home buying: FHA to LOWER loan limits in 2014 - 12/10/13 01:58 PM
Good afternoon...FHA announced that it will lower all loan limits beginning with case numbers ordered on or after January 1st. The Chicago-land area will see a drop from the current $410,000 maximum to $365,700 for 1-unit properties. The loan limits listed below are for the following counties:Illinois:CookDekalbDupageGrundyLakeKane Kendall McHenry Will Winnebago Indiana:
JasperLakeNewton Porter
1 unit:$365,700
2 unit:$468,150
3 unit:$565,900                                                                                                … (0 comments)

home buying: Mortgage Rate Move Higher on Jobs Report Data - 11/12/13 03:28 PM

 
Good afternoon...October's Non-farm payroll report showed 204,000 jobs added, far exceeding analysts prediction of 125,000. The figures for August and September were also revised higher. Mortgage rates reacted quickly and moved higher as a result of all of this. The mortgage market was feeling some relief as the slow growth in the labor market was delaying the Federal Reserve from reducing their asset purchases. With with positive jobs figures, economists are wondering if the Fed will begin QE3 tapering as soon as December.
Some analysts are saying that the numbers don't make sense, especially considering the government shutdown putting … (0 comments)

home buying: FHA Now Allows Financing For Those Hit Hard By Economy... - 11/05/13 09:18 AM

 
Good morning...
FHA recently rolled out their "back to work" program." In a nutshell, if you've had a foreclosure, bankruptcy, or short-sale at least 1 year ago and can prove this was due to an event of economic hardship (i.e. loss of job/income), you can be eligible for financing. 
This event would need to result in a minimum of 20% loss in household income. And the borrower(s) would also need to complete an FHA housing counseling class. 
With Fannie Mae increasing their down payment requirement to 5% (from 3%), FHA is still a viable option. Here's a little more on the topic:
http://www.housingwire.com/articles/26237-fha-expands-mortgage-backing-to-the-once-bankrupt#.Unj0mCrmHw4.wordpress
Also, … (0 comments)

home buying: Interest Rates @ Lowest Levels Since June - 10/31/13 03:55 PM
 

 
Good afternoon...and Happy Halloween!This is just a quick post to let you know that rates have dropped for the second consecutive week and are now at their lowest levels since June. The Fed announced today that their bond-purchasing program (QE3) will continue for the time being (most analysts are predicting till at least March) and this should keep rates very low for quite a while. Home inventories are shrinking and prices are rising. You can use these low rates to offset these things and save money. And if you haven't taken advantage of a refinance, it's a great time for … (2 comments)

home buying: Want to Know "How" and "Why" Mortgage Rates are Determined? - 10/14/13 01:52 PM

Hello...hope the day is going well...
When it comes to obtaining financing, everyone is concerned with what rate they're getting. In some cases, the rate has more significance than in others (ie. rate/term refinance vs. debt consolidation). Everyone knows where to look for current rates, but many don't know how they're calculated or what makes them move. I tell all my clients that rates don't move; it's their price that fluctuates. In a nutshell, mortgage rates are tied heavily to the 10-year Treasury bond yield. Typically, when the yield goes up, rates go up and so do their cost. If the … (2 comments)

home buying: How the Debt-Ceiling Could Affect Interest Rates and the Economy - 10/10/13 03:19 PM

Good afternoon...
At this point, the direct and indirect costs of the are expected to take .5% off 4th quarter GDP growth, and that could rise to 1% if it continues. There were hopes that the GDP would keep trending upward, but at this point 2013 will be the weakest year of the "recovery."
The government seems to have put itself in a no-win situation: raise the ceiling and continue to increase taxpayer costs while lowering the value of the dollar. Or default on the debt and watch the economy implode. 
The US Dollar is (remarkably) still the world's currency, and as such, … (0 comments)

home buying: Mortgage Rates Moving Lower? Fed Says NO To Tapering of QE3... - 09/18/13 12:57 PM
 

Good afternoon...Today. Ben Bernanke, the chairman of  the Federal Reserve stated that they have decided not to scale down their monthly asset-purchasing program. They said they're unsatisfied with the pace of economic growth and the timing isn't right to taper the program. Mr. Bernanke then stated the Fed has officially downgraded its outlook for the economy. Some stocks on the major indices surged to record highs, while bond yields dropped significantly lower, as the benchmark treasury yield fell to 2.693 (at the time I write this). All of this means that we hope to see a mortgage rate rally, spurred on by … (0 comments)

home buying: How to properly maintain your new home. Lets face it, not many do this - 08/27/13 12:45 PM
 
