September 2009

Illinois Mortgage Rates by Community – Aurora Mortgage Rates and Aurora Real Estate Profile

This is one in a series of Illinois Mortgage Rates by Community profiles and a look at how the real estate market is holding up in the community. Aurora Illinois is both a far west suburb of Chicago, and the second largest city in Illinois.  The town has grown to 171,000 people, and now is spread into parts of 4 counties, Kane, Dupage, Will and Kendall, anchoring the Fox River Valley. Aurora was at one time a thriving industrial city, but it fell on hard times in the sixties and seventies. It’s revival came about as a result of the suburbs spreading westward, with new subdivisions and housing developments sprouting up past Dupage County and into what was once considered the far reaches of the Chicago area. The downtown area is now benefitting from the Hollywood Casino, and the recently restored Paramount Theatre. Aurora is home to the Fox Valley Shopping…

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Chicago Illinois Mortgage Rates Weekly Update

Welcome to Illinois Mortgage Rates and News week in review for the week ending September 25th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates. Mortgage rates improved this week as more evidence stacks up that the economy might not have turned the corner yet after all. There was some good news mixed in. The University of Michigan consumer confidence index ticked higher, new weekly claims for unemployment insurance were down again (though still at a high level) and the Fed announced at the end of their meeting that economic activity has picked up. But the troubling news out numbered the good signs by a wide margin. Durable goods orders, a measure of industrial strength, were supposed to go up as a result of the Cash for Clunkers generated orders, but instead it dropped 2.4%. A lot of the good news over the…

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FHA Streamline Refinance – Big Changes Coming in November

The FHA Streamline refinance is one of the easiest and most beneficial loans available. This program lets borrowers who are have an existing FHA loan refinance into a lower rate mortgage without having to get a new appraisal or prove their income. The idea behind the program is that these borrowers have already qualified for the loan, and if they could afford the higher payment, they would be in better shape with a lower rate and a lower payment. The FHA streamline refinance or FHA refinance loan has always been a good program, but in this market, with home values down and appraisals a consistent problem, it has been a God send for many, allowing some borrowers to save up to hundreds of dollars each month. But FHA has come under pressure as a result of all the problems in the housing market, so they are making moves to cut…

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Glen Ellyn Mortgage Rates and Glen Ellyn Real Estate ProfileGlen Ellyn Mortgage

This is one in a series of community profiles and a look at how the real estate market is holding up in the community. Glen Ellyn, Illinois is an affluent suburb of about 27,000 people near the center of Dupage county, in Chicago’s western suburbs. Glen Ellyn was once known as a resort town, back in the late 1800s, when a hotel was built alongside picturesque Lake Ellyn. The hotel is long gone and Glen Ellyn is no longer a get away destination, but the town has retained its charm. The tree lined streets of its down town area showcase stately older homes, while the south end of town has more subdivisions built in the sixties and seventies. The downtown business district includes shops and dining as well as the Glen Theatre. The nationally recognized community college, College of Dupage (C.O.D.)  is in Glen Ellyn as well as Glenbard West…

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Chicago Illinois Mortgage Rates Weekly Update

Welcome to Illinois Mortgage Rates and News week in review for the week ending September 18th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates. This week marked the one year anniversary of the fall of Wall Street giant Lehman Brothers, the point where the financial system shifted from crisis into near meltdown mode. After the government declined to rescue Lehman, forcing the company into bankruptcy, the credit markets froze, short term interest rates soared and the stock market was on the verge of a crash. AIG was the next domino to fall, and the government stepped in this time. The mood at the time was bleak, and the possibility of a Great Depression 2.0 was all too real. Since then, the government has gone on a massive spending spree and though the economy is still a mess, a sense of normal has…

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FHA Spot Condo Reprieve – New Changes Put Off One Month Until November 2nd

If you are a first time home buyer looking to buy and close on a condo before the November 30th tax credit deadline, things just got a little easier. FHA just pushed back the date that the new condo approval process starts from October 1st back to November 2nd. FHA has been the go to program for home buyers who don’t have a big down payment saved up, and the FHA spot condo has been on fire over the last year. The FHA spot loan is a way for buyers to purchase condos that aren’t on the FHA approved list (most condos aren’t) as long as they meet FHA guidelines. The program has been a great boon to home buyers, but there were a lot of otherwise well managed properties that didn’t fit the guidelines. At the beginning of the summer HUD announced that they were overhauling the process for…

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Chicago Illinois Mortgage Rates Weekly Update

Welcome to Illinois Mortgage Rates and News week in review for the week ending September 11th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates. The Summer is over and mortgage rates are rallying again, now nearing the low rate we saw earlier this year before the rates jumped at the end of May. This move is all the more significant because there are many factors which, on the surface, would normally push rates higher. The stock market is still going up, the economic reports were generally improved, and there were two big auctions of government debt which means more supply on the market and more competition for mortgage bonds. Good news is generally bad for mortgage rates, but it seems like something bigger is happening in the market. Rates are improving even as the economy improves because the market is now discounting…

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Chicago Illinois Mortgage Rates Weekly Update

Welcome to Illinois Mortgage Rates and News week in review for the week ending September 4th, 2009, my take on the week’s financial news and how it affected Chicago Illinois mortgage rates. Labor Day marks the end of Summer and a last chance at BBQs, festivals and one more day at the public pool before it closes for the year. Naperville has their Last Fling music festival and there are several neighborhood fests in Chicago. Enjoy the long weekend. There was both good and bad news in the BLS employment report, the indicator that most affects mortgage rates. The good news was that the pace of unemployment was sharply down, with 216,000 jobs lost for the month. This was slightly better than expected, and much better than the 600 and 700 thousand jobs lost each month at the beginning of this year. The bad news is that there are still…

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Chicago FHA 203K Streamlined Rehab Loan – A Way to Turn a Rough Foreclosed Home Into a Finished Gem

One of the biggest trends in the real estate market this year has been the amount of sales made up of distressed properties, that is, foreclosures and short sales. These properties are selling for a discount, and I’ve seen some amazing deals over the last year as borrowers buy homes for a fraction of the cost these homes would have sold for just a few years ago. There are some great bargains, but one of the problems with foreclosures (and to a lesser extent short sales) is that the condition of the home can make the property difficult to finance. Foreclosures often suffer from neglect, deferred maintenance and outright abuse. I don’t know how many homes there are in the Chicago area that sat through the winter with no heat and without being winterized, but I guarantee, the number would be big. This means there were a lot of homes…

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Wheaton Mortgage Rates and Wheaton Real Estate Profile

This is one in a series of community profiles and a look at how the real estate market is holding up in the community. Wheaton Illinois, a suburb 25 miles west of Chicago, has a population of 55,000 people and is the county seat of Dupage County. Wheaton is known as the City of Churches, and there are over 60 churches inside its city limits. It is also home to Wheaton College, a top ranked Evangelical Christian college. Wheaton was a dry city up until 1985, not allowing any liquor sales within the city at all. This changed when the Danada Shopping complex was being built, as a way to attract more national restaurants. Wheaton still has a small town feel, and a charming down town with shops to fit every need. Wheaton has been listed as one of the best towns to raise a family, and it is known…

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