Mortgage Terminology ... Definitions to Help You Better Navigate Your Home Buying and Mortgage Transaction          Words ...       That's all clients hear, if they don't understand the meaning of the words being used or thrown at them.  And that leads to frustration, lack of action, confusion, and loss of interest ... something totally and completely maddening, plus a waste of time, should you be the potential client.                   They MAY be hearing ya, but you're not getting through!             As a mortgage lender, I must keep in mind the fact that my clients (and referral partners) don't deal in the terminology of mortgages each and every second like I do.  The abbreviations and industry-wide knicknames that I know so well, may be completely unfamiliar to those outside of... 01/19/2012

166 condos and townhomes were sold in 2011 in Joliet IL. Of the 166, 56 were foreclosures and 25 were short sales (85 were traditional sales). Average market time was 182 days with the minimum market time 4 days and the maximum days on the market 988 days! Average list price was $112,225 with average sold price at $105,342. 01/18/2012

71 single family homes sold during December 2011 in Joliet, Illinois. Of the 71 homes, 33 were foreclosures and 13 were short sales. Average market time was 157 days with the minimum being 1 day and the maximum days on the market being 751 days. The minimum listing and selling price was $10,000. The maximum list price was $225,000 with the selling price being $275,731. The average list price was $92,881 with the selling price being $89,285. 01/16/2012

For a brief time in the early '90s, the supergroup Damn Yankees enjoyed a considerable amount of success on the arena rock circuit. Comprised of guitarist Ted Nugent, Styx's Tommy Shaw, Night Ranger's Jack Blades, and drummer Michael Cartellone, Damn Yankees arrived during the final moments of pop-metal's heyday, and their music didn't stray from that radio-friendly format at all. The group's self-titled debut album spawned several hits in 1990, including the Top Ten power ballad "High Enough" and the radio hit "Coming of Age." Although they proved to be a popular concert draw (Nugent even made headlines for his unchained behavior on-stage, which included shooting arrows into an effigy of Saddam Hussein), the band's follow-up effort, Don't Tread, didn't fare nearly as well. The group di... 01/12/2012

   Rialto Square Theatre in Joliet, IL School Matinee Series and Educational Programs              I recently came upon some pretty exciting information and I thought I'd pass it on just in case there are others in the Chicagoland area that, like myself, were unaware of it.  I think this info will be of special interest to parents, educators ... anyone that knows, loves, or has interest in the education of youngsters.       The Rialto Square Theatre  in Joliet, IL  offers a matinee program aimed at kids, Kindergarten through 12th grade.  This program is meant to support the curriculum of the Joliet area's school systems.        The Rialto Square Theatre  (map/directions)  serves as an educational center, providing entertainment that stimulates learning ... while also creating a love for... 01/06/2012

  Seeing the Light ... a Simple Guide to New Light Bulbs          Back in 2007, a new law entitled, "The Energy Independence and Security Act" was signed.  It was expanded upon in 2010.  As a result, new requirements and efficiency standards were placed in line for the common light bulb.      Well, I walked down the light bulb aisle at Home Depot about a week ago and Wow!  Talk about confusing!  So over this  weekend, I did a little reading ... and I thought I'd share what I found.  Hopefully it will prove beneficial to you and the links provided will serve as some guide when you're shopping for light bulbs next time.     First: The bulbs that are being phased-out are the four most common incandescent bulbs used ... the 40-watt, 60-watt, 75-watt, and 100-watt bulbs.  Sales and supplies ... 01/03/2012

A New Year and maybe it's time to buy your first/next home? Maybe you have outgrown your current home or you are tired of renting and want to purchase. There are currently 581 single family homes available and 146 condos/townhomes to choose from in Joliet. But before you do anything, there are a few things you need to do first: Get PREAPPROVED! You need to know your buying power before viewing homes. What will a lender loan you? Do you have any unknown issues on your credit? Have you been at your job long enough to get a loan? Are you comfortable with the total monthly payment based on what you are preapproved for? Did the lender include taxes and insurance? Know what you want BEFORE viewing! It is a huge waste of time to view "EVERYTHING" out there. Do you have to have a fireplace? Do ... 01/02/2012