Good afternoon...
As a follow up to my blog from 8/20 (14 things NOT to do...), I found this article today on Yahoo that I thought would be the perfect compliment.
Buying a new home is a wonderful, but oftentimes nerve wracking experience. Once the closing is complete and the keys are in hand, the property is now your responsibility. The inspector and appraiser made some comments and suggestions on what could or should be done to the property, but typically, problems arise in every home within a matter of time. It's just nature.
Many people fail to properly maintain their home, … (0 comments)

home buying: You mean I have to insure the home, too? - 08/23/13 12:35 PM
Yes…if you can believe it, I actually had a client asked me that question. Sometimes it seems as if the insurance policy isn’t a big deal to some people. But what is important to know is that it’s one of the most important parts of the home buying process. And choosing the right insurance policy for your home is imperative.
 
Formally known as hazard (or fire) insurance, this policy will protect you in case of catastrophic occurrences to the home. But you have to make sure you have the appropriate (not just adequate) coverage. There are many things to … (0 comments)

home buying: Attn Homeowners: DON'T ruin your home value by doing these things... - 08/20/13 11:04 AM

 
Good afternoon,
 
Regardless if you're looking to do some minor home improvements or major overhauls, whether you're getting ready to sell or just want to "fix up" the place for the long term, this is a great slide show from MSN Real Estate explaining things you'll want to avoid when doing any kind of work to your home.
 
What’s the overall point of this? Simple: don’t price yourself out of the market unless you never plan on moving. Many people say that they don’t, but no one can predict the future…and the average homeowner stays in their … (0 comments)

home buying: Time to get off the fence... - 08/09/13 08:06 AM
 
Good morning,
 
Just a reminder to all the home shoppers (and those who still need to refinance) that affordability levels are
still very high and interest rates are still very low. With home prices on the rise, especially here in Chicago, the
tipping point over to a seller’s market will come sooner than we think.
 
Great deals are abundant and financing is available for (almost) every kind of scenario!
 
Please give me a call if you have mortgage questions and if you have a minute, please forward my information
to your network.
 

(0 comments)

home buying: Monday Mortgage Call - The Best Source for Mortgage Related Info - 05/06/13 05:13 PM
 

 
Good Afternoon,
I hope you enjoyed the weekend and were able to get outside. I think it’s safe to say spring is here (about 2 months late)! The call will be short today as I’m pretty swamped right now. But that’s a good thing, so here we go....
On today's call: Markets, Housing, Interest Rates
The markets opened up but stayed relatively even for most of the day after a huge gain on Friday. The unemployment numbers were impressive (although I still think they’re skewed) and the S&P increased its record setting level. Investors are still weighing any potential market corrections … (0 comments)

home buying: Monday Mortgage Call - Chicago's Best Mortgage Info Source - 04/29/13 02:59 PM
 

Good afternoon…and sorry to all you loyal listeners for the delay…
 
I hope you enjoyed the first spring-like weekend in what seems like years. I don’t know
about you, but the Stanley cup playoffs begins tomorrow and there isn’t a greater event
in sports if you ask me. The intensity can’t be beat! On a more serious note…
 
On today’s call: Markets, Housing, Commercial financing, Interest Rates
 
The markets opened with a bang this morning, as the S&P 500 surpassed its record close
set earlier this month. Italy’s new prime minister finally named his new cabinet … (0 comments)

home buying: Monday Mortgage Call - Chicago's Only Source for Mortgage Related Info - 04/15/13 08:53 AM

Good Afternoon,
I hope you had a nice weekend. We’ve gotten some warmer weather and some sun, now if we can combine them at the same time for more than one day, I’ll be happy. I got to see some old family friends from Australia and if anyone’s been there, please give me some travel tips…I need to start saving now!
On today's call: Markets, Housing, "PMI", Interest Rates
The markets opened down quite a bit today thanks to weak manufacturing data as well as negative economic data from China, among other places. This overshadowed some positive earnings results from companies, including many … (0 comments)

home buying: Monday Mortgage Call-Chicago's Best Source for Mortgage Related Info - 03/25/13 09:57 AM
 

