Real Estate Toronto Canada

Canadian housing starts rose 6.1% to an annualized 196,700 in February from a slightly revised 185,400 (was 185,600) in January.  Expectations going into the report had been for a smaller rise to 190,000 units.
The rise in total housing starts in February was almost entirely the result of increases in the multiple-starts segment.  The relatively volatile [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2306subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/Yuxx0vrA7ok” height=”1″ width=”1″/

Perhaps you#8217;re one of the lucky ones, and your spouse doesn#8217;t get a little twitchy in the wallet while strolling through the tool aisle at Home Depot. Even if you’re not very handy, it#8217;s important to have a few basic tools on hand for general home maintenance or repair, especially if your home is about [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2281subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/e2TWWU6XCgs” height=”1″ width=”1″/

The Waterfront Business Improvement Association has announced the visit to Toronto of an International fleet of Tall Ships that will race through the Great Lakes this summer during the Redpath Toronto Waterfront Festival.
Starting on June 30 through to July 4, 2010.
For more information, visit www.waterfrontbia.com
img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2296subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/1Tfbf2E8_Ic” height=”1″ width=”1″/

By David Dunkelman
Food has been at the heart of the St. Lawrence neighbourhood in East Toronto dating back to 1803, when Lieutenant Governor Peter Hunter declared the area that encompassed Front Street to King Street and Jarvis Street to Church Street as the “Market Block.”
Toronto citizens have been buying local farm-fresh produce at the St. [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2217subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/-8nRMFuRWFo” height=”1″ width=”1″/

See how big this suite is for the money!!

Our Team has just listed a very large (953 sf) one-bedroom suite on Lombard Street just west of Jarvis.

The suite faces south with lots of sun coming in through the den/solarium floor-to-ceiling windows and overlooks a quiet courtyard with fountain.

In addition there are two bathrooms and one underground parking space with locker cage above.

The owners have taken extra good care of their home and it shows!  The building has fabulous concierge service and the roof-top deck is the place to spend some summer nights around the pool!

Take a look at the interior photos, feature sheet and the video to see if this suite is perfect for you!

You can also arrange a showing right from that same page

Greed is bad. Greed distorts reality and greed in the condo market hurts both buyers and sellers, consumers and developers. Recently I’ve noticed some signs of greed finding its way into the downtown condo market. To me, this is a sign the market is about to change as an impending inventory surge in the resale market in the latter half of this year will affect all sectors of the market including new developments.

Here are a few recent observations:

1. One developer recently offered 5% deposits on their remaining suites, but they also raised their asking prices by as much as $20K on each suite! I was very excited about this particular offering for my clients until discovered the massive price increase the preceded it, therefore I could not in good conscience feature it on my blog.
2. Another developer I have been dealing with is ‘capping’ closing costs at $8000 for 2 bedrooms and $7000 for 1 bedrooms – not much of a cap at all when you consider the industry average is something more like $5000 which is up from about $3000 a few years ago.
3. Finally, another developer, in my opinion, raised prices far too much between the VIP stage and the public release stage. They had huge demand for suites at the VIP stage but they shut buyers out by limiting the number of suites they released, then after they raised prices demand seemed to wane off significantly as buyers moved on to other projects.

These are just anecdotes, but in my opinion they show that the tide has turned in the condo market – we have reached a tipping point and moving forward prudent developers will recognize buyers won’t buy just anybody’s cockatoo – they need to offer value and need to be reasonable, especially with investors.

Questions or comments? Want to know which developers I am referring to in this post? Leave a comment or email me.

The Toronto Real Estate Board released the February 2010 statistics for the GTA. The number of sales for the month of February was 7,291 in the GTA compared to 4,120 in February of 2009, representing a 77% increase.
The number of days on the market decreased from 45 in 2009 to 22 in 2010 – a [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2294subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/cUh9itr0lVU” height=”1″ width=”1″/

Large 1-bdrm + den & solarium overlooking the lake coming for sale in a week

Although the official Toronto Real Estate Board statistics haven’t been released yet, preliminary estimates show that February had record sales above 7,200 houses and condominiums.

The main problem is inventory… there were just over 14,400 listings on the market during the month – down 32% from one year ago (not a reasonable comparison due to the economic situation then) – but also down from 18,000 homes for sale in February 2008.

These days we’re encountering multiple offers due to listing agents deliberately underlisting homes almost 90% of the time!  Not fair to buyers and no real advantage to sellers!

