Here in the Chicago area we are starting to see the first signs of Spring. The days are getting longer, the air is warmer (for today, anyways), and people seem to be smiling more. For those of us in the real estate and mortgage fields, one of the major signs of Spring is when first time home buyers start to appear. By that gauge, it must be Spring because my phone is ringing a lot. Are you thinking of buying a home this year? If you are a first time home buyer, you are probably nervously looking at the housing market, wondering if this is a good time to take the plunge. On one hand mortgage rates are low, there are lots of properties to choose from and the sellers are extra motivated. On the other hand you’ve probably heard about how the mortgage market has changed, and how much harder it is to get a loan now. It is true, mortgage qualification is harder than it was before, and some people who might have qualified last year won’t be able to buy now.

This might be a great time for you to buy, or it might not. The first step to finding out is to see how you best qualify for a mortgage. This means you need to be pre-qualified, or pre-approved for a mortgage. Both terms are different levels of the same thing. With both, you are sharing your financial information with a mortgage loan officer, and they are helping you figure out how much of a home you can afford to buy, and what the best program is for your needs. I often start with a mortgage pre-qualification, which is usually just a conversation over the phone. I often start out the conversation by saying we are going to play a game of 20 questions (sometimes it turns out to be more). The idea is that I will ask you everything about your jobs and financial situation, your future plans and goals. My questions are designed to find out all I can about a potential home buyer’s income, credit and assets. By going into depth, I am looking for both opportunities and red flags. If a red flag pops up and I see a problem of some sort, I will ask more questions to make sure I have the full story. Sometimes things that look like major problems can be easily solved with a little foresight. The other part of what I am doing is narrowing down the options, and figuring out what loan programs you can qualify for, and what programs would work best for you, both now and down the road.

Once I have had this pre-qualification conversation, I generally have a pretty good idea of whether you are ready to buy, or not. But to make sure, it makes sense to take the next step, mortgage pre-approval. This is especially important now when mortgage guidelines are changing on a regular basis. A mortgage pre-approval means we are investigating further, and approving you for a mortgage before you find a property. This means I will need to have the right documentation. Depending on your situation and the loan program you are applying for, we may need more or less, but typically we’ll need to see at least the following:

• W2s for the last 2 years (full tax returns if you are self employed).
• Your pay stubs for the last 30 days.
• Full bank statements for the last 2 months, along with statements from any retirement or stock accounts.

Once I have your documentation, I will run your credit, and put all the information into our automated underwriting system. With most loan programs, the underwriting system has become the key factor in loan approval. The underwriting software is set up based on Fannie Mae and Freddie Mac guidelines (FHA, too) and takes into account all the factors that a human underwriter would consider. Years ago, it could take a week or more to get a pre-approval. Now I can usually do it with a single phone call, and have a preliminary answer for you within an hour.

There are times when we need to go a step further and have the underwriter sign off on the loan, but in most cases this approval is all that you need. One thing to keep in mind is that the approval is only as good as the person asking the questions. Garbage in, garbage out. So make sure that you work with someone who knows enough to ask the right questions and understands your full situation as well as the mortgage guidelines.

Illinois Mortgage Rates and News

Peter Thompson is illinois Mortgage Broker



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Not so long ago, FHA loans were the red-headed step child in the housing market. They didn’t get any respect. That wasn’t always the case. Back in the old days FHA loans were the only option for most first time home buyers or others who had little money to put down. FHA was the way for many borrowers to take their first steps into home ownership here in the Chicago area. Not only could you buy a home with a small down payment, but the entire down payment could be a gift, and your credit didn’t have to be perfect. There were problems with FHA loans, though. It took longer to get a loan approved and closed than with a conventional loan, and if there were issues with the homes condition (like peeling paint) the issues had to be fixed before closing. Many people felt that FHA underwriters were professional nitpickers, so if they had a choice, many Realtors and home sellers would take a conventional buyer over an FHA buyer. As time went on

illinois Mortgage Refinancing

FHA became less and less of a factor in the market. Conventional loans came out with low, and later no down payment options, and other loans catered to borrowers with bruised credit. Another part of the problem was that FHA didn’t keep up with the market values. As home prices moved up in Dupage County and throughout the Chicago area, FHA kept their loan limits low, and became a non-issue for all but the lowest priced homes. Now, as the conventional market is in turmoil, it looks like FHA has another shot at its glory days, and there is no doubt that FHA financing is the best loan option for many Chicago area home buyers.

