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 [...]

The Clear Path

Everyone likes to know what the future will bring. There’s a certain comfort in predictability. Sure, an adventure of any sort can get be exciting but certain things shouldn’t be left to chance. For example, if you want to take a trip somewhere that you’ve never been, don’t you want a map/plan? At least directions [...]

Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]

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 [...]

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.