Check back with us by the end of the week for the full Toronto Real Estate Board statistical analysis.

INTEREST RATES
The Bank of Canada took its first steps this week  toward returning the country to more normal interest rate levels by signalling a more hawkish tone on inflation and acknowledging the economy is performing better than expected on “vigorous” consumer demand.

The messages were conveyed in the Bank of Canada’s latest interest-rate statement, which kept its record-low benchmark rate of 0.25% as is and pledged to keep it there until July.

The rate statement emerged a day after economic data indicated the Canadian economy grew at a robust 5% annualized pace in the final three months of 2009, blowing past market expectations for a 4% gain and the central bank’s original 3.3% forecast. Economists say the fourth-quarter performance has set the stage for another robust gain, of perhaps 4% or more, for the first three months of 2010.

Meanwhile, recent data indicate that both the headline and core inflation rates have moved much closer to the 2% level than the central bank had expected. Under the bank’s forecast, the 2% level would not be reached until the third-quarter of next year.

In the statement, the central bank acknowledged economic activity has been “slightly higher” than its own projections, with the 5% gain in the fourth quarter powered by “vigorous domestic demand” and a recovery in exports.

Low interest rates are doing their job in stimulating demand — perhaps, increasingly, too well.”

The consensus remains that the central bank will wait until July to begin raising rates.  There are two more scheduled rate decisions between now and then, with one April 20 and then June 1.
Economists believes rate increases will begin in the third quarter, but  the odds have increased that the first hike will be in July as opposed to September.

How much, and how rapidly, the central bank raises rates beginning in July is up for debate, with economists estimating increases of 100 to 150 basis points in the second half of 2010.Financial Post

HOUSING ACTIVITY IN  2010

According to CMHC housing starts rebounded in the second half of 2009 and will strengthen in 2010.

Following a total of 149,081 units in 2009, housing starts are expected to be in the range of 152,000 to 189,300 units in 2010, with a point forecast of 171,250 units.
 In 2011, housing starts will be in the range of 156,400 to 205,600 units, with a point forecast of 175,150 units.

“Canadian housing markets will benefit from improving economic conditions and low mortgage rates,” said Bob Dugan, Chief Economist for CMHC. “As well, measures recently announced by the Government of Canada to support the long-term stability of Canada’s housing market will help moderate housing activity as some potential buyers will have to save a larger down payment or consider a less expensive home.”

Mr. Dugan also noted that the existing home market has shifted from a buyers’ market, at the beginning of 2009, to a sellers’ market. The relative lack of new listings for existing homes has pushed some of the demand into the new home market, which helps explain the forecast for higher housing starts activity in 2010.

The strong pace of MLS®1 sales seen in the second to fourth quarters of 2009 reflects, in part, activity that was delayed in the previous two quarters. The pace is not likely to be sustained as pent-up demand is exhausted and financing costs increase with anticipated higher interest rates later in 2010. As a result, existing home sales will be in the range of 455,350 to 509,900 units in 2010, with a point forecast of 486,700 units, and then move slightly lower in 2011 to be in the range of 426,300 to 494,600 units, with a point forecast of 469,950 units.

With an improved balance between demand and supply, the average MLS® price is expected to remain close to the average in the last quarter of 2009, for most of 2010, and then rise modestly in 2011. CHMC 

KITCHENER- WATERLOO MARKET UPDATE - KWREB  OFFICIAL PRESS RELEASE 

KITCHENER‐WATERLOO, ON (March 3, 2010) – While Canada’s athletes were racing for Olympic Gold;Waterloo region’s homebuyers were racing to buy real estate. There were  553 homes traded  in February through the Multiple Listing System (MLS®) for a total value of $153,120,645, marking a 31.7 percent increase over January’s results.
“This is the most residential sales we’ve seen in the month of February in over two decades.” said, Ted Scharf, President of the Kitchener‐Waterloo Real Estate Board. “It has been an exceptionally busy start to the year.”
February’s sales included 350 detached homes (up 43.4 percent from 2009), 99 condominium units (up percent from 2009), 52 semis (up 73.3 percent from 2009) and 49 townhouses  (up 63.3 percent from 2009).
There were a total of 75 properties sold in the $300,000 to $350,000 price range‐‐ the second most popular category last month—a 150 percent increase on a year‐over‐year basis.

The most active price range continued to be homes selling between $225,000 and $250,000, with 93 sales, up 50 percent over last year.
The average sale price of all residential sales increased 12.2 percent to $276,891 compared with February 2009. Single detached homes sold for an average price of $324,631, an increase of 15.8 percent compared to last year.

