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Wednesday, April 30, 2008

Federal Reserve Cuts Rate a Quarter

The Federal Reserve Wednesday cut a key lending rate by a quarter of a point. The prime lending rate is now 5%. The Federal Reserve actions do not have a direct affect on long term mortgage rates. 30 year mortgage rates are available at 5.875% for credit worthy borrowers.

Monday, April 28, 2008

March Home Sales Figures By County

According to the MLS, sales for March in the Greater Milwaukee area were as follows:

Milwaukee County 627 units
Waukesha County 283 units
Ozaukee County 56 units
Washington County 117 units
Racine County 127 units
Kenosha County 124 units
Walworth County 63 units

In Waukesha County properties averaged 105 days on the market and in Milwaukee County it took just 99 days to sell on average.

Thursday, April 24, 2008

What's a Good Faith Estimate?

A good faith estimate is a signed document that a good lender gives you at the time of the initial appointment. It shows closings costs by vendor. Many of the fees are from 3rd party vendors that the broker nor borrower controls. For example, the GFE may show a title insurance, recording and closing charge. It may have an appraisal fee. It may show doc prep, underwriting, tax service, transfer or processing. If the broker is charging for credit reports or origination it would show that. Your closing costs should be within 10% of the fees on the GFE at closing. Ask for your good faith estimate.

Wednesday, April 23, 2008

30 Year Fixed at 6.0% Today

A 30 year fixed rate mortgage is available at 6.0% today with no points. The APR is 6.19%

Tuesday, April 22, 2008

No Downpayment Program Available

We still have a no down payment program available to help you in purchasing a home.
Sometimes a grant or gift for a down payment is the only thing preventing a person from buying and building equity. The down payment can be used for 3% of your purchase price and does not have to be paid back. Save your money for furniture or other household needs instead of using it for your down payment. Work with a knowledgeable realtor to find you the home you are looking for and we will do the rest. Call 414-416-9194 to apply today or email

Thursday, April 17, 2008

Rate Shopping?

If you are shopping for mortgage rates we can help. We offer a no obligation rate shopping service. Just send an email to telling us what the property is worth what the new loan amount would be whether your credit is good, fair or poor and employment history and we will get back to you with a rate quote. The service is free and you are under no obligation to proceed. Give it a try!

Monday, April 14, 2008

Attention Realtors

Great Lakes Mortgage is holding a seminar for realtors Tuesday May 13th, 2008 on "How to Up Your Earnings in A Down Market." We would love to have you attend this exclusive event. You will leave the event with fresh ideas and more motivation than you thought possible. Contact us for details and an invitation.

Friday, April 11, 2008

Happy Customers

We have a long list of customers who worked with us over the years and are thrilled about the money we saved them and how we improved their life. If you ever wanted a reference or testimonial about how a purchase or refinance benefited a person or family we would happy to share the story with you as long as the customer was willing to share the story with you. Of course your privacy is our concern and we go to great lengths to protect your personal information. We do not sell it. We want to be your lender for life! The loan we do today is just beginning of the relationship with you.

Thank you and Welcome

Thank you for visiting the Mortgage News You Can Use web site. Please help us improve it. Add your comments. Drop us an email at
Spend some time, look around. We have many real estate links that may be of interest to you. Click on the links. Try the free home search on the right.

5.375% Mortgage Rates

Great Lakes Mortgage Corp. is offering a 5.375% fixed rate mortgage with a 10 or 15 year term. APR 5.43% Our 30 year fixed rate today is at 5.75%. APR 5.87% These rates are as good as they get. Act now before they are gone. Not all will qualify. The property must be in Wisconsin and owner occupied. Your credit must be excellent. Call 414-416-9194 to apply or email at

An Equal Housing Lender

Tuesday, April 8, 2008

How To Become a Millionaire

Do you want to become a millionaire? It's easy. All you have to do is maximize your 401k and contribute $5000 every year to a ROTH or Traditional IRA and you will be a millionaire. Tax defered compound interest is the key to building your net worth. It may take you 40-45 years to succeed but you can if you start today. Did you know that interest earned on an IRA is not taxed annually? If your employer contributes to your 401k you would be crazy not to invest in it. Think of the money we waste on things we don't need. If there are two incomes in your household it will be that much easier.

Ever heard of the rule of 72? According to Wikipedia, If you were to invest $100 with compounding interest at an annual rate of 9% the rule of 72 gives 72/9=8 years required for the investment to be worth $200. You can double your money in 8 years!
$250,000 today is $500,000 in 2016 and 1 million in 2024. Go for it!

Monday, April 7, 2008

5.375% Fixed Mortgage Rates

We are offering a 5.375% Fixed 15 or 10 year mortgage rate. This rate offer has no points and is subject to credit approval. You must have at least 20% equity in your owner occupied home to qualify. This great rate will not last long. Apply today.

APR 5.47%

Sunday, April 6, 2008

How to Save $10,000 on Buying A Home

Are you home shopping? If you are looking to purchase a home the first thing you must do is meet with a lender and get pre-qualified. The next thing to do is to meet with a real estate agent and sign a buyer agency contract so the agent will represent you not the seller. Did you know that even when there are two agents involved the one you are working with actually may represent the seller? A good way to search for properties on the web is WIHOMES.COM

And remember find an agent to work for you as a buyers agent and you will save money.

Friday, April 4, 2008

Mortgage Rates Improve Friday

Mortgage Rates Improved for Milwaukee and Wisconsin on Friday April 4th. A 30 year fixed rate mortgage was available from Mortgage Loan Consultant Pete Cannon for 5.625% Friday with no points. (APR 5.78%) You can apply by calling 414-416-9194 or sending an email to schedule an appointment to

Thursday, April 3, 2008

Milwaukee Area Mortgage Rates

Rates are as follows for Thursday April 3rd.

30 year fixed 5.875% (apr 5.99%)
20 year fixed 5.875%
15 year fixed 5.375% (apr 5.49%)
10 year fixed 5.5% (apr 5.57%)

All rates require credit approval

minimum 680 credit score, loan to value below 80%, no cash out.

These rates apply to 1-2 unit owner occupied properties.

Contact Pete Cannon

Tuesday, April 1, 2008

Mortgage Application

Refinance Form

April Fool?

The DOW rose nearly 400 points today and mortgage rates maintained their low levels Tuesday as a slew of good news was released. Financials advanced and positive manufacturing numbers were released. Four times as many stocks advanced as declined Tuesday on hopes that the economy has turned a corner.