New Conforming Loan Limits. Chicago still at $417,000.

The Federal Housing Finance Agency released the 2009 conforming loan limits on Friday.  The conforming loan limit is the maximum loan amount that both Fannie Mae and Freddie Mac will purchase from banks.  Loan amounts higher than their guidelines are referred to as non-conforming and typically have higher interest rates and stricter guidelines.  These loans are often referred [...]

Read Full Post »

First Business X Interview

I appeared on nationally syndicated morning show First Business X yesterday to discuss if housing has bottomed out.  I am never one to make predictions, but I do think we are close to the bottom.   However, there may still be a little more downward pressure on prices due to the continuing constriction mortgage guidelines in [...]

Read Full Post »

E-Loan to Shut Down – Why Online Lenders Aren’t Cheaper

Online lender E-Loan recently announced that they will be shutting down their mortgage operations after the first of the year.  Most people will chalk this up as another lender cratering due to the credit crisis.  I chalk it up as just a failure of the online business model for mortgages.  Ever since the internet all [...]

Read Full Post »

What Fannie Mae & Freddie Mac Means to You

My phone has been ringing off the hook today with Sundays news that Uncle Sam is going to takeover Fannie Mae & Freddie Mac.  Of course, there has been a lot of speculation as to what this means. 
For consumers, this means lower interest rates.   Mortgages rates have actually remained low throughout this credit crisis, but [...]

Read Full Post »

Consumers: Wake Up! Get Yourself Pre-Approved!

Yeah, that is a bold headline, but it seems like there are a large number of consumers in the market right now who don’t have a freaking clue about how hard it is to get a mortgage right now. I don’t care how great your credit is or how much money you make, it is [...]

Read Full Post »