Over the last few years FHA has updated the way they make loans. They’ve eased off on their property conditions, and with direct endorsement underwriters we can approve and close an FHA loan as fast as we can a conventional loan. But the biggest change is that FHA has increased their loan limits here in the Chicago area and throughout the nation. In the Chicago area (this includes all of the collar counties including Dupage, Kane, Lake and Will) you can now get an FHA loan on a single family home up to $410,000. This is already making an impact. FHA’s market share in 2006 was about 3% of total mortgage originations. Today FHA is closer to 10%, and moving up.

Why would you consider an FHA loan over a conventional loan? Here are some of the advantages:

1. No Risk Based Pricing adjustments- Risk Based Financing is the idea that those borrowers with the best credit scores will be able to get the best mortgages rates, and those with lower credit scores will have to pay more. Fannie Mae and Freddie Mac, the two big buyers of mortgage loans in the mortgage aftermarket, recently changed their guidelines in a way that meant all but the very best borrowers will pay more for a loan. Now buyers with credit scores under 720 and with down payments under 20% are getting hit on their pricing. This isn’t the case with FHA. With FHA if you qualify for the loan you get the best pricing. You can qualify for an FHA mortgage with credit scores in the upper 500s – without any price hits.
2. FHA uses common sense credit guidelines –FHA looks at the buyers over all history, not just their credit scores. FHA uses a common sense underwriting approach that understands credit problems can happen to anyone. Their concern is that the problem has been addressed and isn’t likely to occur again. If you have had credit problems in the past, you may need to document why they happened and what you have done to correct the problems, but you aren’t automatically frozen out of a loan, as you would be now with most conventional loans. If you have some issues with your credit, give me a call before you are ready to buy. Working to fix your credit earlier will help you save money later.
3. You can buy with a low down payment – or no down payment – This is another area where FHA has a big advantage over conventional loans. It is now much harder to get a conventional mortgage with a minimal down payment. But FHA only requires 3% down. And this down payment can come from a gift from a relative or as a grant from a down payment assistance program. That means that you can still buy a home with no money out of your own pocket.
4. FHA allows a seller concession of up to 6% - By using seller concessions, you can structure your purchase in more creative ways. One way many buyers use this is by converting a seller concession into a grant from a non-profit down payment assistance program like Nehemiah or AmeriDream. Here is how it works. When you negotiate the contract with the seller, you would ask for a concession on the price upfront — the amount will usually be between three and a half to four percent of the price (more if you want to build in closing costs, too). Three percent will go for the down payment; the rest goes to pay for the organization’s administrative costs. The seller agrees to give this negotiated concession to the grant provider at the closing table, and they in turn give a “grant” to you for your down payment. This is all done on paper and no money really changes hands, but it allows you to buy your home with no money down. There are other ways to use the seller concession, including buying down your interest rate to lower your monthly payment. The important thing is to make sure you ask for the concession right up front when you first start to negotiate your purchase.
5. FHA is more lenient with past bankruptcies – With FHA you can buy a home 2 years after a Chapter 7, and 1 year after a Chapter 13 bankruptcy – sooner if the bankruptcy is medically related or due to actions beyond your control. You will still need to show that you have reestablished your credit and can afford your new payment.
6. FHA financing is available for Permanent Resident Aliens – With FHA you don’t need to be a U.S. citizen and you don’t need to have your green card. You will need to have a social security number, established credit and proof that you are able to work in the United Sates.
7. No cash reserves are required – This is another way that FHA differs from conventional financing. Saving up for a down payment is the biggest obstacle to buying for most first time home buyers. With conventional loans you need to have saved not only the amount for the down payment, but also have some money left over in reserve. With FHA they only require enough cash to close and you don’t need money in reserves.
8. No income limits – Many of the low and no down payment conventional loans are set up to help low and moderate income home buyers. This isn’t the case with FHA. It’s goal is to help more people buy homes and there are no limits on how much you can make.
9. Non traditional credit is accepted – Most conventional loans require that you have a credit score and an established credit history. But not every one uses credit. With FHA we can build up a credit history from other payments you have mad. This would include your rent and utility payments, and any other non-traditional credit you have used.
10. Mortgage insurance is lower than conventional – FHA splits their mortgage insurance into 2 parts – an upfront insurance which is added to the loan amount, and a premium which is paid monthly. If you are buying with a minimum down payment, the combined premium on FHA is better than it is with conventional loan programs – especially if your credit scores aren’t the highest.

