Greg 's Blog

Mortgage and Lending - 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.
With Subprime Lender options now more limited some are rediscovering FHA loans.  Here's why: PROS: Better pricing than most subprime programs Virtually no FICO Requirement Only 3% down for 1-4 units (O/O - required) Down payment can be gifted from seller to approved not for profit payable to buye...
Most buyers seek move in ready properties at the top of their price range because they don't have money left for improvements after close.   The smaller a down payment the less likely to qualify for home equity lines to finance improvements.  Changes to the lending industry make obtaining high LT...
Your credit data is grouped in five categories for FICO scoring.1. Payment History Payment history on credit cards, mortgage, etc. Public records (bankruptcy, judgments, suits, liens) etc. Amount & severity of delinquency (how long past due) Regency of past due items or collection items (if any) ...
Credit Scoring vs. Mortgage RatesMany lenders are tightening guidelines making it more difficult to qualify for some mortgage programs. It's a good idea to know you credit score. Low scores cost you money in higher interest rates & lost opportunities.There are three credit reporting agencies inde...
Mortgage Insurance Goes Tax DeductibleCongress passed a new tax relief bill with a deduction for Mortgage Insurance (MI) premiums effective in 2007.  Limited to homebuyers with incomes < $100k, it's a major victory for Mortgage Insurance Companies who have lobbied for several years.  MICA executi...
Traditional attitudes about mortgage payoff are giving way toward using equity to create more wealth.  Few homeowners are likely to regret assuming this debt considering appreciation.  Had you bought 2 homes of similar value and rented one, you might now sell one to pay off your mortgage debt on ...
  I see ads with people dancing on rooftops because their mortgage payments are so low. What's really going on here?  The ad says they found a $510,000 mortgage for under $1,698 monthly.  With a financial calculator and know variables of $510k (loan amt), $1,698 (payment) & 30 year (amortization ...
Increase the Value of Your Home with Strategic RemodelingSelling a home is your opportunity to maximize the return on your investment.  Spending a few dollars to make your home look new can yield far more money than it costs.  Spreading the money throught the entire house will generally yield hig...
With all the talk about real estate bubbles you might think the bloom is off the rose of home ownership.  According to the National Association of Realtors (NAR), American homeowners have an average net worth of $184,400 compared to renters with $4,000.00.  For most people, it's their best and mo...

Greg Zaccagni

Illinois Mortgage Lender
smartphone(630) 853-8555
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