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March 09, 2007Chicago Loftswww.greatchicagorealestate.com/map.php *Beds/Baths Posted by at 07:40 PM
March 07, 2007You have to see to believe!
Posted by at 05:29 PM
Avondale Beauty Under 300K...
Posted by at 05:28 PM
University of Chicago Students and Staff!
Posted by at 05:26 PM
February 26, 2007My new listing...
Posted by at 11:20 PM
February 16, 2007Chicago Realtors, Join Our Team!Aggressive marketing tools: *Top ranking web placement State of the art technology: *Dynamic CRM interface Great place to work: *Health care options Please contact Justin at 773.496.4111 Posted by at 09:24 PM
February 12, 2007chicago commercial real estate...Are you looking for 5+ apartment rental buildings, mixed use buildings, warehouse buildings, or commercial listings? If so, please let me know your requirements and I will email you a list of properties. Please include purchase price, area, type of building, timeframe, pre-approved, and whether or not you're working with an agent. Ron Knoll @ 773 330-2353 cell www.greatchicagorealestate.com/chicago_investment_properties.htm Posted by at 10:20 PM
Open Houses in ChicagoLet me know where your looking, your price range, number of bed/bath and I'll email you a list of open houses. If your curently working with a 'buyers agent' please let me know. happy house hunting... Ron Knoll @ 773 330-2353 cell Posted by at 10:18 PM
Selling in Bucktown/Wicker Park?Selling your home/condo in Bucktown? Call me for a free market analysis, and find out what your Bucktown property would sell for in today's active market. With my proven marketing plan, numerous sales awards, and thorough knowledge of Bucktown, I can sell your home for top dollar! Ron Knoll @ 773 330-2353 cell Posted by at 10:13 PM
Relocating to Chicago?If you're looking for a great condo in Chicago and want to be close to theater, restaurants, Lake Michigan, or Michigan Ave. shops, then just shoot me a email with your needs. Please include: *Beds Ron Knoll @ 773 330-2353 cell Posted by at 10:08 PM
January 17, 2007#1 out of 28 MILLION sites!Wow, nice to be on top of the hill looking down:) Congrats Brent, good stuff! www.google.com/search?hl=en&lr=&q=chicago+real+estate&btnG=Search And Go Bears!!! Posted by at 11:46 AM
January 15, 2007Ukrainian Viilage Condos, Ukrainian Village Real Estate!Ukrainian Village... "The Ukrainian Village District contains an excellent cross-section of residential building types that provides a visual history of immigration settlement on Chicago's Near West Side. Together, they form an important residential streetscape, one that tells the story of German, Polish, and, ultimately, Ukrainian immigrants who settled in the area throughout the late 1800s and early 1900s. An extremely well-preserved collection of workers cottages, two- and three-flats, single family residences, and large apartment buildings, nearly one out of every three of the buildings in the district was developed by the early influential Chicago real estate developer William D. Kerfoot. The first real estate developer to reestablish his business after the Great Fire in 1871, Kerfoot became the embodiment of the "I Will" spirit of Chicago. He reopened his office the day after the fire ended with a sign on his door reading: "W.D. Kerfoot. All gone but , wife, children and energy." These unpretentious residences feature distinguished workmanship and finely crafted details."
Posted by at 11:22 PM
January 08, 2007Chicago LoftsIf you're looking for lofts in Chicago, you've found the right place! So please shoot me an email or give me a call. I just need a few things: area, price, bed/bath, parking, pets, and time frame. Then I'll email you some loft listings and set up showings if any of them look good. Also, please indicate if your currently working with a real estate agent, thanks! Here are some different types of Lofts in different parts of the City. www.greatchicagorealestate.com/chicago_lofts_page_two.htm# Ron Knoll @ 773 330-2353 cell happy house hunting... Posted by at 07:07 PM
Commercial Real Estate ChicagoBest site on the net for every commercial listing in the MLS, go to: www.greatchicagorealestate.com/search_chicago_mls.htm Any questions or showing requests, call me. Ron Knoll @ 773 330-2353 cell Posted by at 07:04 PM
Chicago Buyers & Sellers, Did you know...THE coolest way to search for homes in Chicago! Logging in allows you to view 100% of the listings. Non log-in sites provide you with 60% of the listings in the MLS. Something to consider when searching for your next home!!! www.GreatChicagoRealEstate.com Ron Knoll @ 773 330-2353 cell way,way beyond... Posted by at 06:52 PM
Price Change! Amazing Home in Elgin...Reduced to $324,900. Welcome home! This Valley Creek single-family has just been meticulously rehabbed and is ready for a new owner. Want to know what's been done? Where do we start... How about the new kitchen. Everything is brand new: maple cabinets, stainless steel appliances, sink, pantry, and gorgeous granite counter tops. The master bath has been transformed into your own personal spa. Floor to ceiling travertine tile makes this a true 'master bath'. New vanity and toilet finish off a glorious transformation to this bathroom. The cozy family room has vaulted ceilings, new mantle, carpet, ceiling fan, and provincial brick fireplace. The rehab doesn't stop there... New paint, roof, carpet, light fixtures on the first floor, and hardwood floors in the entry, half bath, eat-in area, and kitchen. New mini-blinds, upgraded second bath including vanity, mirror, cabinet, and travertine tile and new hardware. The lower level has it's own frig and oven, can we say 'perfect in law'! Or use it as an amazing t.v. and entertainment room. The lower level is also complete with it's own full bath. Tons of storage and light complete this lower level. This beautiful home sits on an enormous corner lot. The expansive backyard is a gardeners dream. Close to the Metra, I-90, schools and shops. All you need to do is move in! Saffron Realty Group real estate that goes way, way beyond... Posted by at 06:49 PM
December 19, 2006Commercial Real Estate ChicagoBest site on the net for every commercial listing in the MLS, go to: www.greatchicagorealestate.com/search_chicago_mls.htm Any questions or showing requests, call me. Ron Knoll @ 773 330-2353 cell Posted by at 03:35 PM
December 13, 2006Ron's New Listing!WWW.GREATCHICAGOREALESTATE.COM (go to featured listings...) FORMERLY USED AS A SCHOOL. ZONED B1-1 WITH A TON OF POSSIBILITIES. SOLD 'AS IS'. PARKING FOR 8-10 CARS. WILL NOT LAST, HURRY... RON KNOLL @ 773 330-2353 CELL LOOKING TO BUY OR SELL A COMMERCIAL OR INVESTMENT PROPERTY? CALL ME! Posted by at 04:39 PM
December 11, 2006Chicago Real EstateThe only site you'll ever need! Period www.GreatChicagoRealEstate.com Ron Knoll @ 773 330-2353 cell real estate that goes way, way beyond... Posted by at 10:08 PM
December 09, 2006Did you know...That Chicago web sites that don't require you to sign-up for their MLS search (IDX) only provide you with 60% of the listings that are available in the MLS. Our web site at www.GreatChicagoRealEstate.com will provide you with 100% of the listing by only providing an email and password (VOW). That easy! Enjoy your search...