These are other just a few of the advantages of FHA financing. There are other advantages of FHA financing which help some individual needs. One of the biggest things to keep in mind is the pricing. FHA pricing is as competitive as conventional financing –and much lower if you are buying with a low down payment or if your credit scores aren’t the absolute best. If you would like to see how FHA could work with your situation, give me a call or contact me. I would love to work with you.

Illinois Mortgage Rates and News

Peter Thompson is illinois Mortgage Broker



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In my last post, I responded to a question that Wicker Park Realtor  Dave Weiss asked about why advertised rates are never right. Part of the reason is because so many lenders play fast and loose with the truth in order to get their phones to ring. This is a classic bait and switch, and it gives our industry a bad reputation.

Another part of the picture is that there is no way that an advertised rate can be correct without taking into account all the factors which go into pricing a loan. When a lender takes on a new mortgage their goal is to minimize their risk and make sure that they are getting paid for the risks they are accepting. Lenders access their risk first by underwriting the loan and making sure it meets all their guidelines. Based on past performance, some loan characteristics increase the chance that the borrower will default on their loan, costing the lender money. Lenders, mortgage bankers, and mortgage brokers are willing to approve loans which have these factors, but they want either a higher rate or more fees in order to make up for the higher risk.

Here are some of the things that factor into the price of a loan, and how I price out my Illinois Mortgage Rates:

Credit scores – Fico scores are a measure of how likely a borrower is to pay back the loan. Up until recently, if you qualified for a conventional loan (a loan that was eligible for purchase by Fannie Mae or Freddie Mac, the 2 biggest purchasers of mortgages in the aftermarket) your pricing would be the same whether your score was in the low 600s or the high 800s. If you didn’t meet these guidelines you could still get a mortgage at a higher rate, but these were considered Alt-A or sub prime loans. But that is changing because of all the problems in the mortgage market. Sub prime and Alt-A loans are pretty much gone now, and Fannie Mae and Freddie Mac have recently adopted risk based pricing. This means that Borrowers with lower down payments and credit scores below 680 will now pay more for their mortgages.

In order to quote an accurate mortgage interest rate, you need to know the Fico score first. This makes it all the more crucial to review your credit and work on any problems before you are ready to apply for a loan.

Loan type – Even when comparing 30 year fixed rate loans, there are a whole variety of programs available, each to meet specific needs. The pricing changes based on the loan type. Conventional loans (Fannie and Freddie) are good up to $417,000 for a single family home. If your loan is above that you would most likely look at a Jumbo loan. Jumbo mortgages are not able to be sold to Fannie Mae and Freddie Mac, so they are priced higher.

If you qualify best for an FHA loan, the pricing would be different. The same goes with many of the first time home buyer loans like My Community, the Community Home Buyer Loan and the City of Chicago Bond program, or other bond loans.

LTV and CLTV – This means the Loan to Value and the Combined Loan to Value, or how much is the mortgage compared to the value of your home, and how much if you include any other mortgages on that home. This is another way of stating how much equity you have in your home - the higher the equity, the lower the loan to value. And the less equity you have, the higher the risk is to the lender. Part of this risk is taken up by having mortgage insurance for loans with less than 20% equity, in some cases it is taken up by higher pricing.

Are you buying with a second mortgage added on? In the past this has been a great way to buy with less money down and avoid mortgage insurance. It is harder to do in many cases now, and you may pay more on your first mortgage if you have a second loan attached.

Loan purpose – Are you buying a home or refinancing? If you are refinancing your home and taking cash out, it would cost you more if your loan to value is greater than 70% (less than 30% equity).

Occupancy – Is this your primary residence, a second home or an investment property? You get the best rates and fees for your primary residence. Second home loans are often the same, but in some cases they can be slightly higher. Investment property is looked at as a riskier type of loan and investors are more likely to walk away from a bad investment, than home owners are on their homes. So there are higher rates and fees when you buy non-owner occupied or investment homes.

