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New Home Sales Rise as Rates Drop

New home sales have risen as mortgage rates drop continuously, according to recent reports. While other parts of the economy continue their chill, demand for new U.S. homes was on the rise in May for the second straight month as mortgage rates dropped. This has bolstered the residential real-estate market, which of course had been […]

Finance a Home Repair With a Home Equity Loan

If you are looking for ways to finance a home repair, considering a home equity loan could work for you. First of all, you have to know what a home equity loan is, and before you decide on leveraging on your home’s equity, you also would need to know the benefits and pitfalls of home […]

All About Credit Reports: Know Where You Stand

Knowing all about credit reports is a way to put yourself in a position to get the mortgage and home you desire. Credit reports reveal detailed information about how you spend your money and the current and past debt obligations you have created. You should definitely know where you stand before you apply for a […]

Real Estate Calculators: How Can They Help You?

Using a real estate calculator is a great way to weigh your personal finances vs. a real estate purchase you are looking to make. So how can they help you? Well, there are many different calculators for various purposes, and each one can potentially be beneficial by giving you an idea of how much you […]

Want to Make Mortgage Payments More Affordable? Refinance!

If you want to make mortgage payments more affordable, refinancing your mortgage could help. Refinancing can be the right decision whenever you want to restructure your finances, pay off debts, or simply want to save more money. Lower interest rates are often the primary motivation for refinancing. This is because it can both make mortgage […]

Is the economy improving? Mortgages in Chicago, Illinois – June 2012

Lending is Still Tight, but Things Are Looking Up You might be starting to notice that our economy is recovering, slowly yet surely, from the slump we have been in the past few years. Federal Reserve Chairman Ben Bernanke has even remarked, in his recent speech, that the banking industry has been showing improvement. Also, […]

What is APR? How Does it Apply to My Mortgage?

Knowing ‘What is APR and how does it apply to my mortgage?’ can help you in the hunt for a quality mortgage, a home that is in your budget and fits your needs. APR stands for “annual percentage rate.” It is not actually a number that affects the cost of your loan, but is more […]

Where is Oak Park Illinois?

Where is Oak Park Illinois? From a historical perspective, Oak Park lies on top of the shore of the ancient, glacial “Lake Chicago” (now know as Lake Michigan). The long arm of beach gravel and sand that formed between Lake Chicago and the Desplaines Bay is known as the “Oak Park Spit.” Since the land […]

What to Look For in a House

Understanding what to look for in a house can really help you land in a home that suits your needs, and budget. It is very easy to be distracted by flashy amenities or tempted by a home that could end up draining your finances for the duration of your mortgage. Developing a strategy that considers […]

What is an Appropriate Down Payment for a House?

Coming up with a down payment for a house, that makes sense for you, can be tricky. A lot depends on what you have in savings, but you do not want to empty your account in order to pay a certain percentage. According to a recent article in the New York Times, the national standard […]

How Much Can I Afford To Spend On Buying A House In Chicago

If you are living in Chicago and getting ready to buy your first home, you may be asking yourself, how much can I afford to spend? Understanding how much you can afford to pay in a monthly mortgage is only part of the answer. You have to take variables into consideration such as interest rate, […]

How to Market a House

In today’s economy, knowing how to market a house can save you big-time dollars if you choose to sell your home without a realtor. This is because when you sell your home on your own, you could pocket the commission that would normally go to a realtor or you could lower the asking price by […]

Mortgage Interest Rates Fall to a Historic Low

Interest rates fall lower on a daily basis in today’s real estate market, according to a recent Wall Street Journal (WSJ) article. Historic lows have led to optimism, but thus far they have yet to supercharge a sluggish market. There is worry that more expensive mortgages could hurt an anemic housing market, while refinancing, which […]

Chicago Home Loans Eligible for Making Home Affordable Program

The Making Home Affordable Program (MHA) is a critical part of the Obama Administration’s strategy to combat the current recession, help homeowners avoid foreclosure, and reverse the damage to the housing market in the wake of the subprime mortgage crisis. Many people with Chicago home loans – and nationwide – can benefit from this program. […]

Real Estate Prices in Chicago – 2012 Trends

Since the Chicago real estate bubble burst five years ago, buyers and sellers alike have been keeping a close eye on real estate prices in Chicago. Sellers have been wondering “how low can they go?” at the same time buyers are wondering whether to buy now or wait for prices to go lower. Buyers should […]

Where Is Naperville Illinois?

You may have heard it’s a great place to live but if you are not familiar with the Chicago area you may find yourself asking, “Where is Naperville Illinois?” This popular suburb is located just 30 miles outside of Chicago. Naperville is often well rated as a great place to live, retire and raise a […]

Qualifying for a Mortgage After a Chicago Short Sale

If you found yourself upside down in your Chicago mortgage – owing more on your home than it is worth – and unable to make your monthly payments sometime in the past few years, you are not alone. Foreclosure and short sale rates in Chicago and nationwide are higher than ever before, and do not […]

Common Mistakes to Avoid When Getting a Mortgage

Getting a home loan or a mortgage is never easy, especially in the Chicago Mortgage market. It is a big step to take. After much thought, when you have decided to take out one, it not only takes up your time, but the process can become very complex. If you want to have success in […]

What to do when Mortgage Rates are Down

Are you confused over how to re-finance your present Chicago mortgage? Should you re-think your assessment of low mortgage rates?  To a borrower like you, what does low mortgage rates really mean? Here are some tips on to take when interest rates on Chicago mortgages are down. Changes to Fixed Rate Should you take advantage […]

Why Mortgage Calculators Give you Accurate Home Loan Estimates

Only a few people—the “lucky ones”—have the means to pay the full amount for the house they want. The rest of us resort to housing loans. However, without the aid of mortgage calculators, you will not accurately know if you can afford to pay for the Chicago housing loan you will need. To find out […]

VA Mortgage Rates vs FHA Mortgage Rates

FHA and VA loan rates have been battling it out for decades now. As a soldier or veteran, you may be interested in VA loan rates more than FHA mortgage rates, as the former is designed specifically for military personnel. Any Chicago mortgage company (if you were in the area) will tell you that VA […]

What is a Hardship Letter?