Posted by at 11:04 AM
December 08, 2006Open House 12/10 from 12-2. East Village Duplex-Up with Skyline Views!1035 N. PAULINA #C. ULTRA RARE EAST VILLAGE 2 BED/2.1 BATH DUPLEX-UP W/ONLY THE FINEST FINISHES SS SUBZERO&BOSCH,1.25 GRANITE,CHERRY CABS,CUSTOM WNDW TREATMENTS,MARBLE BTHS, JACUZZI&BODY SPRAYS. WALNUT STAINED OAK FLRS,AMAZING VAULTED LR CEILINGS,TWO HUGE DECKS&ROOF RIGHTS FOR AMAZING ENTERTAINING.ORGANIZED CLSTS&GRG PKG 1.5 BLKS-DIVISION, 2.5 BLKS-BLUE LN & 30 SECS-XPRESSWAY!! Ron Knoll @ 773 330-2353 cell Posted by at 04:56 PM
November 16, 2006Chicago Realtors, Join Our Team!We're hiring! Give us a call... Saffron Realty Group Posted by at 11:20 PM
November 10, 2006chicago commercial real estate...Chicago Investment Properties! To search for 2-4 flats, apartment buildings, office buildings or any other type of investment property in Chicago, it's just a matter of changing your search criteria when searching the multiple listing service. 1. Location. What part of the city do you want to search? It's usually best to start by choosing a county, and if too many results are returned, then choose specific areas within that county. The database is only as smart as complete as the agent who entered the data. Many agents don't enter the specific area of the city where the property is located, they simply enter the address and county. By searching by county first, you are assured that you are seeing ALL properties for sale. 2. Property Type. You MUST choose the type of property you seek, your choices are: Multi-Family 5+ Units 3. Save Search. Once the search is run, and if you are happy with the results, save the search and choose to have the results of that search emailed to you each day. Each day when the system is updated with the latest listings that have been bought or sold, the system will automatically run your search and notify you of any new results which match your search criteria! Ready to Search? Click on the button below. www.greatchicagorealestate.com/search_chicago_mls.htm Posted by at 05:08 PM
Illinois Real EstateFor real estate that goes way, way beyond... Ron Knoll @ 773 330-2353 cell happy house hunting! Posted by at 04:36 PM
November 05, 2006'Chicago Dirt Merchants'We're your 'Chicago Dirt Merchants', Realtors for hire! Are you a builder or developer looking for vacant land, tear-downs, or development sites? Then I'm the agent to talk to! Please let me know what type of construction you would like to do (single-family, condos, mixed-use, or large scale hi-rises), price, area, and required land square footage, and I'll email you a list of great lots. If you're currently working with an agent, please let me know. Ron Knoll @ 773 330-2353 cell www.GreatChicagoRealEstate.com way, way beyond ordinary real estate... Posted by at 09:48 PM
North Shore Homes and Estates...Ron@SaffronRealtyGroup.com Ron Knoll @ 773 330-2353 cell way, way beyond ordinary real esatate... www.GreatChicagoRealEstate.com Posted by at 09:35 PM
Chicago Condos#1 Web Site in Chicago! Amazing 'Loft Section', Commercial Listings, Cool Blog, Featured Listings, Search for a second home in Michigan, & Useful 'Neighborhood Information' www.GreatChicagoRealEstate.com
for all your real estate needs... Posted by at 09:32 PM
October 24, 2006Lincoln Park Real EstateLincoln Park Illinois Real Estate
Lincoln Park prides itself to be one the most attractive neighborhoods in Chicago. It not only has elegant houses, but also boasts of great location and view. Lincoln Park draws its name from being ‘the happening place’ from many angles. There are a number of exciting sports to indulge and the beautiful area surrounding it gives a surreal feeling to the residents. The economy in Lincoln Park is fast paced, and one finds to their surprise that you can get anything that you would get in the big cities right there in Lincoln Park. Its fame of being a fun place maybe it is derived from the fact that it is populated mainly by youngsters who have established themselves in the recent years. Being a young community it enjoys life and promotes a culture of healthy economic competitiveness, which gives it its fast pace. The beauty of its locale is owned to the fact that Lincoln Park was almost a century back a multiple amalgamation of orchards. It was in the late 1970s that the Government applied itself to transform this area into a homestead location. Real estate in Lincoln Park will suit every pocket and definitely every taste. It has apartment buildings as well as condominiums. However, the majority of the houses are apartments of maximum four floors, each consisting of two or three apartments. Another characteristic of Lincoln Park is row houses which have a long attachment of rooms. These are the most expensive. The housing price ranges between $600,000 to $2 million. Lincoln Park has a great variety of houses available for rent as well. The most favorite and sought after rental properties are the apartments having two to three bedrooms. These range between $1200 to $2500 per month. Most of the se apartments are built in such a way that each has a lake view. This arrangement is actually one of the most attractive parts of Lincoln Park housing lots. The houses are regularly renovated and the outward appearance of the residential areas is exquisite. The only downside here is that most of the buildings do not permit parking. The Lincoln Park has six hospitals in its area, and as many as eight schools. It also prides itself with the presence of the De Paul University. For entertainment, there are a few famous parks in the area: the free Lincoln Park Zoo and the Lincoln Park Conservatory, and Oz Park. Besides, the inmates enjoy fishing, swimming, golf course and a great variety of international cuisine. A novelty, Lincoln Park has a Theatre on the Lake. For all your Lincoln Park needs... Posted by at 06:45 PM
October 23, 2006Wicker Park RealtorWicker Park Realtor, for hire... Whether looking for a loft, condo, or single-family, call the Wicker Park expert. Ron Knoll @ 773 330-2353 cell *Member of the Bucktown/Wicker Park Chanmber of Commerce Posted by at 03:55 PM
October 22, 2006Luxury Homes in Chicago2nd home in Chicago...
