Today I got what I took for a left handed compliment. I've had a few conversations with a CPA who works with one of my clients. Today I got the information I needed from him and answered a couple of questions he had. At the end of our conversation he said, and this is a quote - "Most of the mortg
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11/08/2007
When rates are down, the cost of refinancing their mortgage is the biggest obstacle to homeowners lowering their payments and taking advantage of the low rates. The more that the loan costs, the longer you will need to be in the new loan before refinancing even makes sense. So if a loan costs a l
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11/07/2007
I was working with this FSBO who had no W2s, so I sent off a VOE. But before I ran the DU in the AUS, I thought maybe we should do this as an NIV. He was looking at a JUMBO I/O but he didn't like the APR, and his PITI was a budget buster. I tried to think of what I could do to get this through F
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11/05/2007
In the first installment we talked about the first financial benefit of owning a home, how you gradually build equity by paying down your loan. A more dramatic benefit of owning a home is property appreciation. Over the years, home prices have risen steadily in the Chicago area and throughout the
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11/05/2007
Lessons I learned at Donald Trump's Expo in Chicago1. Many people are unhappy with their current situations and are looking for something to change their lives.2. All the news about foreclosures and the real estate slowdown is good news for those who think they can take advantage of the market a
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11/04/2007
There are so many reasons for owning a home - the pride of having a place of your own, a chance to establish your roots, the joy of having a real home where you can express your own personality and style. But the best reasons to buy may be financial. In fact, buying a home may be the smartest fin
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11/02/2007
As expected, the Federal Reserve Bank lowered the Fed Funds rate by a quarter of a point down to 4.5%. This wasn't a surprise, and was priced into the market. The suspense has been tied to how the statement issued after the meeting would read. Well, the suspense is over. Bernake and company state
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10/31/2007
It's all about commitment. If you are a first time home buyer - that is, if you are thinking about becoming a first time home buyer but you are renting now - this is a big step. You probably have some serious commitment issues. Renting is a casual fling. You probably like the place you live in no
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10/31/2007
The Federal Open Market Committee (The Fed) is meeting again tomorrow for the first day of a 2 day meeting. What they do in this meeting, and what they say when they are done, will help determine the direction of mortgage interest rates. Conventional wisdom is that they will cut the discount rate
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10/29/2007
Do you remember back when our biggest real estate problem was lack of inventory? Do you think fondly of the days when listings sold before they hit the MLS? Have you checked recently to see if your phone it is still working? Have you been finding you have more time to watch Oprah lately? The new
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10/28/2007