A hardship letter is a letter people write to lenders, like Chicago mortgage companies, where they explain their financial situation and the circumstances that led to the difficulties experienced, and basically, why they deserve help with their difficult financial situation. This letter should be backed up by the necessary paperwork that is needed, to prove […]

What is a Reverse Mortgage and How Does it Work?

This is not a question that is often asked regarding Chicago mortgage matters, as it concerns a reversal of the usual mortgage process. A reverse mortgage is a Chicago loan that targets seniors or individuals 62 or older. Its purpose is to release in multiple payments or in one payment, the home equity in the […]

What is a Home Loan Modification and Who Qualifies for it?

Are you having difficulties meeting your obligation under a Chicago home loan? If you are, then maybe you would like to know what a loan modification is. Many borrowers who experience difficulties with their mortgage payments modify the terms of their Chicago home loans, to be able to make their payments on time. This modification […]

Home Loans Modification Tips

It is not a new concept that a person can encounter problems paying for their Chicago home loan. However, instead of panicking or sinking into depression, borrowers still have an option – a loan modification. The United State Department of Housing and Urban Development (HUD) define a home loans modification simply as, “a permanent change […]

How to Get a Loan with Bad Credit

Personal loans seem impossible to get if one’s credit score is shot. However, a poor credit score does not mean a loan is impossible. Fact is – one can still get a loan with bad credit. How is that possible? Well, according to, there are still lenders out there who are not only willing […]

First Time Home Buyer Loan Options

If you are a first time home buyer in Chicago looking to acquire a house through home financing, then you have two very good options available to you. The first is an FHA loan, and the other is a conventional Chicago mortgage. These first time home buyer loan options will greatly benefit you as they […]

What is an FHA Loan?

Been wanting to know what an FHA loan is? An FHA loan is a mortgage facilitated and guaranteed by the Federal Housing Administration or FHA. The Federal Housing Administration is the government agency tasked to help buyers obtain a mortgage easily. Or simply put: it is there to help people own a house through a […]

The Pros and Cons of a 2nd Mortgage

It is normal for people to need money. However when you do need a large amount, getting a second mortgage for your Chicago home could be the means of accomplishing that. As the name implies, a second mortgage means that a first one has already been taken out on your home. Like any home owner, […]

Mortgage Down Payments and What is Typically Expected

A Chicago mortgage down payment is the same as any other mortgage down payment, with it representing only a part of your target home’s total price. A mortgage down payment should be paid up front and it could be something like 20% of the whole purchase price, if you were securing a conventional mortgage. Chicago […]

Home Equity Loans: Benefits & Pitfalls

Interested in Chicago home equity loans? First of all, you have to know what a home equity loan is and before you decide on leveraging on your home’s equity, you also would need to know the benefits and pitfalls of home equity loans in Chicago. Let’s say you already have a Chicago mortgage, but you […]

Choosing a Real Estate Agent for Home Buying

Home buying in Chicago, like in any big city, can be a difficult and confusing experience for anyone. This is because most people are not familiar with Chicago mortgage rates or the details of Chicago home loans, and all that they entail. It is only natural that home buyers get the assistance of a real […]

HELOC Calculator

The HELOC Calculator(Home Equity Line of Credit) will help you determine if a HELOC loan is right for you. HELOC Calculator HELOC Calculator © ML

Rent vs. Buy Calculator

The Rent vs. Buy Calculator will show you the benifits of buying a home in respect to renting an apartment. Rent vs Buy Calculator Mortgage Calculator © ML

Refinance Calculator

The Refinance Calculator can help you determine if refinancing is right for you. It will give you a side by side comparison so you can easily see how much you will save. Should I Refinance? Refinance Calculator © ML

Income Requirement Calculator

Use this tool to find out what the required monthly income would be to qualify for a specific loan. How much House can you afford? Mortgage Calculator © ML

Affordability Calculator

The Affordability Calculator helps you to find out just how much of a loan you can afford to pay. Affordability Calculator Mortgage Calculator © ML

Interest Only Calculator

The Intrest Only Loan Calculator helps you compare interest only loans with fully amortized loans. Interest Only Calculator Interest Only Calculator © ML

FHA Loan Limits Calculator

The FHA Loan Limits calculator helps you calculate the size of the loan the FHA is willing to insure. FHA Loan Rates © ML

Finance Glossary

Use this finance glossary to look up all the terms you come across but don’t quite know the proper meaning to. Finance Glossary Financial Glossary © ML

19 in 1 Calculator

The 19 in 1 Calculator is a single tool with 19 different calculators in 1 place. Use these calculators to calculate payments, figure out how much you need to use for a down payment, find out what the loan is actually costing you and more. 19 Mortgage Calculators Get this Widget Related Resource: Refinance & […]

Mortgage Payment Calculator

The Mortgage payment calculator is used to calculate the payment based upon the interest rates and loan amount entered. Use this calculator to find out what the monthly payment would be for a given loan. Mortgage Calculator © ML