Ron Knoll @ 773 330-2353 cell way, way beyond ordinary real esatate... www.GreatChicagoRealEstate.com Posted by at 10:04 PM
April 25, 2005How does financing for a multi-unit building work?BY BILL RUMBLER SUN-TIMES REPORTER How much can you afford to pay for a rental building? Posted by at 09:23 AM
April 18, 2005Clearing credit snags to help get mortgageBy Ellen James Martin Blaine Rickford is an expert at clearing credit glitches for home buyers trying to gain final approval for a mortgage loan. During his 27 years in the home loan business, he has helped several thousand people. "Credit is a scary issue for lots of folks. But it's very possible to correct many discrepancies on a credit report in time to get your loan through," says Rickford, a mortgage broker who opened his own firm in 2000. In resolving credit snags, mortgage company representatives can help. Still, there's no substitute for hands-on involvement by home purchasers in the fix-up process, Rickford says. The raw data in credit reports is compiled by the three national credit bureaus: Experian, Equifax and TransUnion. This includes information from your creditors on your payment history, as well as public documents, such as tax liens and court judgments. To consolidate data from these three bureaus into a single report on a would-be borrower, mortgage companies turn to what's known in the field as a credit agency. This firm combines the three reports into one "tri-merged report." There are now hundreds of these agencies that assist lenders in synthesizing raw credit data. Because there are often mix-ups in credit bureau reports, lenders must sort through these before a mortgage can gain final approval and be funded. The process of clearing a report takes on urgency if home purchasers must close within a few weeks after signing a sales contract. Ideally, people planning to buy a home straighten out credit problems well before they head out on a house-hunting trip. They also should obtain full mortgage pre-approval before looking at properties. But sometimes it's tough to plan ahead. Maybe you're on a short deadline to buy a home or maybe you just happened upon a house you like and signed a contract for the property before getting mortgage pre-approval. No matter the reason, unexpected items often crop up on credit reports that must be dealt with before a loan can be finalized. And this process usually must be done quickly. Here are several pointers for those needing to clear credit glitches before closing on a home deal: - Brief yourself on credit basics. With so much free information about consumer credit now available online, you needn't invest in books. For instance, you can find a great deal of information on your credit rights through the Federal Trade Commission's Web site (www.ftc.gov). Another online guide to credit fundamentals, a lengthy booklet called "Knowing and Understanding Your Credit," is available from the Fannie Mae Foundation (www.fanniemaefoundation.org). This includes background on your "credit score," designed to rate your creditworthiness. Still another Web site, www.creditboards.com, lets consumers share their experiences as they struggle to repair their credit. - Look to your mortgage company for help with quick credit fixes. Rickford isn't in the credit repair business. But through years in the mortgage field, he has developed expertise in helping clients resolve credit snags in order to buy a home. "I'd sit down with the lender eyeball-to-eyeball and go over your credit report. You should discuss the report on a line-by-line basis. If the lender balks at this idea, I'd switch to another company," he says. Carefully scrutinize all entries on your credit report. Once you've applied for a mortgage, Rickford says you should focus on fixing the tri-merged report generated for your lender by its credit agency. "Errors are extremely common," he says. In scrutinizing your credit report, search for paid-off debts that are listed as unpaid. Look for more than one collection account for the same debt. Watch for accounts that were discharged in bankruptcy but are still listed as "past due" rather than "included in bankruptcy." And be sure to pinpoint any accounts that are not yours, perhaps due to a name mix-up by the credit bureaus. Although you can't wipe away negative marks that are accurate, such as late payments, you're entitled to a correction of any negative data that is mistaken or so old that federal law requires its removal. - Get to know the mortgage processor. The person who takes your mortgage application, usually known as a loan officer, is not the only one at the mortgage company who can help you with credit snafus. Another key contact is the processor, who is assigned to assist in finalizing loan documents. Rickford says the processor can be hugely helpful in resolving credit errors that consumers can't seem to fix themselves. "The processor knows the right numbers to call and the right buttons to push to straighten out your credit," Rickford says. Posted by at 09:30 AM
March 30, 2005Determining best down payment for real estate purchaseDeciding factors include age, return on investment "How much should I put down on a home purchase?" Posted by at 03:05 PM
March 16, 2005Real estate purchases growAdjustable-rate loans at highest level since December 2004 Overall mortgage applications increased last week, going up 3.2 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association’s weekly survey. Posted by at 01:55 PM
March 14, 2005City, schools to offer mortgage assistance to teachersCourtesy Chicago Tribune The Chicago Department of Housing and Chicago Public Schools are partnering to bring mortgage assistance to Chicago public school teachers who buy homes in the city. "It is a good time to be a teacher in the Chicago public school system," said Kathe Myers, a Peck Elementary teacher who says she had been searching for an affordable home for years. Myers hopes to move into her condo in the Westhaven Park neighborhood on the Near West Side in summer 2006, she said in an interview earlier this month. Under the Teacher Homebuyer Assistance Program, $500,000 will be administered by the Chicago Department of Housing, with the department and the public schools each contributing half of the funds. "We are seeking another $250,000 from a private foundation," said Diana Johnson, manager of the Chicago Public Schools Teacher Housing Resource Center. City public school teachers can qualify for a $3,000 mortgage subsidy, according to Johnson. Myers will receive a $7,500 mortgage subsidy toward her condo because Westhaven Park is part of the Chicago Housing Authority's redevelopment of public housing complexes into mixed-income neighborhoods. The higher subsidy applies to all such new mixed-income developments associated with redevelopment of CHA complexes. The subsidy will be available through nine lenders, according to Johnson: Banco Popular, Bank of America, Bank One, CitiMortgage, Countrywide Home Loans, Harris Bank, LaSalle Bank, National City Bank and Washington Mutual Bank. "Some developers have offered their own incentives to teachers and some of them to all Chicago Public School employees," Johnson said. Those developers include The Havens, being built by Chicago-based Cornerstone Residential LLC at 87th Street and Parnell Avenue in Auburn Gresham; condos being built by Naperville-based New Vision Development on the 300 block of North Hamlin Avenue, the 300 block of South Hamlin and the 3400 block of West Monroe Street in the Garfield Park neighborhood; and Chatham Courts Condominiums, being built by Chicago-based MLC Development in the Chatham neighborhood. The Havens, for example, also offers $4,000 in upgrades to city public school teachers, according to Jay Johnson of Cornerstone. "Teachers can visit our Web site [www.teacherhousing.cps.k12.il.us] to find a complete list of all developer partners and details of each of their incentive programs," Johnson said, adding that some of those benefits are offered to other public school employees. Like all teachers in the program, Myers had to qualify to participate. "I had to take a home buyer class and have already attended that class at the Rogers Park Community Development Corp.," Myers said. She also agreed to remain a teacher in the Chicago Public School system for five years from her mortgage closing date. "Some teachers are combining the mortgage subsidy benefits of the program with benefits offered in other city and CHA programs, so other terms may also apply," Johnson said. For example, Myers is buying a condo that Westhaven Park is marketing as affordable, discounted from the market-rate prices that other comparable units in the Westhaven Park neighborhood are selling for. Therefore, Myers is agreeing to turn over profits from sale of her unit to the city, if she should opt to sell before paying off her 30-year mortgage. Posted by at 03:48 PM
February 22, 2005How can I improve my credit score?Blemished reports make borrowing money more difficult A woman who was recently in the market for a new home discovered that her credit report was blemished, all because of a late payment on her existing home mortgage. This came as a surprise to her because she always paid her bills on time. Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books. Posted by at 11:48 AM
February 17, 2005Real estate refinancings gain market shareNew purchase loans drop Overall mortgage applications fell 0.5 percent on a seasonally adjusted basis from the week before, despite the third consecutive week of increased refinancings, according to the Mortgage Bankers Association's weekly survey. Posted by at 09:06 AM
January 17, 2005Understanding Dual Agency, Mortgage Pre-ApprovalCommon real estate practices before shopping for home loan Posted by at 11:52 AM