Type of property – Mortgages for single family and two unit homes are priced better than loans for three or four unit homes. Buying a condo may also mean you pay a little more, depending on the loan program and your loan to value. Especially if it is a new construction condo or a condo converted from rental units.

Loan amount – On conventional loans, pricing is usually better for larger loans. It costs the same to process and close a small loan as it does for a larger mortgage. Because of this the pricing improves on loans over $200,000. On the other side, loans under $100,000 have increased fees, and the fees go higher as the loan price drops.

Documentation type – Pricing is better for loans where you show documentation to prove your income and assets than if you took on a loan with less documentation. These loans aren’t as big of a factor in the market as they were a year or so ago.

Property location – There are some areas in the city of Chicago and in the Chicago suburbs that are considered target areas. These neighborhoods are targeted for redevelopment and banks are encouraged to lend in these areas – more than encouraged, they have to have to lend a certain amount in low income areas or they could face big problems with the federal government. Because of this pricing in these areas is better. The original idea here was to offer more homes for low and moderate income borrowers. Often the areas marked for redevelopment are the hot areas where prices are rising. Make sure your loan officer checks to see if you are in a CRA or targeted area.

Buying out of state the pricing can be different, too. I specialize Illinois Mortgages, but also close loans in most states. The wholesale lenders have different rates for each state.

Length of the rate lock – You will get slightly better pricing for a 15 day rate lock than if you locked your rate in for 60 days.

Escrows – Mortgages are usually priced so that the end lender will hold your escrows for taxes and insurance, collect 1/12^th of the payment from you every month and pay the bills when they come due. Many borrowers want to pay these bills themselves and earn the interest on their money until the bills come due. You can do this if you meet certain guidelines, but it will cost you. Most lenders charge a quarter point fee if you waive your escrows. On a $300,000 loan this is an extra cost of $750.

Pre-payment penalty – If you know you aren’t going to be moving or refinancing for a while, you can sometimes get a lower rate by agreeing to pay a pre-payment penalty. This will lower your costs, but it also handcuffs you into staying in the mortgage. If you end up moving or refinancing before the time expires, it could cost you a lot.

These are some of the things that factor into the rate and cost of a mortgage. Even bigger though is how the loan fits your needs and what you qualify for best. It doesn’t make any sense to shop the rate on a conventional mortgage if you can only qualify for FHA. Also, make sure you look at the bigger picture, not only the interest rate but the costs of the loan and how the financing works for your personal situation.

I’ll have more on what you can do to make sure you get the best rates and fees when shopping for a loan in upcoming posts.

Illinois Mortgage Rates and News

Peter Thompson is illinois Mortgage Broker



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Chicago,IL - Dave Weiss of Serious Real Estate - Chicago Real Estate Marketing and Sales had an interesting post on Why Advertised Mortgage Rates are Never Right. This is one of the dirty truths in the mortgage business. Mortgage ads are everywhere, on the Internet, spamming your email, in newspapers, billboards, radio – everywhere. These ads either show an unbelievably low interest rate, or they claim that they will get you the best mortgage rates. Like Dave said, they are almost always wrong. Mortgage rates quoted in newspapers and news articles are just as likely to be wrong. Why is this? There are several reasons:

1. When mortgage rates are given in news articles they are usually linked to some kind of national survey of what lenders are charging, like the Freddie Mac weekly mortgage rate survey. Here the problem is a matter of comparing apples to oranges. The survey tries to standardize the rates and fees across the nation. The Chicago area is one of the few places where we don’t customarily charge a 1 point origination fee, so the rates here will be slightly different than the survey rates which have more fees built in.
2. Everyone, whether they are a mortgage banker a mortgage broker or a bank, fund their mortgages through the same sources. Because of this mortgage rates should be very close from one lender to another. The purpose of advertised rates is to get the phone to ring and it quickly becomes a game of who can lie the most convincingly. I’ll cover this more.
3. Mortgages are priced-out based on a whole range of factors, so a true mortgage rate quote has to take into account your specific situation and your individual needs. There is no such thing as a one-size-fits-all mortgage. I’ll cover this in depth, too.

