Posts in category "Mortgages"

Why You May Not Want To Use A Bank For Getting A Mortgage

Why You May Not Want To Use A Bank For Getting A Mortgage
When getting a mortgage (technically a mortgage is a conveyance of interest in a property for a loan so I think it’s the borrower who “gives” the mortgage but everyone refers to it as “getting a mortgage”) it’s not just about getting the lowest rates and up front costs. Sure that matters but it’s also... Read more »

Why You Need A Mortgage Pre Approval BEFORE You Start Shopping For A Home

Why You Need A Mortgage Pre Approval BEFORE You Start Shopping For A Home
One of the first things they taught us in our real estate training class (after you get your license is when the real training begins but it’s heavily focused on how to make money) is that a realtor should make sure that all their buyers have a mortgage pre approval before they spend too much... Read more »

Realtors Try To Preserve Fannie And Freddie Mortgage Loan Limits

Realtors Try To Preserve Fannie And Freddie Mortgage Loan Limits
About a month ago I wrote a post about how the National Association of Realtors (NAR) throws around their considerable lobbying weight to preserve the various housing market subsidies bestowed by the government. I specifically wrote about the FHA loan limits and the Homeowner Flood Insurance Act. However, there is another issue lurking around out... Read more »
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Treasury Department Spotlight On Chicago Housing Market

Treasury Department Spotlight On Chicago Housing Market
On Friday the Treasury Department came out with their March Housing Scorecard with a Spotlight on the Chicago Housing Market for 14 area counties in 3 states. The headline of the report is that the Chicago housing market is more challenged than the nation as a whole and, while it showing some signs of recovery,... Read more »

Why I Bought A Home Now After Renting For 12 Years

Why I Bought A Home Now After Renting For 12 Years
Realtor’s Home Purchase Ensures That Chicago Home Prices Will Crash On Friday, after renting for 12 years, my wife and I became homeowners for the 4th time. Obviously buying a home in Chicago was not a decision that we entered into lightly. When we first arrived in Chicago in 2000 we suffered from major sticker... Read more »

The Missing Solution For Underwater Mortgages

The Missing Solution For Underwater Mortgages
The government and the mortgage industry have spent a lot of energy trying to figure out how to help homeowners with their underwater mortgages. There are initiatives underway to help homeowners refinance their mortgages or to write down the principal balances for homeowners that would like to stay in their homes at a lower cost.... Read more »
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How Low Mortgage Rates Should Change Your View Of High Assessments

A couple of years ago I did an analysis of the tradeoff between assessments and purchase price when buying a condo. In that analysis I concluded that with mortgage rates of 5% a condo assessment that is lower by $100 per month would allow you to purchase a condo that costs $41,311 more. In other... Read more »

Low Mortgage Rates: It's Not Just About The Monthly Payment

Low Mortgage Rates: It's Not Just About The Monthly Payment
I just locked in a 7 year ARM the other day at 2.875%. No doubt that is one of the lowest mortgage rates in decades and it is one of the primary drivers of my buying a house at this time after renting for about 12 years. In the economic analysis the low interest rate... Read more »

How Fannie, Freddie, And The Government Contributed To The Mortgage Crisis

How Fannie, Freddie, And The Government Contributed To The Mortgage Crisis
When Charles Ferguson accepted the academy award for Best Documentary for Inside Job he lamented in his acceptance speech about the fact “that three years after our horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail, and that’s wrong”. Well, it looks like Charles Ferguson may soon get... Read more »
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Please Gore My Ox With Higher Fannie And Freddie Fees

Please Gore My Ox With Higher Fannie And Freddie Fees
Warren Buffett got a lot of attention a while back by begging the government to raise his taxes so I thought I would go for the same publicity by begging the government to raise the guarantee fees that Fannie Mae and Freddie Mac charge on mortgages that they guarantee. The National Association of Realtors, The... Read more »
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