January 02, 2005FHA loan limits jump to $275,200 in Chicago areaWASHINGTON -- The limit on federally insured mortgages in nine Chicago-area counties is now $275,200. The increase, from $239,875, took effect Jan. 1, when the ceiling on loans that can be purchased by mortgage giants Fannie Mae and Freddie Mac rose to $359,650. The Federal Housing Administration insures lenders against default on low-down-payment mortgages made to borrowers whose credit profiles don't measure up to the standards set by Fannie and Freddie, the two secondary-market institutions created by Congress to bring liquidity to housing finance. Lenders consider FHA loans to be somewhat riskier than so-called conventional ones, a fact borne out by the most recent delinquency statistics published by the Mortgage Bankers Association. In the third quarter, the association said, 12.2 percent of FHA borrowers were at least one month behind on their payments while just 2.3 percent of conventional borrowers were late. Also, while the year-over-year foreclosure rate declined for conventional loans in the third quarter, it was up for FHA loans. Because of the greater risk, lenders charge slightly more for FHA-insured loans than conventional low-down-payment mortgages backed by private insurers. According to HSH Associates, a financial publisher in Pompton Plains, N.J., the current difference is about 0.10 percentage point. However, fees on FHA loans also are somewhat higher, including insurance premiums, which must be paid at closing rather than on a monthly basis, as private insurers allow. HUD sets the FHA limit based on the National Housing Act, which says the maximum should be 95 percent of the median house price for a given area. However, the law also says the FHA loan limit cannot exceed 87 percent of the Freddie Mac ceiling, or $312,895, nor can it be lower than 48 percent of the Freddie maximum, or $172,632. The Chicago area falls between the low and high, so the FHA loan limit here is 95 percent of the median price of a house. The new Chicago-area maximum of $275,200 covers Cook, DeKalb, DuPage, Grundy, Kane, Kendall, McHenry, Will and Lake Counties. The new FHA limits cover not only the government's basic one- to four-family loan program but also several other key initiatives, including mortgages for disaster victims, rehabilitation loans, loans on properties in declining areas, condominium mortgages and home-equity conversion mortgages. www.GreatChicagoRealEstate.com Posted by at 03:11 PM
December 14, 2004The Buying ProcessYOUR HOME-BUYING TEAM WILL CONSIST OF: All members on your team work on your behalf to help you reach your goal. Following are the basics involved in buying a home 1. Decide to buy. You’re sick of lining someone else’s pocket with your rental dollars and would like to start building your own equity and securing your own future – IT’S TIME TO BUY. Posted by at 03:31 PM
September 24, 2004RatesOvernight mortgage rates continue downward trend 30-year down at 5.27%; 10-year Treasury up at 4.02% Long-term mortgage interest rates dropped further Thursday, and the benchmark 10-year Treasury bond yield climbed to 4.02 percent. The 30-year fixed-rate average dipped to 5.27 percent, and the 15-year fixed-rate sank to 4.69 percent. The 1-year adjustable was unchanged at 3.2 percent. The 30-year Treasury bond yield increased to 4.79 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5. In other economic news, the Dow Jones Industrial Average was down 70.28 points, or 0.7 percent, finishing at 10,038.9. The Nasdaq was up 0.72 points, or 0.04 percent, closing at 1,886.43. Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time. Posted by at 04:23 PM
September 23, 2004Home Buying: What You Really Need to KnowAre you at the point where you want to stop paying rent and start building up some equity? Learn the secrets and tips you need to know to purchase your own home. CHRISTIE DAY, of Property Consultants, will cover the complete home buying process from A to Z. Whether you are buying your first, second, or third home, learn ways to make the process less stressful and more profitable. Bring your questions! Posted by at 11:19 AM
September 02, 2004Rates!Long-term mortgage interest rates were lower Wednesday, and the benchmark 10-year Treasury bond yield remained at 4.12 percent. The 30-year fixed-rate average dropped to 5.37 percent, and the 15-year fixed-rate sank to 4.78 percent. The 1-year adjustable was down at 3.19 percent. The 30-year Treasury bond yield stayed at 4.93 percent. Rates are current as of 7:15 p.m. Eastern Standard Time. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5. In other economic news, the Dow Jones Industrial Average was down 5.46 points, or 0.05 percent, finishing at 10,168.46. The Nasdaq was up 12.31 points, or 0.67 percent, closing at 1,850.41. Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time. Posted by at 11:11 AM
August 19, 2004Freddie MacSEC Is Considering a Civil Injunctive Action Against Freddie Mac ------------------------------------------------------------------------- A Wells Notice indicates that in connection with the contemplated action, the SEC staff may seek a permanent injunction and a civil money penalty. Freddie Mac says it has been cooperating with the SEC's investigation and will continue to do so as it evaluates how it will respond to the Wells Notice. RISMEDIA welcomes your questions and comments. Send your e-mail to: editorial@rismedia.com
Posted by at 07:43 PM
July 18, 2004Rates are Falling AgainRates on Mortgages Drop (July 16, 2004) -- Freddie Mac reports that 30-year mortgage rates slipped from 6.01 percent to 6 percent this week, marking the fourth straight week of declines. Interest on 15-year loans also dropped, falling from 5.42 percent to 5.40 percent. Meanwhile, one-year adjustable mortgage rates dipped from 4.05 percent to 4.02 percent. Source: New York Times (07/16/04) Posted by bkleinhe at 03:50 PM
May 07, 2004Understanding dual agency, mortgage pre-approvalCommon real estate practices before shopping for home loan By Robert J. Bruss Posted by at 02:25 PM
April 20, 2004Top 5 Most Popular Loan ProductsThe Top Five Hottest Mortgage Products for Today's Consumer
1. 80/20 Loans - Actually two loans, 80/20 loans offer the consumer 100 percent financing, with the first loan comprising 80 percent of the homes purchase price and the second loan comprising the remaining 20 percent. This product allows the buyer to enter the home for virtually no money down. Many lenders have become more aggressive in their marketing of these programs, and they are easier to get into now more than ever. Credit requirements for 80/20 loans have lowered significantly over the past 6 to 12 months, with necessary FICO scores dropping close to 100 points. 2. Interest Only (I/O) Loans - With I/O loans, the buyer starts off with paying only the interest on their loan, paying none of the principal of the loan for a fixed time period, usually 10 years. The loan would then convert to a fully amortized loan. The draw of these programs is the potential for low monthly payments, allowing the buyer to buy more house for less money now, increasing the affordability factor. I/O loans are ideal for buyers interested in accruing home equity for investment purposes and its use has seen a sharp increase over the past 6 months. 3. Monthly ARMs - These Adjustable Rate Mortgages (ARMs) feature a short term fixed rate period of usually three or six months after which time the rate will adjust to the current rate at that time, continuing to do so after each period for the life of the loan. This type of loan is flexible in that it could be combined with other features such as an Interest Only option. Also, payments are adjustable - buyers can the minimum one-month and then a significant amount more the next month, enabling them to reduce the principal balance of the loan, much like a credit card. Due to today's low short-term rates, record-paced home value appreciation and a short-term focus among buyers, these loans have become increasingly popular. 4. Long-Term Locks - Today's low interest rates have prompted the popularity of long-term lock loans, which allow the buyer to lock in today's rates for up to 12 months. These loans are geared towards new build buyers who often sign a contact on their home 6 to 12 months in advance of the home's completion, thus assuring themselves of the current low interest rate. 5. Home Equity Line Of Credit (HELOC) - A home equity line of credit (HELOC) is a loan set up as line of credit for a maximum amount of money established when purchasing a home. Often times, this loan is taken out as a second or piggyback loan, where the primary loan is used for payment on the home. This loan provides instant equity allowing the homeowner greater flexibility. For more information about these products, please contact Anthony Pipitone at 312-492-3239. Posted by at 01:16 PM
April 15, 2004Mortgage RatesPlease contact Anthony Pipitone Mortgage Rates for April 15th, 2004 Even lower than Guaranteed Rate! We'll beat anyone's rates, even the GUARANTEED ones!!!! RLCA
15 Year Fixed FHA 30 Year Fixed FHA -PMI is Private Mortgage Insurance and is usually required on loans with a down payment less than 20% Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee. Posted by at 01:42 PM
April 14, 2004Mortgage Rates IncreaseMortgage Rates Leap to 3-Month High PR Newswire April 08, 2004
The 15-year fixed rate mortgage popular for refinancing climbed by one- quarter percent, from 4.89 percent to 5.14 percent. The jumbo 30-year fixed rate mortgage surged 21 basis points to 6 percent and the one-year adjustable rate mortgage increased by a more modest 12 basis points to 3.66 percent. A basis point is one one-hundredth of one percentage point. The catalyst for this week's move in mortgage rates was the release of the March employment report, showing nonfarm payrolls grew by an estimated 308,000 jobs. One month ago when a disappointing report for February was issued, the average 30-year fixed rate mortgage fell 20 basis points, from 5.64 percent to 5.44 percent. This month, mortgage rates responded in a similar fashion -- albeit in the opposite direction. The average mortgage rate climbed from 5.6 percent to 5.8 percent as bond investors unloaded long-term government bonds. Mortgage rates are closely related to yields on long-term government bonds. Mortgage rates have increased notably in the past three weeks, and so too have monthly mortgage payments. With the average 30-year fixed rate mortgage now 5.8 percent, the monthly payment for a $165,000 30-year fixed rate mortgage is $968.14. Three weeks ago, when the average rate was 5.41 percent, the monthly payment on the same loan was $927.56. The $40.58 difference in monthly payments amounts to more than $14,600 over the loan term. For additional information contact Anthony Pipitone at 312-492-3239. Posted by at 03:39 PM
April 02, 2004Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for April 1st, 2004 RLCA
Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA -PMI is Private Mortgage Insurance and is usually required on loans with a down payment less than 20% Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee. Posted by at 02:29 PM
March 25, 2004Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for March 25th, 2004 Even lower than GUARANTEED RATE.....We'll beat anyone's rates, even the GUARANTEED ones!!!! RLCA Conventional Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA
Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee.