In this post I’ll look at the darker side of the issue, why companies advertise rates that are wrong from the beginning. This is way too common. The truth is that all mortgage lenders are pulling money from the same sources, Fannie Mae and Freddie Mac for conventional loans, and various Wall Street syndicators for Jumbo and niche product loans. This means that all mortgage lenders have close to the same cost of money. There are differences in business models (this will be another post) but the net costs of processing and funding a loan is also similar with all lenders. In the real world rates should be close to the same from one company to the next. Different lenders go in and out of the market, but it’s rare for a lender to be more than 1/8 or ¼ of a point better than the over-all market.

So how do the lenders in the newspaper offer rates that are way below the current market rates? Some of it comes to twisting the facts, and some of it is out right lying. If a mortgage lender is relying on advertising to bring in prospects, he needs to have a reason for a potential buyer to call in or click on his ad instead of any of the other places they could get a loan. Because the ads all focus on rate, the one with the lowest posted rate will get the most phone calls. So what do they do when their rates are no better than anyone else’s? They increase their fees to make up for their lower rates, they quote lock periods too short to close the loan, they include pre-payment penalties, they price out adjustable rate mortgages and call them fixed rates. And they lie.

Ads in the newspaper are placed days ahead of time. To make the Sunday Chicago Tribune, an ad has to be placed on Wednesday. The mortgage market changes every day. A rate quoted on Wednesday is obsolete and ancient history by the time a potential home buyer sees it on Sunday. If the market has improved in that time, the rate might be in the ball park. If the market stays the same or gets worse, then the lender says that the rates have changed. But now he has a buyer on the phone, and he has a chance to sell them something. This is the used car salesman model of mortgage broker (though big banks have been known to do the same thing), but because so many people focus only on the interest rate, it’s a big part of the market.

I don’t claim to have the lowest mortgage rates in Illinois, though I know they are always in the market range. But making a decision on where to get a mortgage covers a lot more than who has the best mortgage interest rate. You need to look at the entire package. Not only how low the rate is, but is it the right type of loan for you? What are the costs of the loan? Do you feel comfortable with the loan officer and believe that he is truly working in your best interest? Does your loan officer return your phone calls and follow through when he says he will? What is the reputation of the company? Do you know anyone who has worked with them? Will they be able to close your loan on time and at the rate they promised? Do they show everything upfront and on paper? If you make the wrong decision, the lowest interest rate could cost you a lot of money.

My goal here at Illinois Mortgage Rates and News is to make the process as open and transparent as possible. I publish Illinois mortgage rates every Friday, and the rates I show are true rates that I will stand behind. These rates are real, still, they won’t apply to every situation. The only way to know exactly what rate you would be able to get is to have a loan officer talk with you and go over your full situation.

In my next post I will cover all the different factors which impact your mortgage rate.

Illinois Mortgage Rates and News

Peter Thompson is illinois Mortgage Broker



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Are you looking to buy a new home this year? If you are, planning ahead will make the process easier and less stressful. To make sure that you make the best decision there are several things you should do before you even start to look at houses. Here’s a to-do list for buying a home:

Check your credit – Having good credit is more important than ever before for both qualifying for a mortgage and getting the best pricing. You can get a free copy of your credit report at annualcreditreport.com. (You will have to pay extra to see your Fico score.) Check your credit report for mistakes and potential problems. For more information on credit scoring and how to make the most of your credit, see How to Understand Your Credit and parts two , three  and four.

Determine what you want, and more importantly what you need – This means figuring out what is really important to you. How many bedrooms do you need? Are you looking for a condo or a single family house? Are there features of the home that you must have? Are there things you can do without? Unless you have an unlimited budget, you won’t be able to get everything you want. Thinking it through ahead of time helps you set your priorities.

Set your budget -  How much can you afford to spend on a monthly payment? Keep in mind that you will be get tax benefits with your mortgage, so you can afford more with a mortgage payment than the same amount of rent. But there are other expenses to consider. When you buy a new home you will not only have the mortgage payment, but taxes and insurance, and possibly an association fee, as well as utilities and maintenance. After you buy your new home  will you need more furniture? Will you be redecorating or making home improvements right away? If you don’t have money set aside for these things, will you put them on your credit cards? If so you need to budget for these payments, too.

Count your money - Do you have money for a down payment and closing costs? There are still loans with little or no down payment required, and there are ways to buy with no closing costs. If you have money to put down, where is it coming from? There are a lot of allowable sources,

Put together your documentation - you will need documentation when you go to get your mortgage. Make copies of your most recent W2s, pay stubs and bank statements and you will be a step ahead.

