The mortgage market is still in rally mode, and rates are near their lowest points of the year. Mortgage rates are determined by mortgage bonds which trade in a market similar to stocks or other commodities. Mortgage rates trend to move in the opposite direction of stocks. When optimism is in the air and the economic future looks bright, investors buy stocks and mortgage rates usually trend higher.  When fear is the dominant emotion mortgage bonds are more likely to benefit, because investors feel safer with a fixed return. Fear is in the air again, today. Over the last few weeks Greece was in the news as it looked like they were close to default. That crisis was band aided over, but now when people talk about Greek ruins, they are talking about the economy. Their credit rating was down graded yesterday, which means more trouble. Jobless claims came in slightly higher than expectations, which helps feed the fear. Another reason why the trend is for lower mortgage rates, is that Fed Chairman Ben Bernanke, in congressional testimony yesterday, said once again that rates will remain low for an extended period of time. But that talks about short term rates, not necessarily mortgage rates. The Fed has just over a month left on its bond purchase program, but for now that isn’t putting the hurt on mortgage rates. If you are looking to buy a home or refinance a mortgage, my guess is still that rates will be rising, so this is a time to take advantage of rates while they are still near the lows.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

If you are thinking of buying a home soon, the clock is ticking. We are now just over 60 days away from the deadline for having your contract together for the $8,000 first time home buyer (or $6,500 move up buyer) tax credit. You don’t have to close your purchase by the end of April, you have until the end of June to get your mortgage and close. But, if you are planning on taking advantage of this credit, time is running out quicker than you might think.

Buying a home is complicated. That’s not surprising; after all, this is likely to be the biggest purchase of your life. If one home were the same as another, it would be easy enough to go out and buy a home in a weekend. Finding the right home takes more time and gets a little more complicated. And making sure you are ready and able to buy a home is the other issue. Is your credit good enough? Do you know where your down payment is coming from? Do you know what steps to take to buy a home and get approved for a mortgage? With time running down, you want to be sure you are prepared and able to get your home financed once you find the home that is right for you.

I recently put on a first time home buyer webinar- How to Buy Your First Home With a Low Down Payment – Chicago First Time Home Buyer Webinar – which covered the entire process of how to find a home and get a mortgage in a way that works best for you and your needs. If you are looking for information on how to get the process going, and make sure you are on the right track, this is a great place to start.

Here is the link:

First Time Home Buyer Webinar

The webinar is just under an hour long, and the feedback I got from those who attended has been that this was a great way to get the information they needed, and they felt more confident going forward. Here is some of what I cover:

Why this is the best time to buy a home in years, and the best time for years to come.

How to qualify for your $8,000 tax credit.

How you can avoid the big first time home buyer mistakes which can cost you thousands of dollars. 

What you can do to put yourself in the best position to qualify for a mortgage.

What lenders look for on your credit report, and what you can do to raise your scores and improve your credit

What you need to know before buying a condo in Chicago (or anywhere else).

How you can buy with a low down payment, and possibly no money out of your own pocket.

What you need to know about FHA, and why this is the most popular program for first time home buyers

The steps involved in buying a home, from start to finish.

First Time Home Buyer Webinar

There is a lot of information packed into this, and if you are in the market, or even thinking about buying a home, this is worth your time. Let me know if you found it helpful.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage

What a difference a few days can make. Last week the mortgage bond market was selling off and rates were headed higher with the fear that low mortgage rates were gone for good. But throw in a poor consumer confidence report and a good bond auction and we are right back where we were before. Mortgage rates are still in the same range we have traded in over the last several months, but the swings are getting bigger. For most people all this activity only changes the actual rate by a small amount, but the trend is what is worth watching. So for now, get them while they last, rates are trending lower now, but this may not last long.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

We’ve had a few bad days on the mortgage bond market, and mortgage rates are inching higher. As always, the concern is inflation. The Producer Price Index (PPI) came in at an increase of 1.4% for last month, higher than the expected .9% increase, and in the Fed  meeting minutes released yesterday some of the Fed governors marked their concern for an upturn in inflation. Inflation decreases the purchasing power of the dollar, and as mortgages are paid back over a long period of time, investors want a higher present return (higher yield) if they think they will get paid back with cheaper money. Right now, mortgage bonds have slipped through a key level of support (traders have been buying when it got near this point) and if we don’t see a bounce, this could be a sign that higher rates are coming. All the experts (well, most of them anyway) have been projecting higher rates as the Fed winds down its mortgage bond buying program, and this could be the start of that move.Then again, volatility is the rule, so all we need to see is a bad day in the stock market or a bad economic report and the trend could reverse again. But for now, rates are trending higher.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