Posted by at 01:20 PM
March 18, 2004Mortgage RatesPlease contact Anthony Pipitone Mortgage Rates for March 18th, 2004 RLCA Conventional Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA -PMI is Private Mortgage Insurance and is usually required on loans with a down payment less than 20% Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee.
Posted by at 02:37 PM
March 17, 2004Greenspan To Keep Rates LowFed Expected to Keep Interest Rates Low Associated Press
A report this month showing slow job growth in February raised the odds that Fed policy-makers will wait even longer than economists previously thought to begin to nudge up short-term rates. "Payroll growth has been sluggish. That's the nail in the coffin for no rate hike move," said Richard Yamarone, economist with Argus Research Corp. He believes the Fed will hold rates at currently low levels through this year and into 2005. The economy added a paltry 21,000 jobs last month - all of them in government. Private payrolls were flat. There were some 8.2 million people unemployed in February, with the average duration of 20.3 weeks without work. That marked the highest average duration of joblessness in over 20 years. Job growth has been stubbornly slow despite recent improvements in economic activity. The economy, after struggling to get back on its feet after the 2001 recession and terrorist attacks, finally snapped out of a funk in the second half of last year, growing at its strongest pace since early 1984. The economy is expected to grow at a healthy rate of more than 4.5 percent in the first half of this year, economists predict. Since President Bush took office in January 2001, the economy has lost 2.2 million jobs. The loss of jobs - including those that have moved overseas - is a major issue in the presidential campaign. Presumptive Democratic presidential nominee John Kerry points to the lackluster job climate as evidence that Bush's economic policies aren't working. Bush, meanwhile, has called on Congress to make his tax cuts permanent to spur job growth. Although companies are generally feeling better about the economy, they are still cautious about hiring. Productivity gains also have allowed companies to produce more with fewer people, economists said. With inflation under wraps even as the economy has registered solid growth, Fed policy-makers have leeway to hold interest rates steady, economists said. Against that backdrop, economists widely expect Fed Chairman Alan Greenspan and his Federal Open Market Committee colleagues to keep the federal funds rate at a 45-year low of 1 percent at the end of their meeting Tuesday. The meeting got under way in the morning and an afternoon announcement was expected. The funds rate - the interest that bank charge each other on overnight loans - is the Fed's primary tool to influence economic activity. The funds rate has been at 1 percent since June. By holding the funds rate steady, consumers and businesses might have an incentive to spend and invest more, boosting economic growth. If the funds rate is left alone, that means commercial banks' prime lending rate would stay at 4 percent, the lowest level in more than four decades. The prime rate is the benchmark for many short-term consumer and business loans. At the Fed's previous meeting on Jan. 27-28, policy-makers got rid of a pledge that they would hold rates at super-low levels for a "considerable period." Instead, they said they would be "patient" in ordering any possible rate increases. At that time, the change reinforced some economists' beliefs that the Fed could begin to boost rates as early as its June meeting. But after the dismal February employment report, some economists said a June rate increase was out of the question. Others said the prospects of any increase this year was unlikely. "I am convinced that any sort of tightening is off the table for this year," said Clifford Waldman, economist at Manufacturers Alliance/MAPI, a research group. If the jobs market doesn't turn around soon, some economists worry that consumers could turn cautious, raising the risk of an economic slowdown in the second half of this year. Yet, others - hopeful that job growth will pick up - continue to believe that the Fed may raise rates later this year, perhaps after the elections, at the central bank's Nov. 10 or Dec. 14 meetings. Greenspan said this month that extra-low rates eventually will have to go up, but he didn't give a clue when. "The federal funds rate is accommodative ... but at some point, it will have to rise to a more neutral state," he said. ****For further information please contact Anthony Pipitone at 312-492-3239. Posted by at 12:34 PM
Tax Breaks For HomeownersREALTY TAX: Homeowners often overlook valuable tax breaks Miami Herald
If you own a house, condo or cooperative apartment, you might be among the millions of homeowners who forget to claim all the tax deductions to which you are entitled. Uncle Sam encourages home ownership by awarding special tax breaks. That's why 68 percent of U.S. households involve home owners. It's up to each homeowner to use these tax breaks to maximum advantage. Using just one or two forgotten tax breaks can save hundreds, sometimes thousands, of dollars. ** If you bought a home, deduct your principal residence mortgage acquisition loan fee. If you purchased your principal residence in 2003, and if you paid a loan fee (usually called "points") to obtain a home mortgage, that fee qualifies as an itemized interest deduction in the year of home purchase. Each point equals one percent of the amount borrowed. For example, if you obtained a $100,000 mortgage, you might have paid a two-point loan fee to lower your mortgage's interest rate, or $2,000. Be sure to double-check the IRS Form 1098 sent in January by your lender. If it did not include the loan fee points you paid in 2003, itemize them anyway on Schedule A of your income-tax return. Your proof of payment will usually be on the loan closing papers received at the time of home purchase. ** Deduct home mortgage refinance fees over the life of the mortgage. If you refinanced your home mortgage and paid loan fee points, those points are not deductible in the year of payment. Instead, you can deduct them over the life of the mortgage. Rather than paying loan fee points when refinancing, most home owners are usually better off obtaining a no-fee mortgage and paying a slightly higher tax-deductible mortgage interest rate. ** If you changed job location and residence location in 2003, your moving costs may be tax deductible. Whether you rent or own your home, if you changed both your job location and your residence in 2003, your moving costs might be tax deductible. If you made a major cross-country move, the result can be savings of hundreds or even thousands of income-tax dollars. ** Deduct any home mortgage prepayment penalty paid. Whether you sold your home, or refinanced its mortgage, if you paid a mortgage prepayment penalty, you can claim it as an itemized Schedule A deduction. Be sure the IRS Form 1098 received from your lender includes the penalty paid. ** Deduct undeducted loan fees from a prior home loan refinance. If you refinanced your home loan in 2003, perhaps for the second or third time to take advantage of record-low interest rates, any undeducted loan fees from your prior home loan refinance can be deducted in full in the year of the refinance. To illustrate, suppose you had $900 of undeducted loan fee points refinancing in 2002. Because you refinanced in 2003 to pay off that old mortgage, the full $900 in undeducted loan fees became deductible on your 2003 income tax return. ** Deduct pro-rated mortgage interest share in the year of home sale or purchase. If you bought a home in 2003 and took over its existing mortgage payments from the prior owner, in the month of purchase the mortgage interest was pro-rated between the buyer and seller. This pro-ration is usually calculated on the closing settlement statement. Even if the other party actually paid the mortgage payment for the month, you are entitled to deduct your share of the pro-rated mortgage interest as an itemized deduction. ** Deduct your share of pro-rated property taxes if you bought or sold your home. You are entitled to deduct your share of the pro-rated property taxes, even if the other party actually paid the tax bill. Your share of the pro-rated tax bill should be on your closing settlement statement. ** Deduct prepaid mortgage interest and property taxes. Prepaying mortgage interest and property taxes can be a great tax savings, but you must have made the prepayments by Dec. 31, 2003. Double-check your mortgage lender's IRS Form 1098 to be sure it included your prepaid mortgage interest for the January 2004 payment, which you sent to the lender in December 2003. If you prepaid in late 2003 your property taxes due in 2004, you should have either a canceled check or other evidence you prepaid the property taxes in 2003. ** Deduct and double-check property taxes paid from your escrow impound account. If your mortgage includes a monthly escrow or impound account payment for one-twelfth of your annual property tax bill, double-check to be certain your mortgage lender remitted your property taxes to the tax collector on time in 2003. Unfortunately, many mortgage lenders forget to pay tax bills on time. Just because you paid your escrow impound payment on time to the lender does not make the full amount tax deductible. Only the amount actually remitted to the property tax collector in 2003 qualifies as an itemized deduction for your primary or secondary home. ** Deduct ground rent payments if your home is on leased land. To qualify, your situation must meet the tax law's exact requirements. For example, if you rent a "pad" or lot in a mobile home park, your monthly rent paid to the park owner usually will not qualify for this deduction. Internal Revenue Code 163(c) permits homeowners living on a leased parcel to deduct their ground rent payments if the ground lease is for at least 15 years, including renewal periods, the lease is freely assignable to the buyer of your home, the landowner's interest is primarily a security interest (like a mortgage), and you have a current or future option to buy the land. If you do not have an option to buy the land, such as in a mobile home park, your land lease or ground rent payments do not qualify as tax-deductible itemized interest.
