August 2011

Chicago Area Mortgage Refinance – Take Advantage of the Lowest Rates Ever

** This is a re-post of a previous article, but it is applicable now. We live in interesting times. Over the last several years we have seen a series of refinance booms as rates dropped to what had previously been unthinkable rates. Each time rates dropped we were sure they couldn’t go any lower. But here we are again, and mortgage rates are the lowest they have been since they’ve been keeping track of mortgage rates. The reason for the drop in rates is due to fear of softness in the economy, and this isn’t good news. But when you , if you can save money by refinancing your mortgage this could help by lowering your monthly payment or cutting years off your loan and paying your house off early. Why should you consider refinancing? You can lower your interest rate and payments. You can shorten your loan term and…

Read More

Chicago Illinois Mortgage Rates Week in Review for the Week Ending 08/12/2011

To summarize what happened last week – fear, volatility and the lowest mortgage rates ever. The week started off with the the stock markets diving after the Standard and Poors credit  downgrade of US debt . So as investors sold out of stocks, where did the money go? Right into the now lower rated US debt. The markets have spoken, and as dysfunctional and debt ridden as we are, the United States is still the benchmark, and still considered the safest port in the storm. The European Union is trying to hold itself together as the ground is crumbling. The big news there last week was that France, after Germany the second strongest economy in Europe, was about to get a downgrade of its own. The hope has been that Germany and France will join together to back a new Euro-bond which will bail out the weaker countries, but as…

Read More

Chicago Illinois Mortgage Rates Week in Review for the Week Ending 08/05/2011

This last week was a crazy week. It started out with an agreement to patch up on the debt ceiling (one which no one liked or wanted to take credit for), continued with more signs that the European Union was on the brink, the stock market plunging , a ray of hope for the weakening economy with the monthly jobs report, and ended with a bang, after the markets closed, with Standard and Poors (one of 3 private rating agencies) downgrading the credit rating of the United States. This all has the feeling of August 2008. Strap on your belts, this roller coaster is going to be a crazy ride. Sub-Prime Nation?  Let’s get to the big enchilada, first. Is the United States now a sub-prime nation? Despite all the rhetoric, no one believes that we are unable to pay our bills. The real question here is if we have…

Read More

Chicago Area Realtors – Seminar– How to Create More Business Working With Rehab and Renovation Properties

Do you have listings that will not sell? Are your borrowers looking at an older home that need work? Do you have listings that need updating or repairs? Renovation Loans can help you sell more homes and increase your commission! Attend this exclusive event on how to sell more homes using Renovation Loans offered by Prospect Mortgage, the nation’s No. 3 lender in 203K Renovation Loan origination. Renovation Loans are ideal for buyers who want to remodel an older home or buy a fixer-upper, and YOU can benefit from this growing market! This seminar includes: Everything you need to know about selling more homes with Renovation Loans. Why Renovation Loans are EASY for Agents and buyers. Why more buyers are choosing renovation loans and need Agents who can help. How to grow your business with Renovation Loans. How to market “fixer-uppers” using attractive Renovation Loan options. Join New York Times…

Read More

Chicago Illinois Mortgage Rates Week in Review for the Week Ending 07/30/2011

The good news is that it appears that here is a deal to extend the debt ceiling. The drama all last week was whether congress could agree to any kind of plan to raise the debt ceiling, allowing the government to continue to pay their bills. Initially, the bottleneck was with the most conservative Republicans in the House of Representatives. These Tea Party backed congressman, mostly freshman elected last year, wanted cuts over and above what the Republican leadership sought, and only agreed to a deal with a balanced budget amendment added in (which has no chance of ever passing). A Democratic bill in the Senate designed to meet the Republican demands (no new revenue sources, deep cuts in spending) stalled quickly as most of the Republican delegation signed a letter stating that they wouldn’t support it, meaning the bill would be filibustered and never brought up for a vote….

Read More