Financial

44 posts

Tax Time Tips

Homeownership carries many tax benefits, so be sure you’re taking advantage of these strategies at tax time: Mortgage Interest Deduction Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible on Schedule A when you use the loan […]

Cost vs. Value

The newest Cost versus Value report has just been released. Leading in the midrange projects in Chicago are steel entry doors, garage door replacements, deck additions and stone veneer accents. Leading upscale projects were wood window replacements, garage door replacements and siding replacement. Unlike what television may have us believe, […]

FHA’s Financial Woes

An independent audit last month revealed that the Federal Housing Administration had a $16.3 billion deficit ($30.3 billion in cash reserves as of Sept. 30 to cover $46.6 billion in projected losses), most of which, accounted for loans backed between 2007-2009.  Agency officials however have stressed that it has no […]

Distressed Out

Let’s say you were a conservative, responsible homebuyer back in 2006, and made what, by all accounts, would be considered a conservative, responsible down payment of 20%. Since then, the average home price across Chicagoland has fallen by more than 30%, according to conservative estimates. Conservatively, that means a lot […]

FHA Premiums Lowered for Refis

FHA is lowering its mortgage insurance premiums to help borrowers refinance into lower interest rates.  Additional help to military who have been wrongly foreclosed on or denied the opportunity to refinance as well, as announced by President Obama earlier this week FHA is reducing its up-front premium to .01 percent, […]

No Deal from Super Committee

Long term outlook is still largely uncertainty as the Super Committee cannot come to agreement. Without changes, there is some $1.2 trillion in federal programs that will be automatically cut in 2013. Military bases and surrounding communities will be hit as spending is scaled back and surrounding area is impacted […]

More Refinancing Options for Underwater Homeowners

The Obama administration announced plans to expand the Home Affordable Refinance Program to make it easier for homeowners who are struggling but still making mortgage payments to refinance their homes. Changes to the program include refinancing despite how much a home’s value has fallen, reducing some fees, and eliminating the […]