Posted by at 12:32 PM
March 11, 2004Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for March 11th, 2004 RLCA
Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA -PMI is Private Mortgage Insurance and is usually required on loans with a down payment less than 20% Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee. Posted by at 06:55 PM
March 09, 2004Housing Bubble?????HOUSING MARKET: A rise in interest rates could burst the bubble Grand Forks Herald
Driven by the lowest mortgage rates since John F. Kennedy was president, people are buying more homes in a sluggish economy than they did during the late-1990s boom. Prices have risen faster over the last four years than at any time in the previous decade. The housing boom has been a windfall for many: homebuilders, remodelers, real estate agents, furniture and paint store owners and homeowners. In many markets, the stunning increase in home values has been the only good financial news for owners faced with slumping stocks and slow wage growth. Yet the good times may end soon, painfully for some. Economists worry that a housing bubble may have developed, similar to the steep climb in stock prices in the late 1990s. Federal Reserve Chairman Alan Greenspan warned again this week that interest rates can't remain so low forever. Many economists think they might start to rise late this year and next year. When they do, it will be the equivalent of sucking oxygen from a raging fire. Home sales will slow. Price increases will tail off and could reverse in some markets. Jan Hatzius, an economist at Goldman Sachs investment bank in New York, thinks the national average home price could fall for the first time in the history of the House Price Index, which is published by the Office of Federal Housing Enterprise Oversight, an agency responsible for mortgage market oversight, and dates to 1975. The fall, should it happen, would be a reverse of the housing boom of the last few years - a boom fueled by the simple mathematics of mortgage interest rates. The benchmark 30-year fixed-rate mortgage stands at 5.59 percent, down from 8 percent in 2000. At 8 percent, payment on a $100,000, 30-year-loan is $734 a month. At today's rates, the same monthly payment would cover a $127,000 mortgage loan, permitting buyers to spend more on houses with the same income. Home sales have exploded as a result, setting records for three straight years. New-home sales grew 10.7 percent in 2003, powering them through the 1 million mark. A 9.6 percent rise in existing home sales drove them over 6 million, also for the first time in history. Sales of homes for more than $400,000 rose 8 percent last year. For more information contact Anthony Pipitone at 312-733-4444. Posted by at 05:07 PM
March 05, 2004Condos find real estate spotlightAffordable home financing a big draw for prospective buyers Courtesy Top Producer Online The popularity of condominiums continues to surge, and conditions in the rental apartment market are finally showing signs of improvement, according to the National Association of Home Builders' Multifamily Market Index (MMI), a quarterly gauge of multifamily market activity and builder confidence. Posted by at 03:59 PM
Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for March 5th, 2004 RLCA Conventional Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA
Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee. Posted by at 12:48 PM
March 03, 2004Dollar Declines SharplyThe Americas: Dollar Declines Sharply, But Has Further to Fall Global Finance
"The economy will be strong enough to keep the trade deficit wide, but not strong enough to move the Federal Reserve off the sidelines for the foreseeable future," says Lara Rhame, senior currency economist at Drown Brothers Harriman in New York. "This means that neither growth differentials nor interest rates will be supportive of the dollar anytime soon," Rhame says. "And that means that dollar-negative capital flows are likely to dominate in 2004." The slide in the dollar has been driven by a net outflow of money from the US over the past two years, as private-sector foreign investment into US Treasury and agency securities has largely dried up with US interest rates at 45-year lows, says Michael Woolfolk, senior currency strategist at Bank of New York. "The question now is not if the dollar will continue falling, but how far it will fall and at what pacc,"Woolfolk says. To determine what the Group of 7 industrial nations considers to be an orderly decline, he examined annual changes in all G-7 currency pairs since 1980. In no instance did a G-7 currency devalue more than 30% against another G-7 currency in any year. "More importantly, there were only two instances in which a 20% devaluation was recorded outside of the dollar's coordinated devaluation following the Plaza Accord of 1985. They were the devaluation of the Italian lira in 1992 and of the euro against the Japanese yen following the launch of the single currency in 1999,"Woolfolk says. "In light of this, it appears that the maximum speed limit for the devaluation of a G-7 currency is 20% a year," he says. A 20% devaluation of the dollar in 2004 would result in a year-end rate for the euro of $1.58. If the G-7 were to refuse to provide policy guidance this year on the manner of the dollar's decline, another 20% fall might not be as ridiculous as it sounds,Woolfolk says. Look for the dollar's decline to gather pace in February when it becomes clear that the G7 is far from responding to the slide in the dollar against the euro, says David Gilmore, partner and economist at Essex, Connecticut-based Foreign Exchange Analytics. "With the US policy mix steadfastly accommodative, it is the dollar that must fall and fall far to drive adjustment," Gilmore says. "We see one outcome for the dollar in 2004: lower by another 20% to 30%," he says. *****For further information about the economy and it's impact on interest rates call Anthony Pipitone at 312-492-3239.***** Posted by at 05:05 PM
March 02, 2004Do real-estate agents represent the buyer, seller or both?Courtesy Chicago Sun-Times A real estate agent represents either the buyer or the seller in a home purchase. That was not always the case. Until January 1995, real estate agents were legal agents of the property's seller. Even though agents helped buyers find a home, they still were acting for the seller. Now, by law, it is presumed that if you go to an agent and ask his help in finding a property, he works for the buyer. This is called a buyer's agent. The buyer's agent should help find listings of properties that suit the buyer's needs. He or she should provide information about financing, and help in the purchase and closing. The buyer's agent also should help determine the fair value of a property, and negotiate for the best price and terms. The buyer and the broker enter into a contract defining the legal relationship and duties of both parties. The seller's (listing) agent represents the home seller in a transaction. Agents representing a seller might work in the same agency as your broker. A first-time home buyer, or someone not familiar with negotiating a purchase, probably would be better served by a buyer's agent. Some "buyer brokers" have offices that only represent buyers and not sellers. They, too, are paid by the seller. A Realtor is a licensed real estate professional who is a member of the National Association of Realtors, and is regulated by a code of ethics and standards of practice. All agents are licensed by the state of Illinois. The Chicago Bar Association also has information on the rights and duties of both the real estate buyer and the seller at www.chicagobar.org. Posted by at 03:39 PM
February 27, 2004Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for February 26th, 2004 RLCA Conventional Jumbo 3/1 ARM Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA
