Time is Running Out – First Time Homebuyer Credit

Today is August 16th.  If you are in the market to buy a home, you have approximately 45 days to find a home and get it under contract if you want to ensure you can take advantage of the first time home buyer tax credit.
Why 45 days?  Because in forty five days, it will be around October 1st which is the latest [...]

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Mortgage No-Man’s Land

The mortgage market has created a sort of no-man’s land in Chicago with non-conforming financing.  A no-man’s land is an area that you don’t want to be.  In Chicago, it is selling a luxury condominium priced between $475k and about $650k.  Recent changes in mortgage guidelines are going to cause condo units in this price [...]

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Property Taxes in Chicago

I just wrote a big ole fat check to pay my second installment of Cook County property taxes so I thought it would be an opportune time to shed some light on property taxes.  Property taxes are just a fact of life when it comes to owning a home.  As such, lenders consider the annual [...]

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Guidelines are Getting Tighter

Fannie Mae is trying their hardest to make it impossible to qualify for a mortgage.  Out of left fields comes a guideline change that will soon be in effect and make it difficult for buyers to keep their current residence when they are buying a new one.
In a big city like Chicago where a lot of [...]

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Mortgage Buzz Words…

When you are buying a home, it is important that you understand all of the terminology you are going to encounter.  Those of us who breathe this everyday often times forget we are talking to people who aren’t familiar with the language of mortgages and residential real estate.  I thought I would just provide some [...]

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