Narrow down your search – Do you know where you want to live? Having an idea of what you are looking for will help you to narrow down the towns or neighborhoods that will work best for you. Compare school districts, amenities, access to transportation, life style and the area’s character.

Get pre-approved for a mortgage – With all the changes in the mortgage market this step is crucial. Even if you were pre qualified for a mortgage earlier, it is important to do it again now. Many loan programs have disappeared and underwriting has gotten much tighter. But there are still a lot of great ways to buy.  A mortgage pre-approval will tell you how much of a loan you can qualify for and how much of a home you can afford. A good loan officer will take it a step further and help you to figure out the best way to structure your financing so it meets your long and short term needs. If there are any problems, a good loan officer can also give you advice on how to put yourself in the best position to buy a home in the future.

Going through these steps beforehand will make your home search easier and more rewarding. Your next step would be to find a good Realtor, find the right home and negotiate a great deal.  But that’s all another topic.

Illinois Mortgage Rates and News

Updated 7/14/2008

Peter Thompson is illinois Mortgage Broker



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Chicago, IL -The Jumbo loan was an unintended victim of the sub-prime tsunami that hit the mortgage market back in August. When the sub-prime market tanked it wasn’t really that surprising. I know I shook my head in wonder at some of the loans that we approved. It doesn’t take a genius to know that lending money to a borrower with no money down, stated income and spotty credit is higher on the risk scale than some of Evil Knievel’s jumps.

Jumbo loans are different. Jumbo mortgages are loans above the lending limit of Fannie Mae and Freddie Mac, the two biggest buyers of loans in the mortgage aftermarket. This means anything above $417,000 for a single family home in Illinois and throughout the continental US. Jumbo mortgages are slightly riskier than conforming loans (those eligible for Fannie and Freddie purchase). It is the old eggs in one basket theory - if you are an investor you have less risk of losing your principal by carrying four $200,000 loans than if you have one loan for $800,000. Because the risk is slightly higher the pricing was slightly higher than conventional loans. But the truth is that jumbo mortgages have a lower default rate than conforming mortgages.

Before the mortgage meltdown the premium for getting a jumbo loan was low – in most cases about a quarter of a point higher than conforming loans. After the mortgage meltdown anything that wasn’t conforming was toxic. Overnight the jumbo market virtually disappeared. Lenders have now come back into the market, but the pricing on jumbos is much higher than conforming loans. Right now the difference is a full point higher.

So what can you do if you need financing and you are in the jumbo price range? You have a few options. The biggest price differences are with fixed rate loans. But if you are willing to take a little more risk and go with a long-term adjustable rate mortgage, the spread gets much thinner. A 7 year ARM, a loan with a fixed rate for the first 7 years, is priced much more aggressively than a jumbo fixed rate. You are taking a chance if you expect that you will stay in the house longer than 7 years and you think that this is as low as rates will go in that time, but over all this isn’t a bad bet. Seven years is a long time and if you still want a fixed rate you can always refinance later.

Another option is to break the loan into 2 parts, a first and a second mortgage. This works best if you are in the lower range of jumbo mortgages. Here is how this works. Let’s say that you are buying a home for $700,000 with a 20% down payment and financing $560,000. Let’s say that the interest rate for a 30 year fixed rate on this loan amount is 6.75%. That means a payment of $3,632 per month.

This is how it looks if you break the mortgage in two. The first mortgage would be at the conforming limit, $417,000. Let’s say the rate here is 5.75%. That gives you a payment of $2,433 per month. The amount left over, $143,000, goes into the second mortgage. The rate on the second is higher, say 7.5% for a fixed rate. This means a payment of $998 per month. Add the two payments together and you get a total payment of $3,432 – a savings of $200 each month compared to taking out a single jumbo loan.

The savings lessen as the second loan gets higher, but this is  a great strategy and and one worth exploring. If you are looking to buy ahome and get a jumbo loan in Chicago, the Chicago area, throughout Illinois or throughout the country and want to run some numbers contact me here at Illinois Mortgage Rates and News. Jumbo rates should improve and get closer to the conventional rates over time, but until that happens this is a great way to save money

Illinois Mortgage Rates and News

Updated 06-29-2008

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