refinance: FHA to LOWER loan limits in 2014
- 12/10/13 05:58 AM
Good afternoon...FHA announced that it will lower all loan limits beginning with case numbers ordered on or after January 1st. The Chicago-land area will see a drop from the current $410,000 maximum to $365,700 for 1-unit properties. The loan limits listed below are for the following counties:Illinois:CookDekalbDupageGrundyLakeKane Kendall McHenry Will Winnebago Indiana: JasperLakeNewton Porter 1 unit:$365,700 2 unit:$468,150 3 unit:$565,900 … (0 comments)
The Dodd-Frank Act is finally being implemented, and it's rules are far-reaching. The creation of the Consumer Protection Act in 2010, which spawned the Consumer Financial Protection Bureau. The CFPB is the end-all, be-all for mortgage related activity, and it's expected that many large banks will scale down their mortgage operations (some might even close up shop) due to the risks involved under the new guidelines. Speaking of risk...the lenders themselves will have to take on more of it on each loan, so their own guidelines will get stricter (over and above Fannie/Freddie guidelines). In addition, you can surely bet that … (0 comments)
Good afternoon...October's Non-farm payroll report showed 204,000 jobs added, far exceeding analysts prediction of 125,000. The figures for August and September were also revised higher. Mortgage rates reacted quickly and moved higher as a result of all of this. The mortgage market was feeling some relief as the slow growth in the labor market was delaying the Federal Reserve from reducing their asset purchases. With with positive jobs figures, economists are wondering if the Fed will begin QE3 tapering as soon as December. Some analysts are saying that the numbers don't make sense, especially considering the government shutdown putting … (0 comments)
Good morning... FHA recently rolled out their "back to work" program." In a nutshell, if you've had a foreclosure, bankruptcy, or short-sale at least 1 year ago and can prove this was due to an event of economic hardship (i.e. loss of job/income), you can be eligible for financing. This event would need to result in a minimum of 20% loss in household income. And the borrower(s) would also need to complete an FHA housing counseling class. With Fannie Mae increasing their down payment requirement to 5% (from 3%), FHA is still a viable option. Here's a little more on the topic: http://www.housingwire.com/articles/26237-fha-expands-mortgage-backing-to-the-once-bankrupt#.Unj0mCrmHw4.wordpress Also, … (0 comments)
Good afternoon...and Happy Halloween!This is just a quick post to let you know that rates have dropped for the second consecutive week and are now at their lowest levels since June. The Fed announced today that their bond-purchasing program (QE3) will continue for the time being (most analysts are predicting till at least March) and this should keep rates very low for quite a while. Home inventories are shrinking and prices are rising. You can use these low rates to offset these things and save money. And if you haven't taken advantage of a refinance, it's a great time for … (2 comments)
refinance: Want to Know "How" and "Why" Mortgage Rates are Determined?
- 10/14/13 06:52 AM
Hello...hope the day is going well... When it comes to obtaining financing, everyone is concerned with what rate they're getting. In some cases, the rate has more significance than in others (ie. rate/term refinance vs. debt consolidation). Everyone knows where to look for current rates, but many don't know how they're calculated or what makes them move. I tell all my clients that rates don't move; it's their price that fluctuates. In a nutshell, mortgage rates are tied heavily to the 10-year Treasury bond yield. Typically, when the yield goes up, rates go up and so do their cost. If the … (2 comments)
After weeks of bickering, arguing, and filibustering between the two arms of Congress, the Senate rejected the House's budget bill today. The current resolution, passed in March oin order to resolve the "debt ceiling" controversy, expires today. The failure to get a bill passed all but guarantees a government shutdown, which would start at midnight tonight. This would be the first shutdown in 17 years. Many agencies, such as the FBI, TSA, FEMA, Border Patrol, and Social Security, will continue to run as usual. Two agencies that could be greatly affected are FHA and VA. According to HUD, these … (0 comments)
Good afternoon...Today. Ben Bernanke, the chairman of the Federal Reserve stated that they have decided not to scale down their monthly asset-purchasing program. They said they're unsatisfied with the pace of economic growth and the timing isn't right to taper the program. Mr. Bernanke then stated the Fed has officially downgraded its outlook for the economy. Some stocks on the major indices surged to record highs, while bond yields dropped significantly lower, as the benchmark treasury yield fell to 2.693 (at the time I write this). All of this means that we hope to see a mortgage rate rally, spurred on by … (0 comments)
refinance: You mean I have to insure the home, too?
- 08/23/13 05:35 AM
Yes…if you can believe it, I actually had a client asked me that question. Sometimes it seems as if the insurance policy isn’t a big deal to some people. But what is important to know is that it’s one of the most important parts of the home buying process. And choosing the right insurance policy for your home is imperative.
Formally known as hazard (or fire) insurance, this policy will protect you in case of catastrophic occurrences to the home. But you have to make sure you have the appropriate (not just adequate) coverage. There are many things to … (0 comments)
Just a reminder to all the home shoppers (and those who still need to refinance) that affordability levels are still very high and interest rates are still very low. With home prices on the rise, especially here in Chicago, the tipping point over to a seller’s market will come sooner than we think.
Great deals are abundant and financing is available for (almost) every kind of scenario!
Please give me a call if you have mortgage questions and if you have a minute, please forward my information to your network.
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refinance: No closing costs options? Yes, it's true...