Ask about our: 2350 E.Devon Ave. Suite 310 Des Plaines, IL 60018 Equal Housing Lender. Illinois Residential Mortgage Licensee. Posted by at 12:32 PM
February 24, 2004Loan ScamDon't Be a Victim of Home Loan Scam
The scam targets those who don't understand the home mortgage lending process or who think they can get something -- a new roof or kitchen -- for just about nothing, meaning less than what they are currently paying in mortgage payments. Here is the scenario, according to the Federal Trade Commission (FTC): A contractor drops off fliers, calls or knocks on the door and offers to install a new roof or remodel the kitchen at a price that sounds reasonable. You tell him you are interested, but cannot afford it. He tells you that is no problem -- he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read. You sign. Later, you realize that the papers are a home equity loan and the interest rate, points and fees seem too high. To make matters worse, the work on your home is not done right or has not been completed, and the contractor, who may have been paid by the lender, has little interest in completing the job to your satisfaction. To protect against lending scams, FTC says: Don't agree to a home equity loan if you don't have enough money to make the monthly payments. Don't sign any document you haven't read or any document that has blank spaces to be filled in after you sign. Don't let anyone pressure you into signing any document. Don't deed your property to anyone. Don't agree to financing through your contractor without shopping around and comparing loan terms. ****For More Information Contact Anthony Pipitone at 312-492-3239**** Posted by at 04:59 PM
February 20, 2004Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for February 19th, 2004 RLCA Conventional 3/1 ARM Conventional Jumbo 3/1 ARM Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA
Ask about our:
Equal Housing Lender. Illinois Residential Mortgage Licensee.
Posted by at 01:23 PM
Mortgage rates plunge to 7-month lowsInman News Thursday, February 19, 2004
In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.58 percent for the week ended today, down from 5.66 percent last week. This is the lowest the 30-year fixed-rate mortgage has been since the week ending July 11, 2003, when it was 5.52 percent. The average for the 15-year fixed-rate mortgage this week is 4.87 percent, down from last week's average of 4.96 percent. This is the lowest the 15-year fixed-rate mortgage has been since the week ending July 11, 2003, when it was 4.85 percent. Points on both the 30- and 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 3.53 percent this week, with an average 0.6 point, down from 3.57 percent last week. This is the lowest the one-year ARM has been since the week ending July 4, 2003, when it averaged 3.49 percent. "Mortgage rates this week are at seven-month lows and teetering on the 45-year-low levels of last summer," said Frank Nothaft, Freddie Mac chief economist. "There continues to be no sign of inflation on the horizon and, as a matter of fact, core inflation is at a generational low. The average 30-year fixed mortgage rate is now the lowest since July 2, 2003. The mortgages in this week's survey had an average of 0.35 discount and origination points. The 15-year fixed-rate mortgage popular for refinancing dropped by a similar amount, from 5.02 percent to 4.91 percent. The jumbo 30-year fixed-rate mortgage sank 14 basis points to 5.78 percent, while the one-year adjustable-rate mortgage fell 10 basis points to a record low of 3.6 percent. A basis point is one one-hundredth of one percentage point. Mortgage rates moved lower over the past week in response to several factors. Among them were: Alan Greenspan's Congressional testimony that repeated the Fed's intent to keep interest rates low; prevailing uncertainty in the job market; and continued purchases of Treasury securities by foreign central banks amid the dollar's decline. The combination pushed bond yields and mortgage rates lower. Mortgage rates are closely related to the yields on long-term government bonds. The following is a sampling of Bankrate's average 30-year-mortgage interest rates this week in some U.S. metropolitan areas. New York ? 5.68 percent with 0.05 point Los Angeles ? 5.54 percent with 0.58 point Chicago ? 5.67 percent with 0.15 point San Francisco ? 5.61 percent with 0.43 point Philadelphia ? 5.58 percent with 0.13 point Detroit ? 5.47 percent with 0.46 point Boston ? 5.69 percent with 0.03 point Houston ? 5.51 percent with 0.65 point Dallas ? 5.51 percent with 0.61 point Washington, D.C. ? 5.53 percent with 0.44 point
Posted by at 11:39 AM
February 17, 2004PMI's Tax Deductible?Mortgage Insurance Deductibility Bills To Get Big Push Before Election
But don't bet your house on it -- after all, Congress is involved and it's an election year. But proponents of mortgage insurance deductibility say they've got heavier-duty support than ever before, and they plan to push hard for legislation during the coming several months before the congressional and Presidential elections. The Mortgage Insurance Fairness Act (H.R. 1336 and S 846) now has 161 bipartisan cosponsors in the House, and solid bipartisan support in the Senate. It also has an unusually broad-based coalition of business, labor and public interest groups rallying behind it, including the Financial Services Roundtable, the National Urban League, the Mortgage Bankers Association of America, the National Taxpayers Union, the Consumer Federation of America, the Fraternal Order of Police, and the National Education Association and the Teamsters. The legislation would nullify a long-time IRS policy position that prohibits homeowners from taking write-offs of mortgage insurance payments on their federal taxes. The Mortgage Insurance Fairness Act would permit deductions of premiums for home loans with private mortgage insurance, Federal Housing Administration (FHA) insurance, VA (veterans guaranty coverage) and Rural Housing Service mortgages. Proponents of deductibility say the IRS ban ignores the functional similarity of mortgage insurance premium payments with mortgage interest payments, which are generally fully deductible. The net result of the policy, they say, is that millions of first-time buyers, moderate income homeowners and other users of mortgage insurance pay hundreds of dollars more in federal taxes per year than they would if they could deduct their monthly loan premiums along with the interest. Hector Flores, president of the League of United Latin American Citizens (LULAC), an outspoken advocate for deductibility, says the legislation would be especially important for minority groups who make heavy use of FHA and private mortgage insurance-assisted low downpayment loans to buy their first houses. "Tax deductibility for mortgage financing has been a major reason the U.S. enjoys such a high rate of homeownership," he said. "But many Americans, especially those in minority communities, haven't been able to share in this aspect of the American dream." The mortgage insurance industry estimates that 57 percent of all home purchase mortgages made to Hispanic and African American borrowers carry some form of mortgage insurance, private or governmental. One of the prime sponsors of the legislation, Rep. Paul Ryan (R-Wis) argues that moderate income families, irrespective of race or ethnicity, will be the biggest beneficiaries of deductibility. "The people who use mortgage insurance are policemen, firemen, teachers and veterans," yet under current IRS rules "they cannot deduct the cost of their premium payments for federal tax purposes," he said. Mortgage insurance allows borrowers to take out a home loan with a minimal downpayment, frequently three to five percent. Private mortgage insurance is required by lenders on any loan where the downpayment is less than 20 percent. FHA mortgages are aimed at buyers who can afford even smaller downpayments and may have imperfect credit histories. Most mortgage insurance premiums are paid monthly as add-ons to the principal, interest, insurance and tax escrows. They range in size from under $50 a month to $200 or more, depending on the size of the loan and depth of the insurance coverage. Both the House and Senate bills "target" deductibility to middle and upper middle income families and deny it for high income homeowners. The bills contain a phase-out procedure limiting most tax write-offs to borrowers with household incomes below $100,000. Borrowers below that ceiling will be able to write off 100 percent of their monthly insurance premiums. Borrowers with incomes above $100,000 will lose 10 percent of their deduction for each $1,000 that their household income exceeds $100,000. ****Until this dream comes true feel free to contact Anthony Pipitone at 312-492-3239 for other alternatives to PMI**** Posted by at 04:47 PM
February 12, 2004Mortgage Interest Rates 2-12-2004Please contact Anthony Pipitone Mortgage Rates for February 12th, 2004 RLCA
3/1 ARM Conventional Jumbo 3/1 ARM Jumbo FHA 15 Year Fixed FHA 30 Year Fixed FHA
Ask about our:
Equal Housing Lender. Illinois Residential Mortgage Licensee.
