Category: mortgage lending

I'm refinancing. So far, I don't like it

I decided to give it another try. And by “it” I mean refinancing. Everyone tells me I’m crazy for not taking the steps I need to lower my interest rate, especially since I cover real estate. I should know better than most just how much money doing this will save me. Here’s the problem, though;... Read more »

Trouble refinancing? Keep calling

People don’t like mortgage lenders. It’s not hard to understand why. I’ve been trying for the last two days to determine if I can refinance my existing mortgage loan. The problem is that I’m underwater, owing more on my home loan than what my residence is worth. To refinance, I’ll need to rely on the... Read more »

My bad housing day

I’ll have to mark today down as one my bad housing days. Of course, I’m far from alone. Many of us woke up this morning to the disturbing news that home sales had fallen to a 15-year low. This is amazing. Home sales dropped an all-time high of 27 percent from June to July. Yep,... Read more »

First-time homebuyers still face challenges

First-time homebuyers still face challenges
Buying a home today is supposed to be easier than ever for first-time home buyers. Sellers are desperate, and are willing to compromise on everything from sales price to repairs to closing dates. At the same time, housing inventories are high, meaning that buyers have plenty of homes from which to choose. But Greg McCoy,... Read more »

Shopping around for title insurance makes good financial sense

Tim Dwyer If you closed on a new house in Illinois in 2009, the odds are good that you paid about $1,207 in closing costs and title fees. That’s the average amount that Illinoisans paid for these fees according to the 2009 closing costs survey from financial Web site And even though Illinois ranked... Read more »

Will financial reform law make it more difficult for homeowners to get a mortgage?

One of the big complaints from financial analysts and my grouchy neighbors during these tough economic times is that mortgage lenders caused a lot of the country’s current financial problems by passing out mortgage loans to borrowers who didn’t have the financial strength to pay these loans back. Lenders gave out mortgage money to anyone... Read more »

Real estate slump impacts more than just agents, loan officers

Real estate slump impacts more than just agents, loan officers
Wayne Smith The long real estate slump hasn’t been kind to Chicago real estate agents and mortgage lenders. There’s no arguing this. But these real estate professionals aren’t the only ones hurting because of the housing slowdown in the city. Last month, I interviewed Wayne Smith, president of Chicago’s Pioneer Engineering and Environmental Services. Developers... Read more »

Fearing the appraisal in Chicago

Beki Darin I’d love to refinance my mortgage loan. Problem is, I don’t think my modest single-family home in Chicago’s west suburbs would appraise at a high enough value. In fact, I’m pretty certain that I am one of the many Chicago-area homeowners who is underwater. For those not in the know, this means that... Read more »

Some hope from a Chicago transplant

Cleveland isn’t nearly as bad a place to live as its reputation suggests. Michael Glass calls himself a Chicagoan. “I was born and raised in Chicago,” he told me during a recent interview. Today, though, Glass lives and works in Cleveland. Don’t joke. Cleveland is a much better place to live than you might think.... Read more »

Why do housing foreclosures have to take so much time?

Daniel Burrus Housing foreclosure filings fell in May, a decrease of 3 percent according to online foreclosure company That sounds good, but there are still a lot of foreclosures going on across the country. According to RealtyTrac’s numbers, one in every 400 U.S. housing units received a foreclosure filing — either a default notice,... Read more »