Archives for April 2007

Closing Costs: Just A Slice, Please

Though I love my cheesecake, I don’t want to stuff myself. And most homebuyers certainly don’t want to stuff themselves with closing costs.
Here’s a great post about closing costs. Dan’s pie chart shows that, in general, lenders’ costs are only a small portion of the total costs (He does not include the 10% of […]

26 April 2007 | First Time Homebuyers, Closing Costs | No Comments

Shopping For A Mortgage

In my book, I make the comparison of shopping for a mortgage like shopping for a bottle of ketchup. Actually, I say that they are not the same. It seems that many people, especially (and ironically) first time buyers, think of both experiences as commodity shopping. I am not sure if this is the nurture […]

24 April 2007 | First Time Homebuyers, Programs, Interest Rate | No Comments

1+1=1 Loan

An interesting problem:  not enough money for down payment, but only temporarily.
Several people have conveyed that they have budgeted themselves and have determined their total mortgage payment (PITI: principal, interest, tax, and insurance). To get to that payment, we discussed the down payment amount.  In each case, none of the borrowers had the amount of […]

17 April 2007 | Down Payment, First Time Homebuyers, Reserves/Assets, Programs | No Comments

Spring Mortgage Planning

Spring is here. (And here in Chicago that means…well…call me in four weeks.)
But for homebuyers, once the weather breaks the plans to buy a home that have been growing all winter now become reality. Everyone is out walking and driving with their real estate agents, pounding the pavement, and, eventually, negotiating terms for the purchase of a property.
Lately, […]

15 April 2007 | First Time Homebuyers, Fixed Rate/ARM, Real Estate (Agents) | No Comments

A Band-Aide For Foreclosures

Now that federal lawmakers are weighing in about the subprime woes and the increase in foreclosures and how to offer financial aide to those homeowners who are on the brink of losing their homes, I guess it’s ok to say that this situation is serious. I am being sarcastic.
The band-aide that is being proposed is […]

12 April 2007 | First Time Homebuyers, Pre-Approval, Good Faith Estimate, Loan Officers, Foreclosure | No Comments

Marble: Why I Want New Construction

Everyone wants their marble. And cabinets. And floors. And bathroom fixtures.
Homebuyers love new construction. Especially new condominiums. They are the first people to live in the unit and, usually, get to choose their amenities and other aesthetic aspects of the unit.
As one of the best Chicago real estate agents mentions in a recent post, the […]

6 April 2007 | First Time Homebuyers, Real Estate (Agents), Loan Officers, Chicago Stuff, Programs | 2 Comments

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