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Rates Expected to Drop but not stay there

October 28, 2008 By: David Category: Rate Watch

The Federal Reserve is expected to announce a rate cut tomorrow, Wednesday, October 29th. We don’t know for sure yet, but Bernanke is expected to cut the Federal Funds Target Rate by about ½%

However, rates have been drifting up over the past couple of weeks, and the last nice rate drops we saw were immediately followed by sharp jumps back up. Why? The Fed only sets a target rate. They don’t have as much power over rates as most people think. When the Stock and Bond markets are doing as badly as they have been lately, investors get jittery, and rates start going up again because a fear premium gets built into the rates.

Given the current volatile situation, I’ve been recommending that borrowers have their Loan Officers lock their customers in on any significant drop in rates. Most rate locks are good for 30 days. Some Bankers and Brokers have the ability to float the rate downward, making one adjustment to the rates within the 30 day lock period IF rates drop by more than ¼% or so.

Using this strategy lets you have it both ways. You protect yourself against rate increases, but your Loan Officer can still float your down if the market gets markedly better, i.e., if rates drop by ¼% or more.

NOTE: You really want to be careful on the points and other fees some brokers charge. Find out if the quote you are getting is for loans with no points. Break out the magnifying glass and read the fine print, and most low rate quotes are for borrowers paying from ½% to 2% or more in points.*

If you have any questions or want more information, click on the link below or the Contact Us menu item on the website. As always, I gladly offer free advice and no obligation quotes to mortgage shoppers:

http://chicagomortgagefunding.net/contact-us/

*Residential Rates only. Most Commercial financing requires the payment of one of more points either up front or added to the loan amount.

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Having trouble paying your mortgage? Facing Foreclosure? Let me help you.

October 11, 2008 By: David Category: Help Avoiding Foreclosure

During these times of national crisis so many people are in danger of loosing their homes that I’ve preempted my Green Chicago Blog posts to focus on helping as many people as I can keep their homes. You can’t have a Green Home if you don’t have a home.

If you are having trouble making your mortgage payments I’d like to see if I can help you. The recent taxpayer sponsored Bailout deal, officially called the Housing and Economic Recovery Act, included some provisions that allow an FHA approved Mortgage Banker like my company to refinance you out of foreclosure at a lower rate and with payments lower than you are struggling to pay now..

Until this bill was passed, many struggling homeowners were in a catch 22 situation. You may have made one or more late payments because they are higher than you can handle. If you could only refinance to today’s lower rates you could afford the lower payments… but you couldn’t because you couldn’t get a new loan approved because you started sending in the payments late. Until recently it was hard, if not impossible, to break out of this cycle.

Finally, our congressional leaders did something that made sense. The latest taxpayer sponsored Bailout deal, officially called the Housing and Economic Recovery Act, includes some provisions that allow an FHA approved Mortgage Banker like my company to refinance you out of foreclosure.

EVEN IF YOU ARE BEHIND ON YOUR PAYMENTS we can get most people approved and help you refinance your way to lower mortgage payments and SAVE YOUR HOME.

While I cannot honestly say that we can help everyone, it costs you nothing to talk to me about your situation and let me see if I can help.

If you want to lower your mortgage payments or save your home, click here, tell me your name, email address, phone if you prefer a call or want to reach me right away, and a brief description of your particular situation. I’ll get back to you as soon as I get your message.

If you know someone else who is struggling to make their mortgage payments - a friend, family member, co-worker, anyone - have him or her contact me for a free consultation. I don’t charge anything if I cannot help you. 

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Aeroturbines Wind Turbines for the Urban Environment

August 18, 2008 By: David Category: A Greener America

Aeroturbines Wind Turbines for the Urban Environment

The Aeroturbine is a wind turbine designed to work in an urban environment. It was invented by University of Illinois at Chicago Professor Bill Becker. Like many others before him, Professor Becker tried to use standard wind turbine designs in the urban environment of Chicago and found he got less than satisfactory results. He realized that was due to the difference between wind in the big city and wind in the corridors that work well for large scale traditional wind turbine designs.

Unlike wind corridors like the rural midwest where T. Boone Pickens and others are building large scale wind turbines, the wind blows in wild, turbulent ways within the wind canyons in a big city. It whips around, up and down buildings. He found that you can’t just stick a regular wind turbine design on top of a building in a big city and get the power output you are looking for. Even worse, there is sometimes a danger of a powerful gust tearing a blade off of the turbine and endangering one or more of your neighbors!

Professor Becker eventually came up with a design to handle wind hitting the turbine from any direction. It is an elegant design that looks somewhat like the double helix of DNA. The simple, elegant yet highly effective design is reminissent of those from one of the visionaries he(and I) admires most, R. Buckminster Fuller.

His blade design of caged rotors result in quiet, low vibration operation. They can be mounted vertically or horizontally and are stackable. Professor Becker expects the cost of his new turbines to decrease considerably once he has begun mass production of his designs.

http://www.aerotecture.com

People like Professor Becker will help America reduce it’s dependence on energy from foreign sources and keep more of our hard earned money right here at home. We will be following his progress and advise our readers when his turbines will become widely available to the public.

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