- 08/02/13 02:48 AM
Good morning, 100% of my business comes from recommendations. If there's anything I can do for you or someone you know in regards to home financing, please let me know. And don't forget to mention this coupon! Thanks and have a great weekend...
I’ve been at my new company, 1st Advantage Mortgage, for about 2 months now and I couldn’t be happier. We are a division of Draper & Kramer, the largest real estate firm in Chicago, now celebrating its 120th year in business.
1AM is a full-service mortgage banking company and I have access to over 30 lenders, for both residential and commercial financing. As many of you know, I specialize jumbos and non-warrantable condos. For the latter, I now have more investors for these and while they’re not easy to do, at least there is a home for … (0 comments)
I hope you had a nice Mother’s Day weekend, and to all the mother’s on the call, I hope it was a happy one! Cheers to the “moms” in my life…you’re all the best! On today’s call: Markets, Housing, Sellers and their buyers’ loans, Interest Rates The markets opened up relatively quiet compared to Friday’s huge day. There was an enormous bond sell-off a the end of the week, as the stock market rallied with Bernanke’s comments about the strength of the dollar and low inflation levels. As such, rates took a beating and … (1 comments)
Good Afternoon, I hope you enjoyed the weekend and were able to get outside. I think it’s safe to say spring is here (about 2 months late)! The call will be short today as I’m pretty swamped right now. But that’s a good thing, so here we go.... On today's call: Markets, Housing, Interest Rates The markets opened up but stayed relatively even for most of the day after a huge gain on Friday. The unemployment numbers were impressive (although I still think they’re skewed) and the S&P increased its record setting level. Investors are still weighing any potential market corrections … (0 comments)
Good afternoon…and sorry to all you loyal listeners for the delay…
I hope you enjoyed the first spring-like weekend in what seems like years. I don’t know about you, but the Stanley cup playoffs begins tomorrow and there isn’t a greater event in sports if you ask me. The intensity can’t be beat! On a more serious note…
On today’s call: Markets, Housing, Commercial financing, Interest Rates
The markets opened with a bang this morning, as the S&P 500 surpassed its record close set earlier this month. Italy’s new prime minister finally named his new cabinet … (0 comments)
refinance: Monday Mortgage Call - Chicago's Best Source for Mortgage Info (4/22)
- 04/22/13 04:44 AM
Good Afternoon, I hope you enjoyed the (almost spring-like) weekend. For my friends in Boston, I’m glad you’re all safe and that the ordeal is coming to a close. It was great to see the city come together and unite. On today's call: Markets, Housing, Short Sale / Foreclosure & Buying Again, Interest Rates The markets are pretty neutral as we start off the weekas investors are weighing some so-so corporate earnings. Of the companies that have reported, over half of them missed their estimates. With recent declines, the S&P 500 as well as the Nasdaq are on pace for their first … (0 comments)
refinance: Monday Mortgage Call - Chicago's Only Source for Mortgage Related Info
- 04/15/13 01:53 AM
Good Afternoon, I hope you had a nice weekend. We’ve gotten some warmer weather and some sun, now if we can combine them at the same time for more than one day, I’ll be happy. I got to see some old family friends from Australia and if anyone’s been there, please give me some travel tips…I need to start saving now! On today's call: Markets, Housing, "PMI", Interest Rates The markets opened down quite a bit today thanks to weak manufacturing data as well as negative economic data from China, among other places. This overshadowed some positive earnings results from companies, including many … (0 comments)
Good Afternoon, I hope you enjoyed the weekend. I’ve been on a little vacation, going to my “second” home in Lake Tahoe for a birthday celebration and then to Nashville, including a venture to the Bridgestone Arena for the Hawks/Predators game. There were so many Hawk fans it almost felt like the UC. Those ugly yellow Preds jerseys reminded me otherwise. On today's call: Markets, Housing, Home Improvements, Interest Rates The markets opened down today, extending losses that continued from last week, as the bond markets have been increasingly sweeter for the mortgage world. Many analysts are seeing a weak outlook … (0 comments)
Good Afternoon, I hope you enjoyed the first weekend of winter (I mean spring). First, a big thanks to all Of you for helping spread the The Mortgage Call around. On Friday, we added our 200th recipient to the list. Let’s keep sharing this! Second, and I don’t mean to soapbox, but if you’re at all interested in the food you eat, read up on HR Bill 933 section 735. This is an epic failure on the part of Congress and it will have long-lasting ramifications. Anyway... On today's call: Markets, Housing, Real Estate & Taxes part 3, Interest Rates The … (0 comments)
refinance: Monday Mortgage Call-Chicago's Best Source for Mortgage Related Info
- 03/18/13 05:51 AM
Good Afternoon, I hope you enjoyed the weekend and the holiday yesterday. I’m sure for some they’re still wishing today was an off day. On today's call: Markets, Housing, Real Estate & Taxes part 2, Interest Rates The markets opened lower today but are back towards positive territory as they near session close. Last Friday saw a 10-day win streak for the Dow come to an end but it, along with the other indices, are trading off their lows. But news of out of the small country Cyprus, who laid out a plan to tax bank depositors in order to help fund the … (0 comments)
Good afternoon...FHA announced that it will lower all loan limits beginning with case numbers ordered on or after January 1st. The Chicago-land area will see a drop from the current $410,000 maximum to $365,700 for 1-unit properties. The loan limits listed below are for the following counties:Illinois:CookDekalbDupageGrundyLakeKane Kendall McHenry Will Winnebago Indiana:
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