Posted by at 01:38 PM
February 10, 2004NO MORE PMIDon't Pay PMI If You Don't Have To
Are there way's around PMI? The answer is YES! For all my clients who have less than 20% downpayment and qualify based on their credit and financial situation, I encourage them to take out 2 mortgages instead of paying needless PMI, which is NOT tax deductable. For example: A Loan With PMI For Example: A Loan Without PMI and With a 2nd Mortgage This is a difference of $165.76 per month as well as having all the interest on the 2nd mortgage as a tax deduction!!! Be good to yourself. Call Anthony Pipitone at 312-492-3239 for more details. Posted by at 12:40 PM
February 05, 2004Mortgage Interest RatesPlease contact Anthony Pipitone Mortgage Rates for February 5th, 2004 RLCA
3/1 ARM Conventional 30 Year Fixed FHA
3/1 ARM Jumbo -PMI is Private Mortgage Insurance and is usually required on loans with a down payment less than 20% Ask about our: 2350 E. Devon Ave. Suite 310 Des Plaines, IL 60018
Posted by at 02:08 PM
February 02, 2004A Flexible New Way To Buy A Home USA TODAY
So, in a world of skyrocketing home values and ultra-low interest rates, second mortgages have become first mortgages. But these loans aren't for everybody. You could be setting yourself up for a quick need to refinance to a more traditional mortgage if interest rates move up sharply. And using an equity line as your only home loan requires fiscal discipline, or your next move could be from dream house to poor house. What you need to know Traditional equity lines. Normally, you'd take out a home equity line of credit to supplement your primary mortgage. Because they are secured by your property, bankers are willing to extend the credit at a lower interest rate than most other kinds of loans. And interest paid on an equity line is tax deductible, just as interest on a first mortgage is. Your lender will open a credit line up to a specified limit determined by your home equity -- your home value minus what you owe on your first mortgage. The interest rate is subject to change monthly, as market interest rates change. Flexibility and convenience are key attractions. You typically draw on an equity line of credit by writing a check. Buy nothing, pay nothing. Run the balance when your expenses are high. Pay it down when you have a surplus of cash. The deals permit a borrower to draw against the credit line for a specified period of, say, five years and pay only interest. At the end of the draw period, the loan balance must be paid over the remaining term of the loan, say, 15 years. What's new. More lenders are marketing equity lines to customers looking to buy a home or refinance. Say you want to buy a $250,000 house, and you have $50,000 cash. You take an equity line for $235,000. Assuming you sink all your cash into the deal, you use $200,000 from your credit line to pay for the house. That leaves unused credit of $35,000. The selling points: * Initial interest rates. Equity lines are pegged to the prime rate, a benchmark interest rate uniform across the lending industry. The prime rate is now 4%. When the Federal Reserve Board changes short-term interest rates, banks move the prime rate with it. Three years ago when the Fed changed directions on monetary policy, the prime started to notch downward from 9.5%. It's been resting at its current low level for more than six months. Competition among lenders has driven down the price of equity lines. They're making them available at rates very close to prime, and sometimes even below. Lenders typically express the price of an equity line as a constant spread above or below the prime rate. Example: A loan pegged one-quarter percentage point below prime would result in an interest rate of 3.75%. If you want to snag a rate below prime, you'll need an excellent credit history, limit your credit line to 80% of your house value and pay closing costs out of pocket. * Transaction costs. The equity lines carry no points -- upfront payments that reduce the interest rate. They do carry closing costs. * Payments. In the first 10 years of the loan, the borrower may make interest-only monthly payments. On a $200,000 balance, a 4% equity line would cost $667 a month. Keep in mind that you won't be building equity with your payments. But many borrowers these days are comfortable with that if their home is appreciating in value and they have good alternatives for investing their money. A day of reckoning arrives eventually with this or any other interest-only home loan. Typically, a lender requires repayment of the loan principal starting in the 11th year of the loan. * Flexibility. As with any equity line, the borrower has the option each month to run up the loan balance or to pay it down to a more manageable level. The drawbacks: The ultra-low interest rate will look like a bargain only as long as the Fed keeps short-term borrowing rates low. A reversal of Fed policy may be months away, or maybe years away. Lenders acknowledge that a run-up in short-term rates could make these loans lose their luster. In the meantime, there's big money to be saved on low monthly house payments, they say. Anyway, if interest rates move sharply upward, homeowners in recent years have found that they're comfortable refinancing to a better deal the instant one presents itself. Veso Dimitrijevich, 30, a project manager at Ford Motor, traded his 7% fixed-rate mortgage for a 4% equity line as the sole means of financing for his Royal Oak, Mich., condominium. The prospect of a run-up in interest rates is not a worry, he says. He's carrying a balance of just $82,000, so even a spike in rates wouldn't blow a hole in the household budget. And he and his wife plan to move in a few years. And the open credit line? It's not a temptation, says Dimitrijevich. He paid an extra $200 a month on his old mortgage to buy down the principal. He says he plans to keep his monthly payment the same. Nonetheless, a home with an equity line has an easy-money quality to it that even some lenders acknowledge could lead to trouble. Many lenders question whether some of the potential borrowers targeted for this type of loan have the financial skills to manage unfettered access to their home equity. For further information contact Anthony Pipitone at RLCA. Posted by at 04:32 PM
January 28, 2004RLCA Mortgage RatesPlease contact Anthony Pipitone Mortgage Rates for January 28th, 2004 RLCA Conventional 3/1 ARM Conventional 3/1 ARM Jumbo 15 Year Fixed FHA 30 Year Fixed FHA
Ask about our: Residential Loan Centers of America, Inc. Equal Housing Lender. Illinois Residential Mortgage Licensee. Posted by at 01:10 PM
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