The Golden Oldies: Interest Rates

You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone [...]

New Condo? Different Rules

Developers creating a brand new condominium project from the ground up or existing structures extensively remodeled have their financing in hand.  Their bank decided to finance the developer’s newest, latest project and soon a brand new set of sparkling condominium homes for sale somewhere near Lincoln Park will reach for the sky.  At least that’s [...]

What’s That Letter Say?

You know you’ve seen one.  A preapproval letter given to you by the buyer’s agent proving, or attempting to prove, that the buyer is qualified and has applied for a mortgage to buy your client’s Trump Tower condo.  But you’re a little suspicious.  Or should you be?  What can you look for in a preapproval [...]

Don’t Wait To Buy a Home. Really!

When it’s so cold outside that fire hoses freeze while putting out a fire, you know that this time of year real estate sales are, well, glacial.  It doesn’t matter if your seller lives in Hinsdale, Naperville or Lincoln Park, sometimes it’s…just…slow in the dead of winter. But you still tell your buyers that it’s [...]

Key Mortgage Named Lender of the Year at the 2012 Agents’ Choice Awards

Prestigious Award Presented by Chicago Agent Magazine and Chicagoland REALTORS® CHICAGO, Oct. 25, 2012 /PRNewswire/ -- Key Mortgage Services Inc. was honored as the Lender of the Year at the Chicago Agent annual Agents' Choice awards ceremony, hosted by Chicago Agent magazine. Hundreds of Chicagoland real estate professionals voted for Key Mortgage in the magazine's annual survey. The award winners were announced [...]

NPR – Renters No More: Newbies Lured To Homeownership

Great article from NPR...heard this on the drive in this AM. "Today, buying a house may once again look like a sound financial option, at least in many parts of the country where markets have stabilized, mortgage interest rates are extremely low, and rents are moving sharply higher. "If you are in a stable place and you [...]

HARP 2.0 = SCAM 2.0 – Helping Responsible Homeowners Save Money through Refinancing

Laurie Goodman,  a highly respected mortgage analyst,  presented at a Senate hearing on mortgage refinancing yesterday.   Attached is her testimony.   She focused on the problems with HARP 2.0. As she put it..."the largest banks have been given the opportunity to extract monopoly profits on HARP refis"....READ IT....DON'T SHOOT THE MESSENGER! "We believe that a broader refinancing plan which allows the [...]

NEW FHA REGULATIONS

  This will be effective with all FHA assigned Case Numbers dated @ 4/1 or greater... ALL COLLECTIONS will be required to be paid off if they exceed $1,000.00 in total or they MUST go into a payment arrangement.  It will then require a payment history with at least 3 months of verified payments to [...]

FHA Loan Limits MIGHT Drop! Be Prepared…

FHA's increased loan limits are set to expire on 9/30 and while there is some hint these may be extended we need to proceed on the basis they will not! Our loan limits for the Chicago MSA will go from $410,000 to $365,000 for a SFR (those of you doing loans in Kankakee, Winnebego counties, [...]

Short Term Spike On Horizon – Lock Your Rate

Weekly initial jobless claims are still over 400,000 but they came down very substantially in the May 14 week to 409,000, for a 29,000 fall following the prior week's 40,000 decline (prior week revised 4,000 higher to 438,000). Stock futures are rising in reaction to this report.  This will make mortgage rates increase....lock today.