Don't Trip-Up Your Home Buying Plans This Holiday Season ... Spend and Give Wisely!             "Tis the Season ...       The above words typically refer to the "Holidays" ... joy, love, laughter, family, giving, sharing ... all the meaningful and good things in life.                           But they also can mean ...         Tis the Season of huge sales.  Tis the Season to buy loved-one and friends' gifts.  Tis the Season of massive appliance and car sales.  Tis the Season to charge items.        Tis also the Season that you will hear those fateful (and somewhat frightful) words, "Would you like to open a charge account?  You'll save another 10% on your purchase."        Tis the Season!  Yeah right!        Temptation is everywhere. And all too often during the Holiday Season, shoppe... 12/14/2011

The Relationship Between Your Credit Scores and Your Mortgage ... More Than "Kissin' Cousins"          Recently I was reviewing a credit report with a prospective homebuyer.  After going over a few different pieces of information together, we began to talk about differing mortgage programs available to him for his home purchase.         It's fair to say, that this young man's credit scores were ... well, shall I say, "challenged"?  They were close to getting his foot TO the door of a new home, but not quite THROUGH that door.  He had some work to do.        But it quickly became quite clear that my young client was not grasping just how his credit scores would be utilized and the very important part they would play in determining ... not only IF he could buy a home ... but WHICH mortga... 12/03/2011

It is 1959 and the day of the Sunday School Christmas Program. As the children rehearse in the sanctuary, the ladies of the kitchen are finishing up the goodie bags and putting final touches on the Nativity pieces. Little do they know what surprises are in store for them as they are called upon to, once again, step in and save the day. Thursday, December 1st at 7:30pm.  Rialto Square Theatre located at 102 N. Chicago in Joliet. Go to www.tichetmaster.com and buy your ticket to this funny play!   12/01/2011

  Duking it Out Between a Rock and a Hard Place. What Homebuyers SHOULD Know VS What They WANT to Know             As a mortgage lender, I find that much of the time I am in that proverbial "between a rock and a hard place".        After almost two years now of working with the new Loan Application Disclosure forms (mainly the Good Faith Estimates and the Truth-in-Lending Disclosure), I wish I could say that clients were finding these important documents, and the whole mortgage process, more "understandable".  But I don't think I'm seeing that.  Sorry to say.        I'm duking it out with myself regarding this issue.  I believe I understand, as their experienced mortgage lender and advocate, what's important for them, the client to know and understand.       And I'm also required to mak... 11/08/2011

Festival of Trees to be held November 20th through November 27th at the Historic Rialto Square Theatre in Joliet, IL           Although the  City of Joliet, IL  has many wonderful examples of beautiful and historic architecture within it, perhaps none shine as brightly as the  Rialto Square Theatre, located on North Chicago Street in downtown Joliet.       Since its opening in 1926, the  Rialto Square Theatre  has been the crown jewel of the city.  Designed, opened, and utilized first as a vaudeville movie palace ... the  Rialto Square Theatre  now plays host to many of entertainments biggest celebrities and the area's most popular events.  (See Schedule/Info)      The upcoming Holiday Season will again be a busy one at the  Rialto Square Theatre.  Starting November 21st,  the annual e... 11/07/2011

              For those that love to get the ever-lovin' bejeezus scared out of them ... or love a taste of the gruesome around Halloween ... I have the perfect venue for you.        It's the Statesville Haunted Prison and City of the Dead  at 17250 S. Weber Road, Crest Hill, Illinois.         This place looks amazingly frightful.  It was voted the #1 Haunted House in Chicago in 2010!              If you dare, you can visit the Statesville Haunted Prison and City of the Dead today, October 11th through November 5th.  Hours are: Weekday:  7 pm to 10 pm.  Weekend:  7 pm to 11 pm.   (Please check the website for specifics on dates and times!)      This year they've added a new feature to this macabre venue.  They've added the new Zombie Hunt  shooting game.  The tag line for this game is: ... 10/11/2011

  You To to the Gym.  You Work Out Daily. But How is your FINANCIAL Fitness?          During the process of mortgage pre-qualification, many questions get asked.  Among those questions are those pertaining to the applicant's credit and credit scores.  This isn't surprising at all, given the enormous importance credit plays in mortgage lending.        What is surprising to me though, is NOT the number of those applicants that don't know their credit scores.  Nope.  It's the sheer number of those people that think they DO ... and then are totally wrong.  It turns out they truly have no clue just how "financially fit" they are.         Now I'm not talking people that are trying to misrepresent the reality of their credit scores.  That happens, although I don't understand why someone would ... 10/10/2011

