Posts tagged "Mortgages"

Why Rising Mortgage Rates Shouldn't Crash Chicago Real Estate

Why Rising Mortgage Rates Shouldn't Crash Chicago Real Estate
A couple of weeks ago I posted on how rapidly mortgage rates have risen since the election. Given the Federal Reserve’s policy direction, this trend is likely to continue. So the obvious question is will higher mortgage rates lead to a crash in the Chicago real estate market? After all, rising mortgage rates result in... Read more »

Free Money: Lender Giving Away Up To $20,850 To Each Home Buyer

Free Money: Lender Giving Away Up To $20,850 To Each Home Buyer
Seriously. I kid you not. Free money. There is some lender out there giving home buyers up to $20,850 each! And you better believe that the government is almost certainly behind this. I was contacted by one of our mortgage bankers the other day with news of this incredible program and it is indeed for... Read more »

Mortgage Rates Have Spiked And It's Trump's Fault

Mortgage Rates Have Spiked And It's Trump's Fault
In case you haven’t already noticed, it looks like we can blame the election for something else now – a huge spike in mortgage rates. The last couple of weeks have been full of surprises. Not only did nobody (I don’t really think that’s a double negative) predict the outcome of the election but nobody... Read more »
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Housing Bubble 2.0: Predatory Lending Is Back

Housing Bubble 2.0: Predatory Lending Is Back
The popular narrative about the financial crisis/ housing bubble is that predatory lending practices tricked unsuspecting consumers into buying homes they couldn’t afford, driving up home prices to unsustainable levels in the process. Then when home prices inevitably went down the lenders took homes away from these people, making billions of dollars in exorbitant profits... Read more »

When A Mortgage Pre-Approval Is Not Worth The Paper It's Printed On

When A Mortgage Pre-Approval Is Not Worth The Paper It's Printed On
Many people, but not everyone, are aware of this but when submitting an offer to buy a home the buyer really should provide a pre-approval letter from a lender that basically says they look good for getting a mortgage for the purchase price less the down payment – assuming the buyer is going to be... Read more »

The Federal Reserve Is Not Raising Mortgage Rates This Week

The Federal Reserve Is Not Raising Mortgage Rates This Week
The Federal Reserve starts their Open Market Committee meeting tomorrow and the futures markets are basically giving an interest rate hike a 79% probability (as of last night). So, “interest rates” are going up and that means mortgage rates are going up and that means people will have to buy cheaper houses and that means... Read more »
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Why You May Not Want To Pay Off Your Mortgage Early

Why You May Not Want To Pay Off Your Mortgage Early
A lot of people think that mortgages are bad and that you should use them sparingly, putting down as much cash as possible or taking every opportunity to pay off your mortgage early. The idea of owing that much money and having to make a payment every month makes them really nervous. My parents were... Read more »

What Will The Next Housing Crisis Look Like?

What Will The Next Housing Crisis Look Like?
On Monday I published a guest post on how mortgage lending standards have come full circle since the original housing crisis. In an effort to promote the American dream of home ownership regulators have once again eased up on the requirements for getting a mortgage. Meanwhile, it looks like Fannie Mae and Freddie Mac as... Read more »

Mortgage 360: Lending Standards Come Full Circle

Mortgage 360: Lending Standards Come Full Circle
The following guest post was written by Jackson Cooper of Jensen & Company. The Mortgage Bankers Association expects total mortgage originations to total $1.19 trillion in 2015, an increase of 7 percent from last year. Originations have increased every quarter since Q2 2014 after four consecutive quarters of steep declines. The National Association of Realtors... Read more »
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Too Much Time Shopping For A Mortgage Can Cost You That Home You Want To Buy

Too Much Time Shopping For A Mortgage Can Cost You That Home You Want To Buy
Let’s say you’ve been shopping for a home for a few months and you finally found one you like. You’ve negotiated the purchase price and you are now under contract. You probably think it’s all downhill from here and you have nothing to worry about. All  you need to do now is finish shopping for... Read more »