 In the condominium market the average sale price in February was$173,726, an increase of 8.3 percent from one year.
“The Harmonized Sales Tax (HST) which takes effect on July 1 is likely contributing somewhat to the increased sales we are seeing, “says Scharf.   But the biggest factor influencing strong sales during this traditionally slower time of year according to Scharf, is the historically low-interest rates. “Consumersare taking advantage of current interest rates now before they are predicted to rise this summer.”

The Home Renovation Tax Credit (HRTC) was a program introduced by the Canadian Government to help homeowners boost the value of their homes by allowing them to claim a tax credit for completing any necessary renovations.  

Any work performed or goods acquired between January 27, 2009 and February 1, 2010 can qualify, and the purchase of supplies for renovations is eligible no matter when they are actually installed.  

Some examples of renovation details that are included in the HRTC are building permit fees, professional installation, equipment renting costs, painting, remodeling, finishing a basement or adding new flooring. Even if you performed all or most of the work yourself or had a family member help out, many of the supplies purchased will still be eligible. 

What is the maximum tax credit? 

Homeowners can claim 15 per cent of any eligible renovation expenses that are between $1,000 and $10,000, resulting in a maximum tax credit of $1,350.  

How do I claim the HTRC? 

The HTRC is claimed on a special section that will be added to tax booklets for the 2009 tax year called Schedule 12. This section must be completed and any original receipts for services or goods that qualify should be included. 

The Canada Revenue Agency has also maintained that it will be strictly enforcing actions against members of the “underground economy”, meaning individuals or businesses who aren’t registered and don’t pay taxes. It’s important to note that the business or GST number of the company should be included, and the Canada Revenue Agency has cause to deny any portion of a claim that involves an unregistered or illegitimate business. 

Missed out on the HRTC? 

The qualifying period for the HRTC expired on February 1, 2009. However, there are many other programs that have been implemented by all levels of government to assist you financially in the renovation of your home. These programs include the Government of Canada Retrofit Rebate Program, the Ontario Home Energy Savings Program and the Home Energy Assistance Toronto Program.

All three programs combined allow homeowners to receive up to $11,000 in grants and rebates to renovate their homes to be more energy-efficient, and they don’t expire until March 31, 2011.

Hello all!

I love this city, but sadly, I will be leaving it shortly!

I am heading to parts of West and Central Africa for the next two years to work and do research on the connections between the extraction of metals and violence which I will be writing on at my other blog A Peace of Conflict. During this time, I will not be available to help you with your real estate needs.

If you need real estate assistance, please contact my trusted friend Judita. She will gladly assist you with all your needs!

I will still occasionally be writing on one of my favorite topics, sustainability. Due to time constraints, this will not be regular. Judita will still be posting here on current real estate issues, so please watch for her upcoming posts.

Thanks to all my readers!

Rebecca

OTTAWA — The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
The ongoing global economic recovery is being driven largely by strong domestic demand growth [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2292subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/XGBouTk57VA” height=”1″ width=”1″/

Mortgage rates are flat today and holding their own even as we have a good day other states may be slightly different, give me a call in the stock market. The economic reports released over the last few days continue to be a mixed bag. Inflation continues to come in low, which is good news for keeping mortgage rates low, but there are also signs that the economy is gradually improving (or maybe a better description would be bottoming). In housing, residential spending was higher, a big surprise since this had been down for 9 months in a row, The inventory of homes on the market continued to rise, so no one expects a real pick up in new construction until the supply of homes stabilizes. Mortgage bonds continue to trade near the best part of their range, but the consensus is still that rates are likely to rise.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

By Diti Dumas and Morgan Dumas
Despite the weather outside, spring is in the air with the arrival of “Canada Blooms!” This annual and highly anticipated event will be held at the Direct Energy Centre on March 17-21, 2010. Canada Blooms: The Flower and Garden Festival includes acres of breath-taking gardens and flowers in full bloom [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2275subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/kjrbqlDN5Pk” height=”1″ width=”1″/

The purchase market is suddenly hot here in the Chicago area, and one of the big reasons is because buyers are lining up to buy in time to take advantage of the home buyer’s tax credit. Home buyers have until the end of April to get their new home under contract, and they have until the end of June to close. So there should be plenty of time to find a home, get a contract and close by the end of June, right? Maybe. But it depends.

