Lending in La Grange & surrounds

The changes in and tightening of credit has made straight 'rate shopping' a thing of the past. OR if it hasn't it should. No longer can you pick up the phone and ask 'what's your 30 year rate today?' When rates go down as they have over the past half week, the media spreads the word; great for pe...

I've had numerous questions posed regarding the $7500 tax credit established under the Economic Stimulus Plan. So here's an answer to many: The $7500 is a tax credit; it is a direct offset of taxes owed at tax time, not a reduction in income for tax purposes, nor a credit on closing costs, as som...

With the many shifts in mortgage lending, communication with your buyers and their attorney's is still and maybe more important than ever. In a recent transaction, a local attorney refused to get the ball rolling on the trust in which his client ( and mine) wished to close his loan. He was so wor...

With Bush's signing of the legislation, many readers are assuming that the white horse is charging to the rescue. The bill is costly(to the taxpayer,) cumbersome, and will take much time to impact the housing market. BUT, the immediate benefit is that people will FEEL that assistance is developin...

With housing prices down (the percentage which the market has declined varies by the day and by the expert quoted. Brand New Listings are coming out at greatly reduced prices: priced to sell. ) and with rates at still low levels, the perfect storm of buying is upon us. Recession frees will eventu...

One of our pmi representatives gave us some news today...pmi rates are going up, making it harder to qualify AND harder to afford low downpayment loans. In a cyclical business, we are definitely experiencing a low. However, when the going gets tough, the tough gets going as the old adage says. Wh...

While Fha raised its loan limits in an attempt to 'assist' in the current housing situation, new changes in its premium structure schedule for July may have just the opposite effect from helping. The premiums will adjust upward for less than stellar credit scores and for downpayments of less than...

Wow, is there a lot of information/misinformation about Cook County's predatory lending measure out there. The law/program requires the borrowers to undergo counseling IF and ONLY IF the borrower is a a first time buyer, AND the borrower is obtaining one of the following FUNKY / offbeat/ slightly...

While the mortgage industry has tightened and has eliminated many of the zero down options popular a year or so ago, savy sellers can still market their homes using the Ameridream and Nehemiah programs. With these homeowner assistance programs, sellers indirectly contribute to the buyer's downpay...

As credit tightens, lending has entered a new phase or reentered a phase we've not seen since the late 90's.Don't get me wrong, money is available, but narrower quidelines does make it harder to navigate. Experience and perserverance are what you need to look for in selecting a lender.A lender wi...