If you are in the market to buy your first home this year, it’s time to put on your running shoes. While I expect that we will be in a buyer’s market for the rest of the year, for qualified buyers the best time to buy a home may be in the next 2 months. Not only is the tax credit ($8,000 after closing to qualified buyers) expiring for contracts put together by April 30th, but mortgage rates are projected to go up soon, too.

So, if you are thinking of buying now (or later), but aren’t sure where to start, this webinar is meant for you.

Here are the details:

Thursday 02/18/2010 from 6:00 PM to 7:00 PM Central standard time.

You do need to register in advance. https://www1.gotomeeting.com/register/303507864

Some of what I will cover includes:

• Why this is the best time to buy a home in years, and the best time for years to come.
• How to qualify for your $8,000 tax credit.
• How you can avoid the big first time home buyer mistakes which can cost you thousands of dollars. 
• What you can do to put yourself in the best position to qualify for a mortgage.
• What lenders look for on your credit report, and what you can do to raise your scores and improve your credit
• What you need to know before buying a condo in Chicago.
• How you can buy with a low down payment, and possibly no money out of your own pocket.
• What you need to know about FHA, and why this is the most popular program for first time home buyers
• The steps involved in buying a home, from start to finish.

There will be time after the presentation for live questions from the audience.

If you are thinking about buying your first home some time this year, this should get you off to a great start. Again, here is the link to register:

Free Chicago First Time home Buyer Registration

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

Mortgage rates are stable today, with mortgage bonds improving slightly. There is a lot of information coming out over the remainder of the week, but today is a light day. The Empire State manufacturing index came in stronger than expected,  and a measure of home builder confidence came in at the highest reading in months, though that isn’t saying much. These items are showing that there is some good news on the economic front, but good news for the economy is usually considered bad news for mortgage rates. That’s not the case today. The rate trend today is improving. We will see how everything shakes out as more information comes out later this week.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

(This is a repost of something I wrote a while back. But it is Valentines Day, it’s appropriate, and I like it. So here it is again)

It’s all about commitment. If you are a first time home buyer – that is, if you are thinking about becoming a first time home buyer but you are renting now – this is a big step. You probably have some serious commitment issues.

Renting is a casual fling. You probably like the place you live in now. Maybe it has a pool and a rec-center that you’ve been meaning to use, but never find the time. Maybe it’s in a great location, close to work and in an area with a good night life. For one reason or another, the place has its charms. It was just what you needed when you first moved in. But now… now, it seems constraining. Maybe even childish. You’ve outgrown it.

Not only have you outgrown it, but you have friends who have taken the big step and bought a place of their own. This seems like the mature thing to do, and you like the idea of having a real place of your own, too. Maybe you envy the little touches they’ve made to personalize their home. You would like to make your home more of a reflection of your personality and taste, but it’s a rental. You can only do so much.

And then there is the money aspect. You can’t help but notice what’s available, and in the long run, owning your own home is a way to build long term wealth. You know there are tax savings, and maybe you know someone who struggled to come up with the down payment for their first home, and a few years later they had enough equity saved for a big down payment on a new, nicer house. That doesn’t happen when you rent.

But still, there is the commitment issue. Buying a home seems so… permanent. Maybe not permanent for that house, but once you buy a home, you know your days of renting are over. And besides, the market is awful, and it doesn’t make sense to buy when all you hear is bad news. Maybe renting isn’t where you want to be for the rest of your life, but at least you know what to expect.

This could be a great time to buy. Prices are the lowest they’ve been in years, interest rates are low and there are ways to buy a home, even if you don’t have a lot of money. You know there is a great house for you somewhere, the love of your life, maybe. You will know it is right as soon as you see it – love at first sight?  But commitment is a scary thing and you don’t want to make a mistake. So for now, you continue to write rent checks to your landlord.

