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Chicago Mortgages

A collection of news and information related to Chicago Mortgages published by this site and its partners.

Top Chicago Mortgages Articles

Displaying items 169-180
  • Options eyed for rating credit

    Don't be surprised if a lender wants to know if you pay your rent on time or bounce checks before it will let you borrow money. For many years, loan approvals were determined largely by borrowers' credit scores, which are based on proprietary formulas...
  • Loan programs offer hope for niche borrowers

    Lenders want to see borrowers with ample incomes, down payments and polished credit. But there are mortgage plans that borrowers squeezed out by today's tighter lending standards may qualify for, if they fit into certain groups such as veterans or first-...
  • Say goodbye to the specialized mortgage options

    Like a spreading infection, restrictions on credit are moving into new and more specialized niches of the mortgage market. The latest to feel the pinch: *Cash-out refinancings. *Loans with anything less than full documentation of borrower income,...
  • Higher credit score now norm in prime lending

    With the resurgence of tighter underwriting standards, some mortgage-market observers have been predicting that lenders would again rely more on a would-be borrower's overall worthiness and less on his credit score. But if anything, credit scores have...
  • Look before slamming it into reverse

    Reverse mortgages are held out as an excellent way for house-rich, cash-poor seniors to tap into their equity without having to sell and move. And they may well be a good choice for some people. But they are not the only option. A reverse loan is meant...
  • Will `suitability' be new mortgage test?

    For the American mortgage market, it could be the buzzword of the year: Suitability. That's because Congress has a new top lawmaker for mortgage matters, Rep. Barney Frank, who says "you shouldn't lend [home buyers or refinancers] more than they can...
  • A real no-fee mortgage? So says Bank of America

    Home loan industry competitors are searching for gimmicks, but Bank of America insists that its "No Fee Mortgage Plus" plan announced May 8 delivers what the name implies -- without raising interest rates to applicants. The new program comes with none of...
  • Tips for 2-credit-score couples

    Ann Fleming has a theory about relationships, gleaned from the many couples she's counseled: Opposites attract. Fleming isn't a therapist; she's a Walnut Creek, Calif., financial planner who helps couples iron out money troubles. "People tend to...
  • Mortgages: Signed, sealed, bewildered

    Signing the mortgage paperwork is the castor oil of the home-buying process: Open mouth. Gulp it down. Mutter, "Yecch, glad that's over with." I develop a nervous tic just writing about it. It's not so much the notion of incurring a huge debt (obviously,...
  • Measuring the safety of reverse loans

    With an estimated 77 million Baby Boomers about to hit their golden years, the reverse-mortgage market is heating up. Not necessarily by the senior set, less than 2 percent of whom have decided to turn the equity in their homes into cash by taking out...
  • Lending giants offer more ways to slam it into reverse

    How are Baby Boomers carrying hefty first and second mortgages going to pay them off? Millions of homeowners refinanced in the "refi boom" years of 2003-04, taking out new 15- or 30-year loans. So some Boomers in their late 50s and early 60s have big...
  • Budgeting, saving are keys to home ownership

    Buying a home for the first time is a lot like bungee jumping, says Richard Cohen, author of "It's Not About Rate: The Right Way to Get a Mortgage." "It's scary and exciting at the same time" says Cohen, who has counseled hundreds of first-timers as a...