Chitownproperty

Your credit score can be a great source of mystery and frustration when you begin the mortgage application process before buying a home. What does your credit score mean? How do the credit agencies arrive at a score, and what does it mean to banks and mortgage brokers? How do you make sure your credit is in good shape before you apply for a mortgage, and how do you fix any problems? Download this handy guide (PDF, 186 K) to answer all these questions and more.

Not satisfied with the usual pastels, sages, and 14 shades of beige for your wall colors? Then check out Home Depot’s Team Colors, guaranteed matches for over 170 pro baseball, basketball, football, hockey, and soccer teams.

A recent Harvard study says that while the housing market is headed for a general downturn, we don’t face a large-scale crash. Demographic changes, expanding population, and the influence of the government in land use will help keep home demand healthy.

Prepaying your mortgage, or paying down the principle by making extra payments, can give you a psychological boost when you think about eventually being free of your mortgage, but you should make sure you’re funding your retirement accounts first. Chances are, you can earn a greater return in the market than you’ll save on the mortgage interest.

The National Association of Realtors lowered its forecasts for both existing home sales and new construction, and called for the Federal Reserve to stop raising interest rates in order to relieve pressure on some “vulnerable” markets. Regardless of the updated forecasts, 2006 is still expected to be the third best year for housing ever.

Millenium Park has been a catalyst for residential real estate development downtown, causing the center of the city’s urban living to move progressively south. This lengthy profile in the New York Times details the park’s effect on the market.

Rising mortgage rates and higher prices make buying a home more difficult, but they also mean rental rates are going up too. With fewer people in looking to buy homes–and many previously available apartments having been converted to condos–the rental market is tight. Unfortunately this will begin to drive up consumer prices too.