Still, late at night when all is quiet, do you find yourself looking at home sites on the Internet, or paging through old home listing magazines, wondering what might be?

Happy Valentine’s Day

Have you signed up yet for my First Time Home Buyer webinar this Thursday?

It starts at 6;00 pm this Thursday February 18th, and I will cover as much as I can in an hour about what you need to know before buying your first home in the Chicago area. There will be time for questions afterwards.

Here is my webinar page

and here is the direct link to the Chicago first time home buyer webinar

I hope you can make it.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

It was another one step forward, two steps back for mortgage bonds this week, and after a few bad days rates ended on a good note. Rates for most loans are unchanged for the week. The big focus in the markets this week has still been the news overseas, Greece is getting a bailout (maybe), which may stabilize the crisis there, while China is tightening its lending to slow down growth (wow!).  There were several government debt auctions, and the new borrowing puts pressure on mortgage rates. Retail sales rose more than expected, but consumer confidence came in worse. So all in all it was a mixed bag, and rates stayed within their trading range. The big picture remains the same, though. Though we are hanging in with rates close to the best rates of last year, the odds are that mortgage rates will be higher in the next few months. The Fed has completed 95% of its mortgage bond purchase program, and it will be finished completely by the end of March. Some experts say this won’t make a big difference because with loan volume so much lower than last year, there are still enough buyers in the market to keep up with supply. But this is a minority opinion. The conventional wisdom says that when the Fed exits, rates will go up. The other possibility is that the Fed will continue to buy in some back door fashion, which will keep rates in the same range. This will all play out over the next few months, but if you are in a position to take advantage of the rates now, this seems to be a good bet.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

Mortgage rates have bumped a little higher over the last few days as it looks like the European Union will step in to bail out Greece. Mortgage rates were flirting with all time lows as money took off on a flight to quality as the possibility that problems in Greece could push the global economy another step lower. Details are still to come, but the crisis has passed, for now. Today the mortgage bond market is dealing with sub par auction results (new issues for renewed government spending), but the market is flat in spite of what would normally be considered bad news. Rates are holding steady, and we are still in the same range we have been in over the last month.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

There may be snow on the ground, it may be freezing outside and cabin fever is surely at epidemic  proportions. But make no mistake, weather to the contrary, this is spring. At least it is spring in the real estate market. The Super Bowl is over and this marks the official beginning of the spring market here in the Chicago area. Traditionally, a good portion of the homes sold in any year are sold in the months between February and May. We haven’t had much of a spring market over the last 2 years, but all signs are pointing to this being a barn burner of a market, especially for first time home buyers. Not only are mortgage rates near their all time lows, but it is a buyer’s market and the government has extended the $8,000 first time home buyers tax credit. This could be the best time to buy a home for years to come.

So, if you are thinking about buying your first home, how do you start? One of my main focuses on this blog has been to educate home buyers on what they can do to take control of the process, avoid mistakes and save money. As a continuation of what I do here on my blog, I will be doing a free first time home buyer webinar on February 18th which will cover the entire step by step process of finding a home and getting a mortgage. This webinar will be focused on how you can buy with a low down payment, and it will be specifically for first time home buyers around the greater Chicago area.

Here are the details:

Thursday 02/18/2010 from 6:00 PM to 7:00 PM Central standard time.

You do need to register in advance. https://www1.gotomeeting.com/register/303507864

Some of what I will cover includes:

• Why this is the best time to buy a home in years, and the best time for years to come.
• How to qualify for your $8,000 tax credit.
• How you can avoid the big first time home buyer mistakes which can cost you thousands of dollars. 
• What you can do to put yourself in the best position to qualify for a mortgage.
• What lenders look for on your credit report, and what you can do to raise your scores and improve your credit
• What you need to know before buying a condo in Chicago.
• How you can buy with a low down payment, and possibly no money out of your own pocket.
• What you need to know about FHA, and why this is the most popular program for first time home buyers
• The steps involved in buying a home, from start to finish.

There will be time after the presentation for live questions from the audience.

If you are thinking about buying your first home some time this year, this should get you off to a great start. Again, here is the link to register:

Free Chicago First Time home Buyer Registration

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company