests economic recovery in the form of higher home prices and fewer … (0 comments)
mortgage: Combining Parcels (PINs) for Appraisal Review: Question Everything
- 09/27/13 10:00 PM
On 2 recent purchases, the property consisted of 3 parcel ID numbers, aka PIN or tax ID number. The lender's appraisal review department conditioned that the 3 PIN be combined into 1 PIN before they would approve the property as acceptable collateral. Well, I'm not sure about where you live, but in Cook County, Illinois that could take months. Their concern was that, after the sale, the owner could sell off one of of the parcels, therefore decreasing the value of the collateral. Sounds like a legitimate concern, right? Wrong. Think about it. If the owner tried to sell a parcel, … (0 comments)
mortgage: Great News Regarding Chicago's Home Values!!!
- 08/30/12 06:42 AM
Standard and Poor announced today that Chicagoland's housing prices have increased 10.6% since March 2012, more than Dallas, NY, Charlotte, Boston, Seattle, Tampa, Denver, San Diego, and LA. Some homes on the market are actually involved in "bidding wars" (buyers out-bidding eachother, sometimes for a price higher than the seller's asking price), a trend not seen in at least 5 years. Good news all the way around, unless you're buying. In which case, experts are advising you to: hurry up. Neil Coleman … (0 comments)
So you find yourself with a little bit of extra money – perhaps due to a raise, an inheritance or an unexpected windfall?
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