A major part of the market is now made up of distressed properties, that is, short sales and foreclosures. A lot of home buyers (especially first time home buyers) are focusing on these homes because buying distressed properties can often mean you are buying at a bargain price. Foreclosed properties are homes the bank has already taken back. They are vacant, boarded up and often in rough condition. It sometimes takes imagination to see the potential in these homes (I’ll have an article on this, soon). On the other hand, short sales look like any other home on the market, but the price is often much lower than comparable homes. But the asking price is just an opening in what could be a long process. I have worked with buyers who closed on a short sale in just over a month, and others who have waited over six months and still don’t have an accepted offer. Short sales are a big factor in the home buying market now, and I expect this will be a bigger factor over the next few years until the housing market stabilizes. If you are considering a short sale, make sure you know what is involved, and what you can do to help your position.

What is a short sale?

A short sale is a home where the owner owes more to the bank (or banks) than what the home is worth. These are often considered pre-foreclosed homes. Buying a short sale is a two-step process. The first step is to negotiate an agreement with the home owner. The second step (the harder one) is to get the bank to approve it. A short sale should be a win-win-win situation. The home owner is able to sell while avoiding a foreclosure, taking a lower hit to their credit rating. The buyer is able to buy a nice home at a lower than market price. And these transactions are in the banks interest too. They win by selling a home quicker and without all the legal costs of taking the property back. By avoiding foreclosure they also don’t have to deal with the property damage and marketing issues which can lead to big bank losses. But even though it is usually in the banks interest to work with buyers, the reality is more complicated. Banks are overwhelmed with short sale requests, and though they have staffed up over the last year, and they are getting government pressure to be more responsive, inertia and bureaucracy often mean that nothing gets done quickly, or efficiently. The bank that holds the mortgage is usually just a loan servicer. The actual mortgage is often held by Fannie Mae, Freddie Mac or could be part of a securitized pool of mortgages. The bank will need to follow these investor’s procedures. Also, the case manager is not a decision maker. They gather the information and then send it up the chain for the approval. Whether the bank will approve it, and how fast they will respond, is usually determined by how far the bank is into the process.

The Short Sale Process

When a Realtor lists a short sale home for sale (or the homeowner often does this before putting the home up for sale) they need to prepare a short sale package and submit it to the bank’s loss mitigation department. The bank will want to see all the financial information on the seller, including tax returns for the last 2 years, pay stubs, bank statements and a list of all the other debts. They will also require a hardship letter showing why the home owner can no longer afford to make payments on the home. The Realtor needs to put together an analysis of what the home is worth in the current market, and the bank will need a proposed settlement statement showing the costs of the transaction and how much they will net from the sale. In a perfect world, the bank would review this information and make a decision if it would work for them to take a short offer, or not. In the real world it is a little messier.

Here are some things to consider if you are thinking about making an offer on a short sale:

How short is the offer? If you are making an offer close to the mortgage balance, this means a smaller loss to the bank, and they should be able to jump through hoops for a quicker response. An offer much lower than what the bank is owed could still make sense, but they are more likely to weigh the offer, and let more time go by hoping they get another offer before responding.

Has the bank assigned a case manager to the file yet? This is crucial. If you are putting an offer on a property which doesn’t have a case manager, expect a long wait. The bank has to go through their due diligence, and if they are starting from scratch it could take a while.

Have there been any other offers on the property which went in for bank review? If the bank has had another offer they are often already moving on the process. I have been involved in some sales where the buyer came in and made an offer after another buyer had tried, and grown tired of waiting. These transactions moved much quicker. If there is a new buyer, this is a change, and the process is supposed to start over, but there is often more in place, so you are starting over from a higher level.

Is there a second mortgage n the home? If there is more than one mortgage on the home, expect more road blocks. The second, or junior loan, won’t get paid a thing until the first mortgage is satisfied. So if there isn’t enough equity to pay off the first mortgage holder, the second mortgage holder won’t get a thing. That means they don’t have a lot of motivation to sign off and could throw up issues so they make something off the sale.

How quickly do you need to close? If you are planning on taking advantage of the tax credit, you have to think hard about committing to a short sale. Again, it could be approved in weeks, or it could take months. Decide if the possibility of a better deal on the short sale is worth the extra wait and uncertainty.

If you are going to go the short sale route, make sure you do what you can to make your offer a success:

Do your home work – Find out what you can about the seller and their situation before making an offer. If you know what the situation is for all parties, you are in a better position to see if your offer is likely to come together.

