Rate Lock Advice for Chicago and Oak Park - 7/30

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK. Although risk has tapered off, there is still too much risk to justify floating. If closing in more than 15 days, however, I still recommend FLOATING, but the market is losing momentum and there is increasing risk of rates increasing.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rates Remain Extremely Low

As I look back over this and the last few weeks from a rate perspective, I think of the French saying “plus ça change, plus c’est la même chose.” It says that the more things change, the more they stay the same and this sentiment definitely applies for mortgage rates. In short, rates remained extremely low throughout the week with no discernable change.

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Effectively searching for your new Lincoln Park home, Part 1…the Funnel

Great article from a colleague of mine

According to the National Association of Realtors®, approximately 90% of all home buyers* begin their search on the internet. With all those companies and individual agents vying for such limited shelf space, how do you make sure you’re selecting the best agent to help you find your new home? As an internet savvy Realtor®, I’ve likened the internet home search to a funnel, National aggregators like Realtor®.com are at the widest part, then corporate sites and finally, individual agent sites being at the smallest end of the funnel. This means buyers start with generic searches and work their way to an individual.

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Rate Lock Advice for Chicago and Oak Park - 7/29

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK as there is increasingly less chance of securing a better rate. If closing in more than 15 days, however, I still recommend FLOATING, but the market is losing momentum and there is increasing risk of rates increasing.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/28

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK as the risk outweighs the benefit. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/27 (No Change)

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK as the risk outweighs the benefit. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/26

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK as the risk outweighs the benefit. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

The Adventures of Mortgage Man: The Loan #3

Please contact me if you need a Mortgage Man of your own.

Rates Tick Up In Wake of Wall Street Rally – Lock or Float

23 July 2010 –Rates began the week coming off the lowest mortgage rates we have seen to date, so things could not have gotten much better. Economic news was generally favorable with good earnings data for many companies across several industries, which helped equities markets. This had an adverse effect on mortgage rates to the frustration of any fence-sitters out there who were hoping for that elusive sub-4% 30-year fixed rate mortgage. Luckily the was a counter-balance in the form of comments by Fed Chairman Bernanke that there were no plans for further stimulus and that inflation could be an issue at some point in the future. This threw a bit of water on Wall Street’s scorching hot gains and reduced any rate increases to a couple basis points.

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Mortgage Rate Lock Advice for Chicago and Oak Park - 7/23

Are you currently in the process of buying a home or refinancing? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK as the credit situation in Europe may be better than expected with favorable results from stress tests. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/22

Are you currently in the process of buying a home or refinancing? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term - LOCK as equities are still on a tear fueled by favorable earnings reports. The risk in this window is too great for the reward. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/21

Short-term - LOCK as equities recovered yesterday adversely affecting mortgage pricing. While there was improvement today, timing is too short for this risk. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/20

Short-term - LOCK as equities recovered yesterday adversely affecting mortgage pricing. While there was improvement today, timing is too short for this risk. If closing in more than 15 days, however, I still recommend FLOATING.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/19 (No Change)

Short-term - FLOAT as equities markets are reacting unfavorably to bad economic data.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

EVERYTHING'S PEANUTS - Downtown Oak Park Sidewalk Sale

Come down and shop Downtown Oak Park sidewalks to find great deals. Stores and shops will have tables and racks out on the sidewalks for easy outdoor shopping. Activities and entertainment for the entire family will be provided.

July 22, 10-9pm
July 23, 10-8pm
July 24, 10-5pm
July 25, 12-4pm


FREE Popcorn. will be handed out throughout the event in front of 1010 Lake St - sponsored by Lake Theatre

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Mortgage Rate Lock Advice for Chicago and Oak Park - 7/16

Short-term - FLOAT as equities markets are reacting unfavorably to bad economic data.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rates Retreat Further—They’re Officially Ridiculously Low

I must admit that sometimes I feel like the guy at the craps table betting against the come. The one who revels in repeated cold streaks as he scrapes stacks of chips from the table while everyone else loses. When I feel this guilt, however, I just remember that the scourge of the craps table is simply making the most out of a bad situation. That said, this was another rough week for the economy, but a good week for mortgage rates.

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Mortgage Rate Lock Advice for Chicago and Oak Park - 7/15

Short-term - FLOAT as equities markets are reacting unfavorably to bad economic data.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/14

Short-term - LOCK as equities are currently trending up and the risk outweighs the likelihood of rate improvement. I am now recommending that those closing in 7 to 15 days FLOAT based on potential favorable market conditions.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

The Adventures of Mortgage Man: The Loan #2

Click on comic strip for larger image

Tune in next week to see Mortgage Man put together a file in lightning speed to begin his battle with his arch nemesis, The Underwriter.

Please contact me if you need a Mortgage Man of your own.

Reverse mortgage might make sense for some at a certain age

OakLeaves contributor Felecia Dechter writes that a consumer who took out a reverse mortgage a few years back told her how well it was working out a few years ago, helping her to pay bills and have a couple of extra bucks in her pocket. The sad thing is, when she called to talk about it, the woman now 91 could no longer remember the details.

Oak Park resident Doug Katz, a mortgage banker with Chicago Bancorp, highly recommends reverse mortgages. Katz directs the day-to-day mortgage sales operations of more than 25 branches for the company.

