Neil Coleman Mortgage Matters

Mortgage Rates Mixed Freddie Mac’s Primary Market Survey reported mixed results for average mortgage rates last week. The rate for a 30-year fixed rate mortgage dropped to 4.51 percent from 4.53 percent with discount points lower at 0.70 percent; the rate for a 15-year fixed rate mortgage was 3.5...

While many people claim every January that they are going to exercise more, a lot of them give up after the first couple of months. It takes a great deal of effort to make it to the gym before work or have the energy to go afterward. So don’t make a New Year’s resolution you know you won’t keep. ...

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s latest provision – the Qualified Mortgage rule – is going to effect on January 10, 2014. While its ability to protect customers remains to be seen, one of its impacts is already clear. Taking out a home loan just got harder. This cou...

One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to pay “discount points” to lower your interest rate. There are pros and cons to doing both and ea...

Home Price information for October was released on December 31. Home prices in most cities continued to show year-over-year gains. Year-over-year increases have been in double digit territory since March 2013. Want to know what your home’s current market value is? Looking to purchase a home in 20...

The last week of 2013 brought relatively good news in view of the economic roller coaster rides caused by legislative impasse. A brief shutdown of federal government agencies, and nail-biting suspense over if and when the FOMC of the Federal Reserve would taper its quantitative easing program. La...

Beginning Jan. 1, 2014 the maximum FHA loan size in the Chicago area is $365,700, down from $410,000.While this will affect some home buyers, its impact will be non-existent for most.  Why? The 2013 median price was $170,000 in the nine-county Chicago Primary Metropolitan Statistical Area. Here’s...

Before taking out a mortgage to buy a home, it’s time to take a realistic survey of your finances so that you can determine your price range and what size of home you can comfortably afford. Buying a home that suits your finances will mean that your mortgage payments will be easily within your bu...

The holiday season and winter weather slowed home sales in November. Last week, the NAR reported that sales of existing homes had slumped to their lowest level in nearly a year, but this was not unexpected. Short supplies of available homes and rising mortgage rates have increased pent-up demand ...

The University of Michigan’s Consumer Sentiment Index was improved for December at 82.5, after the November reading was adjusted from 82.5 to 75. Analysts noted that consumers were relieved when legislative gridlock ended. Durable goods orders reached their highest level since May with November’s...