Greg 's Blog

Real Estate Mortgage Broker - The Federal Savings Bank
The mortgage industry is changing almost daily. My blog is dedictated to updating readers so you and/or your clients can make educated choices and find the best loan options currently available.



An adjustable rate mortgage (hybrid/ARM), is a loan with an interest rate linked to an economic index. The interest rate, and your payments are periodically adjusted ^ up or down v as the index changes. Lenders generally offer lower rates on ARM loans because they have the ability to adjust the r...
Posted over 6 years ago
Have you wondered how mortgage rates north of 6% are considered historically low?  Here is the answer according to Bankrate has been tracking the 30-year fixed since September 1985. In nearly 22 years, the 30-year fixed has averaged 7.99 percent. Today's rates are under that and the...
Posted over 6 years ago
Points reduce interest rates. A point equals 1 percent of the loan amount. A 30-year, $150,000 mortgage might have a rate of 7 percent, but come with a charge of 1 point, or $1,500. A lender may charge 1, 2 or more points.  Discount Points: Are prepaid interest on the mortgage loan. The more poin...
Posted almost 7 years ago
All Rates are NOT EqualQualify advertised rate terms before sending your personal documents.Is the published rate today's rate? Is the published rate for 30 year amortization? (shorter terms = lower rates & higher payments) Is the rate lock period for 30 days? (shorter periods = lower rates & ext...
Posted almost 7 years ago
Illinois legislators missing the point? Some IL State Senators have been attempting to pass legislation banning negative amortization loan products & stated income loans for mortgage brokers (only).  They also want to make individual loan originators liable for loans that default. Here are some c...
Posted almost 7 years ago
How do you choose a mortgage lender?  Is it important to meet with a loan officer before providing your loan application documents?  In todays electronic age where we press a button to send documents or via overnight packages, I'm always happy to take time to meet personally.Where a personal conn...
Posted almost 7 years ago

Greg Zaccagni

Illinois Mortgage Lender
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Mortgage Rates, Programs & Trends