Personal Finance, Mortgage and Real Estate Blog
Understand The Different Types of Business Models Lenders Have Time to share a frustration of mine. Credit card offers. I get enough of them that I can literally wallpaper my home with them. The mentality that banks use to send credit card offers is one of the reason's our banking system is a mess. Literally - if they have an address and name (or part of a name), they will send them to you. Does anyone think sending a credit card offer to a 5 year old makes sense? Here … [Read more...]
It’s common knowledge that people who have bad credit have a very difficult time getting loans. That makes sense though; why would a bank or other lending institution want to give money to a person who has a proven history of not paying back loans within the allotted period of time? However, a bad credit report these days does more than just guarantee you a higher rate of interest on loans and credit card - more and more companies that have absolutely nothing to do with money lending … [Read more...]
The Feds spent another weekend at Bernie’s. Mr. Madoff's monogrammed slippers fetched a fluffy $14.5K and his Steinway & Sons grand piano went to a bidder for $42K last week at the second auction of his personal possessions since he was incarcerated. Per his sentence, Bernie’s personal items must be sold and proceeds placed into a victim fund. Also on the block were such items as Madoff’s Rolex Cosmograph Daytona, cuticle scissors and top-drawer neckties. Mashable … [Read more...]
Employers, have mercy! If you’re going to bar job applicants from your lobby and your phone system, the least you can do is have an online application program that works. Sure, there are some people who couldn’t find the ‘Send’ button if it beeped and flashed at them, and it’s understandable why you wouldn’t hire them, but that is no excuse for your company to host an online job application program that sucks. Okay, maybe that was too harsh. How about this: just shoot me! … [Read more...]
In high school I assured my algebra teacher that I would not need math in real life. He chuckled and passed me despite my failing test grades. I'm not sure if he just hoped someone else would take on the monumental task of teaching me, but I am sure that he chuckled because he knew I was in for a big surprise. Yes, the invention of hand-held calculators postponed the reality that math is ubiquitous, and no, I am not still stuck in my teenage denial, but I’m not real thrilled that … [Read more...]
This was a very eventful week in Washington. A 2,300 page bill passed both the senate and the house of representatives and is in line to be signed by the President in the near future. You may have … [More]
FHA’s 203k rehab program has many benefits. I’m an urban planner by training and see the great potential this program has to be a significant tool for rehabilitating much of Chicago’s … [More]
Yesterday HUD Commissioner Stevens announced changes to the costs associated with obtaining an FHA loan that will affect all new case numbers initiated September 7th and beyond. The are some good news … [More]
On August 19, HUD issued FHA Mortgage Letter 11-29 announcing its changes to FHA loan limits for the period from October 1, 2011 through December 31, 2011. For the Chicago area, the limits for 1 to … [More]
Understand The Different Types of Business Models Lenders Have Did your lender, loan officer, or mortgage broker request your federal tax returns for your pre-approval? If not, I recommend you … [More]
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