Good Afternoon,
I hope you enjoyed the first weekend of winter (I mean spring). First, a big thanks to all Of you for helping spread the The Mortgage Call around. On Friday, we added our 200th recipient to the list. Let’s keep sharing this! Second, and I don’t mean to soapbox, but if you’re at all interested in the food you eat, read up on HR Bill 933 section 735. This is an epic failure on the part of Congress and it will have long-lasting ramifications. Anyway...
On today's call: Markets, Housing, Real Estate & Taxes part 3, Interest Rates
The … (0 comments)

home buying: Monday Mortgage Call-Chicago's Best Source for Mortgage Related Info - 03/18/13 12:51 PM

Good Afternoon,
I hope you enjoyed the weekend and the holiday yesterday. I’m sure for some they’re still wishing today was an off day.
On today's call: Markets, Housing, Real Estate & Taxes part 2, Interest Rates
The markets opened lower today but are back towards positive territory as they near session close. Last Friday saw a 10-day win streak for the Dow come to an end but it, along with the other indices, are trading off their lows. But news of out of the small country Cyprus, who laid out a plan to tax bank depositors in order to help fund the … (0 comments)

home buying: Monday Mortgage Call - Chicagos' Best Source for Housing/Mortgage Info - 02/25/13 11:40 AM

Good Afternoon,
I hope you had a good weekend. I happened to see Argo on Saturday and while it was an excellent film, I guess I was kind of surprised that it won best picture. I wasn’t surprised to see the Hawks win another one though!
On today's call: Markets, Housing, Interest Rates
The markets opened lower today amid some troubling European news, namely the pending Italian senate elections, which will have a big influence on the financial situation over there, as Italy is the Euro’s 3rd largest economy. There are many highly anticipated reports due this week, including the Consumer Confidence index … (0 comments)

home buying: Monday Mortgage Call-Chicago's Best Source for Mortgage Related News - 02/11/13 11:23 AM
 

Good Afternoon,
I hope you had a nice weekend. If every winter day could be like Saturday, I’d be a happy man. It reminded me of when I lived in Lake Tahoe…too long ago! I’m also happy that our Blackhawks are still undefeated in regulation…incredible.
On today's call: Markets, Housing, Title Insurance, Interest Rates
The markets opened lower today after quite a streak since the new year. The S&P 500 ended higher last week for the sixth consecutive time and the Nasdaq closed at a 12-year high. Tomorrow, President Obama will deliver his annual State of the Union address before Congress so … (0 comments)

home buying: Monday Mortgage Call -Chicago's Best Source for Mortgage Info - 02/04/13 11:29 AM

Good Afternoon,
I hope you had a great weekend. That was one of the most exciting Super Bowl’s in recent memory. Even with the power outage, Nielsen Ratings reported it as the highest rated event in their history. We are suckers for plot twists, right?
On today's call: Markets, Housing, Second Homes, Interest Rates
The markets are down sharply today, with the Dow dropping almost 120 points so far. Renewed worries about the economic situation in Europe arose thanks to some skepticism of the political situations in Spain and Italy have tamed investors’ optimism. As a result, all key S&P 500 sectors are … (0 comments)

home buying: Yes...rates are rising...better hurry up! - 02/01/13 09:02 AM
The bond markets reacted favorably today to the unemployment level remaining relatively unchanged at 7.9% after today's job news. The Dow is close to it's highest level on record so investors are currently divided on the state of the economy apparently. If you know of someone looking to purchase or refinance a home, please pass this info along. I'd appreciate it.
Happy Friday everyone...enjoy the weekend and don't eat too much on Super Bowl Sunday!
(0 comments)

 
JP Marzano, 312-608-1555, The Mortgage Call/1st Advantage Mortgage (1st Advantage Mortgage, a division of Draper & Kramer Co.)

JP Marzano

312-608-1555, The Mortgage Call/1st Advantage Mortgage

Chicago, IL

More about me…

1st Advantage Mortgage, a division of Draper & Kramer Co.

Address: 747 N LaSalle St, Chicago, IL, 60654

Office: (312) 654-7216

Mobile: (312) 608-1555

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