1. Remember: If you’re vacationing this summer, make sure to set your bills to auto-pay so that you don’t get hit with any lates!

2. Reshape: Doing some shopping? Try to spread purchases across various cards to show you’ve maintained good credit health across several lines.

3. Resist: Don’t apply for a store credit card unless it’s really *worth it*.

4. Recap: Make a list of all the credit cards you’ve opened. Should anything ever go missing or mysteriously show-up on your card, it’s helpful to have a go-to place for all your info. If you keep the file on your computer, make sure it’s locked and password protected.

5. Re-evaluate: If some of your cards carry balances, call the creditor to find lower interest rate options. If unsuccessful, consider transferring your balance to a different card with a better repayment plan.

Award-winning Aqua’s undulating exterior has quickly become a shining star in Chicago’s architecture. Floor-to-ceiling windows encompassing condominiums, rental units and a full hotel expose sweeping views of Chicago with incomparable views of Lake Michigan, Millennium Park, Navy Pier and more. You’ve probably seen this icon in the news or even on a stroll in Grant Park. Here’s a peek inside this masterpiece!

Photo by VHT Photography

Photo by VHT Photography

Photo by VHT Photography

It’s hard not to hear about low rates in the news. You may be wondering if you should jump on the bandwagon and take advantage of today’s market fluctuations. Here are a few questions to consider (and ones we’ll ask you) to help determine if a refinance is the best plan of action:

When did you buy your home? What was the purchase price? These questions will help you assess the value and appreciation.

How much did you initially borrow, and what’s your current loan balance? This will determine the new loan-to-value ratio, and assess whether or not private mortgage insurance will be required.

Do you have an ARM due to expire, or a special purchase that requires cash-out? This will determine the timing of your transaction.

Do you have a second mortgage? Having another lien against your property affects the first mortgage. It must be combined with the first mortgage, paid off, or subordinated.

How’s your credit? Your credit health will determine rates available to you.

How long do you plan to stay in your home? This will help determine whether the cost of a refinance will be offset by the time spent in your home.

We all hear that “interest rates fluctuate on a daily basis.”  Ever wonder how rates fluctuate over a period of years?  Here’s a quick run-down of historical rate changes over the past five years for two major mortgage products: the 5/1 ARM (adjustable rate mortgage) and the 30-year fixed:

30-YEAR FIXED
The most popular of all mortgage products is still at historic lows – and here’s proof.  In April 2005, the 30-year fixed hovered around 5.5%, spiking to nearly 6.5% a year later.  The 30-year saw ups and downs through March 2009, hovering right below 5%.  Today, the 30-year is still right on top of the 5% marker – and keeps fluctuating on a daily basis.  For payment stability, a long-term length of stay and a monthly principal that will never change, the 30-year fixed may be perfect for your situation.

5/1 ARM
Having an adjustable rate is advantageous to those looking for shorter stays in their new home – and ARM’s often deliver lower rates than fixed products.  Especially now.  In April 2005, 5/1 ARM’s were around 4.85% — and though they fluctuated with trending ups and downs similar to fixed rate products, the 5/1 ARM is now at it’s lowest point in the past five years.

For the most current rates and trends, call me today!

Source: BankRate.com

Great news for you first-time homebuyers out there - this week, the Senate and House passed a bill (the House vote was 403-12) extending the first-time homebuyer tax credit through mid 2010, which means that you have more time to find your dream home and take advantage of a monumental tax credit from the U.S. Government.

Here’s a rundown of the most recent developments:

First time homebuyers (who are defined as buyers who have not owned a home in the past three years) may be eligible for a credit of up to $8,000.

New Buyer Categories
Along with first-time homebuyers, existing homeowners (or “repeat buyers”) who have lived in their principal homes for 5 consecutive years (out of the past 8 years) and are purchasing a new principal residence may be now eligible for a credit of up to $6,500.

New Income Limits
Buyers filing as single or head-of-household taxpayers can claim the full credit if their modified adjusted gross income is less than $125,000. Married couples filing joint returns are eligible if their combined income is less than $225,000. Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

New Dates
Many news outlets are referring to the credit as being extended through May, others are referencing June as the deadline. Specifically: to be eligible, binding purchase agreements must be signed by April 30, 2010 and deals must be closed by June 30, 2010.

New Guidelines for Qualifying Homes
All homes with a purchase price of less than $800,000 qualify. Vacation home and rental property purchases are not eligible.

The Credit is Refundable
If the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference. For example: a first-time buyer qualifying for the full $8,000 credit who owes $5,000 in federal income taxes would receive a $3,000 refund. Qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.

The tax credit does not have to be repaid unless the owner sells, or stops using the home as their principal residence, within three years after the date of purchase.

All spheres of the housing industry are very excited about this breaking development! With rates still hovering at historic lows and a renewed extension on this historic tax credit, now is the time for first time homebuyers to consider entering the market!