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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