Put in a time limit – The bank won’t necessarily abide by it, but if you make your offer good for only a set period of time you have more leverage and can get out of the transaction easier if it isn’t coming together.

Work with a Realtor who understands how the system works – If your Realtor has worked with short sales before, they will know more of what to expect and can guide you around the land mines. Check and see if the listing agent has done this before, too. Communication is the key here, and you want to make sure that someone is communicating with the bank and moving the process along rather than just sitting and waiting for them to respond. Being a squeaky wheel can be an advantage in getting these transactions closed.

Be prepared to walk if you don’t see progress – If you put in an offer months ago, and you are still waiting for a response, how much longer are you willing to wait? If you aren’t moving forward you aren’t likely to suddenly get back on track. At some point you need to move on to something with better odds of success.

Even when the bank approves the offer, you could still be in for a bumpy ride. There are all sorts of moving parts when working with a short sale, and when one thing changes it could set off a chain reaction of other changes. Short sales will be a fact of life until the real estate market and the economy are back on firmer footings. So I expect that the process will be streamlined and easier to handle over time. But for now, short sales do take extra time, But if you are in a position where you can wait, the rewards may be worth the extra effort.

Not sure where to start? replay of my

First Time Home Buyer Webinar

Free Home Buyers Guide

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

February 28th:  Today is the conclusion of the 2010 Winter Olympics and Canada has set a record with the most ever gold metals won by a host country #8211; 14 in total.
The games started with Wayne Gretsky lighting the Olympic Flame and concluded by our Men#8217;s Hockey Team Canada defeating Team USA for our last [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2283subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/YNsYpztw788″ height=”1″ width=”1″/

By David Dunkelman
Jameson Avenue in West Toronto stretches from the pedestrian walkway at Lakeshore Blvd. to the hustle and bustle of Queen Street West. It’s a wide boulevard lined with walk-up and high-rise apartment buildings. Parkdale Collegiate, one of Toronto’s oldest high schools, is located along this route.
The wide, pedestrian-friendly sidewalks are lined with street [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2221subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/SoikFfKzSog” height=”1″ width=”1″/

Source:  Teranet House Price Index
Canadian home prices in December were up 5.2% from a year earlier, double the 12-month advance recorded in November, according to the Teranet-National Bank National Composite House Price Index™. December was the third consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2271subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/UYXK8UIsCzk” height=”1″ width=”1″/

The mortgage market is still in rally mode, and rates are near their lowest points of the year. Mortgage rates are determined by mortgage bonds which trade in a market similar to stocks or other commodities. Mortgage rates trend to move in the opposite direction of stocks. When optimism is in the air and the economic future looks bright, investors buy stocks and mortgage rates usually trend higher.  When fear is the dominant emotion mortgage bonds are more likely to benefit, because investors feel safer with a fixed return. Fear is in the air again, today. Over the last few weeks Greece was in the news as it looked like they were close to default. That crisis was band aided over, but now when people talk about Greek ruins, they are talking about the economy. Their credit rating was down graded yesterday, which means more trouble. Jobless claims came in slightly higher than expectations, which helps feed the fear. Another reason why the trend is for lower mortgage rates, is that Fed Chairman Ben Bernanke, in congressional testimony yesterday, said once again that rates will remain low for an extended period of time. But that talks about short term rates, not necessarily mortgage rates. The Fed has just over a month left on its bond purchase program, but for now that isn’t putting the hurt on mortgage rates. If you are looking to buy a home or refinance a mortgage, my guess is still that rates will be rising, so this is a time to take advantage of rates while they are still near the lows.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I’ll take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

(Another option is to break your Jumbo loan into 2 parts – conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

FHA LOANS – 3.5% down payment – FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans

Call for Quote

VA Veterans Administration 0 Down Loans

Call for information on no-cost VA Streamlined Refinances

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company

Tackling a mortgage can be daunting, especially for those who haven#8217;t done it before. Mortgages are usually the largest debt one will ever have, and it#8217;s a long-term commitment. One option is to make the house help pay for itself by turning it into an income property. It#8217;s a bit of a sacrifice, and isn#8217;t [...]img alt=”" border=”0″ src=”http://stats.wordpress.com/b.gif?host=muddyyork.comblog=5188131post=2238subd=centraltorontorealestateref=feed=1″ /img src=”http://feeds.feedburner.com/~r/MuddyYorkARealEstateBlog/~4/gfVk71V8rNo” height=”1″ width=”1″/