    Lately, it's become obvious to me ... the "so-called" un-ending oversupply of homes for sale, is not so ripe with great homes at great prices.  Not all homes are in tip-top shape, nor are they priced realistically or temptingly for today's current market or home buyers.     It's also abundantly clear that those homes that ARE priced right and in good condition don't always get the consideration and respect they are due.  Sometimes by the buyers.  Other times by the appraisal professionals asked to appraise them.       Here's a good example of the latter opinion:  I recently worked with a home buyer hoping to purchase her very first home.  She had been out looking at homes for several months.  She was educated and had an open mind about what, where, and how to go about finding her f... 09/06/2011

            Downtown  Joliet Illinois  will host its first-ever "Hauler Parade" to kick-off the  NASCAR Sprint Cup Series Race Fan Rally  on Thursday, September 15th, from 4 pm to 10 pm.      30 NASCAR haulers will wind their way through the downtown prior to heading over to the  Chicagoland Speedway for the scheduled weekend events.      The annual Race Fan Rally marks its 10th Anniversary this year in Joliet.  Appearances at the Rally will include many of the NASCAR Sprint Cup drivers. Those drivers in line for appearances at this year's Race Fan Rally are:     Todd Bodine     Jennifer Jo Cobb     Johnny Sauter     Timmy Hill     Matt Crafton     Dakoda Armstrong     Jeremy Clements          The Chicagoland Speedway is the inaugural event for the "Chase for the NASCAR Sprint Cup" ... ... 09/02/2011

       Local, State, and U.S. members of Congress announced Wednesday, August 24th, that an agreement regarding the conversion of the Silver Cross Hospital in Joliet into a veterans' medical facility had been secured.      This new agreement means that the present Emergency Room at Silver Cross Hospital's Joliet Campus, located at 1200 Maple Road in Joliet, will become a 60,000 square-foot Outpatient Clinic for local American veterans in the not-too-distant future.       Although not a full-service VA hospital, the new Outpatient Clinic will offer expanded medical services to area veterans, plus save them the time and inconvenience of driving to a clinic much further away.       Negotiations for this new veterans' Outpatient Clinic have been in the works since 2008 when Will County and ... 08/25/2011

There’s a quaint little church off of Arbeiter Dr. and Caton Farm Rd. You wouldn’t know it was there if you didn’t know where to look, (especially now that the corn is super tall!) so that’s why I’m telling you about it.   We had been going to Holy Family Parish in Shorewood, on and off for the last 8 years or so, but we had some problems with the religious ed program at Holy Family this year after I had volunteered to be a teacher for one of the 7th grade classes. These problems escalated and never got resolved to anyone’s benefit. After my daughter made her first Communion this spring, I started visiting different churches in the area in hopes of finding a church that we could finally call home.   I wasn’t raised Catholic so I kind of felt like an outsider to begin with, but after com... 07/31/2011

Buying a Home?  Consider using an ARM To Save Lots of MoneyLast week, (July 11, 2011) the Wall Street Journal printed an article entitled "A Home is a Lousy Investment".  The basic premise was that $1 invested in a home in 1980 would have grown to $2.98 in 2010.  That same dollar in the Dow Jones would have grown to $11.49 in 2010.  At no point during the 30 year time period would the dollar invested in the home outperform the dollar in the stock market.  Does this mean you shouldn't buy a home?  NO.  But you do need to evaluate your options and make the best decision for yourself.  Adjustable Rate Mortgages (ARM's) have been slammed recently as being one of the causes of the housing collapse.  Greed, loose lending standards and unemployment are the causes of the housing collapse.  ARMs... 07/15/2011

          I sincerely thought about doing this entire post in FLAMING RED.  That's how frustrated ... how upset I was ... how close to flames ... after reading and viewing a video about a new Google service being launched regarding mortgage and financial services.          Attached you will find that link to the video I speak of.  As a mortgage lender, this new service they are promoting to potential home buyers alarms me greatly.  It totally undercuts the important messages that I am personally trying to get across to my clients and potential clients.      In this day and age ... after learning of the misconceptions and confusion that the majority of consumers presently have regarding obtaining mortgages (see recent Zillow.com survey) ... and given the repercussions currently being fel... 05/23/2011