"Reverse mortgages are typically best for somebody trying to make up an income shortfall in retirement," said Katz, in business since 2002." I think a lot of seniors are on the ropes. Social security and pension aren't getting them where they need to be. But they have equity in their property, and they can tap that equity to create income."

There are criteria for a reverse mortgage. You have to be 62 plus, and have to have some equity. Your age determines how much you receive and how it's paid out is determined by the borrower. The loan comes to an end when people hit limit, and the only time it has to be paid off is if the property is vacated.

Katz told Oak Leaves there is a huge amount of protection built into the product. "You can't even take an application before people talk to a HUD-approved counselor. Not to say it's riskless but it's like anytime that you're securing any debt. You have to figure out how it fits your financial structure."

Reprinted with approval of author and courtesy of Pioneer Press

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/13 (No Change)

Short-term - LOCK as equities are currently trending up and the risk outweighs the likelihood of rate improvement.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

5 Things to Know When Buying a Condo

The condominium is a great type of property. It provides the joy of ownership with minimum amount of maintenance, but it is also a type of property that strikes a bit trepidation into the heart of lenders. Think of it as the difference between running the 100-meter hurdles versus a simple 100-meter dash. You get to the end of both races, but one definitely has more complexities.

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Mortgage Rate Lock Advice for Chicago and Oak Park - 7/12 (No Change)

Short-term - LOCK as equities are currently trending up and the risk outweighs the likelihood of rate improvement.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rates Largely Unchanged This Week

This was a short week in the markets following the Independence Day weekend. Mortgage rates were, for the most part, unchanged with a minor increase over the past several days due to a rally in equities predicated on positive jobs and retail sales figures. Additionally, there has been an optimistic atmosphere on Wall Street on belief that earnings will be better in the next round of reporting and that many European banks would pass their upcoming stress tests. I have moved my recommendation to locking any loans closing in less than 15 days, but I am still recommending floating for loans further out on expectations that we are far from turning the corner on our economic woes.

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Mortgage Rate Lock Advice for Chicago and Oak Park: 7/9 (No Change)

Short-term - LOCK as equities are currently trending up and the risk outweighs the likelihood of rate improvement.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

The Adventures of Mortgage Man: The Loan #1

Tune in next week to see when

Mortgage Man begins the application process with Betty Borrower.

Please contact me if you need a Mortgage Man of your own.

Mortgage Rate Lock Advice for Chicago and Oak Park: 7/8

Short-term - LOCK as rates have begun an upward trend as of yesterday afternoon. They have stabilized for now, but the likelihood of a decrease in a window of 15 days or less is small.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates. In the window of 15 to 30 days, there is now more risk and vigilance is recommended.

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park - 7/7 (No Change)

Short-term - LOCK as there is no longer a benefit in floating your mortgage rate this close to closing. If you are closing in 7 - 15 days, I would consider FLOATING, but mortgage markets are trending toward repricing at higher lending rates.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park: 7/6 (No Change)

Short-term - LOCK as there is no longer a benefit in floating this close to closing. If you are closing in 7 - 15 days, I would consider FLOATING, but markets are trending toward repricing at higher rates.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

Click here if you would like to know more or want to talk about your individual needs

Happy Independence Day

As Independence Day approaches, I cannot help but reach back fondly to my childhood for the best explanation on the significance of the 4th of July. Enjoy the link below and please take a moment to remember our servicemen and women who represent the the finest example of our values and for whom fireworks and rocket's red glare are a daily and dangerous reality.

No More Kings

Mortgage Rate Lock Advice for Chicago and Oak Park: 7/2

Short-term - LOCK as there is no longer a benefit in floating this close to closing. If you are closing in 7 - 15 days, I would consider FLOATING, but markets are trending toward repricing at higher rates.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

Click here if you would like to know more or want to talk about your individual needs

Mortgage Rate Lock Advice for Chicago and Oak Park: 7/2

Short-term - LOCK as there is no longer a benefit in floating this close to closing. If you are closing in 7 - 15 days, I would consider FLOATING, but markets are trending toward repricing at higher rates.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

Click here if you would like to know more or want to talk about your individual needs

Homebuyer Tax Credit Extended

As expected, the Federal Homebuyer Tax Credit has been extended. At the 11th hour, Congress finally officially did what was generally expected in the industry by extending the deadline to close loans from 30 June to 30 September. I will hold my personal opinions to a minimum, but doing this earlier would have definitely saved many buyers and lenders the stress and craziness that we have seen over the last few weeks. I will say that this at least takes care of the buyers who missed the June 30th deadline due to the inherent difficulties of getting loans done in the current lending environment. As with the prior requirements, contracts must have been ratified by April 30th, 2010.

Mortgage Rate Lock Advice for Chicago and Oak Park: 7/1

Short-term - LOCK as there is no longer a benefit in floating this close to closing. If you are closing in 7 - 15 days, I would consider FLOATING, but markets are trending toward repricing at higher rates.

Long-term - FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low rates

Click here if you would like to know more or want to talk about your individual needs

Homebuyer Tax Credit Update

Once again the misinformation is flying on what is going on with the Homebuyer’s Tax Credit Extension.

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