If you can’t get your fill of celebrity news from the Tribune and Sun Times there are always blogs to fill the void. I was never one to buy a People Magazine because it was pointless gossip but now that PerezHilton has changed the gossip world by publishing all the news in a reader friendly instantly updated (not so much these days though) format I find my self taking stress breaks during the day for 5 minutes to see what is new and see the Celeb pics. It also helps that celebrity news is not just about celebs anymore. Perez Hilton and others also cover major events and link to the original source like CNN or the NYT so you don’t feel like its all pointless news.

In Chicago we don’t get a lot of Celebrity love. The only big deal celebs that come through town regularly are Oprah (since her show is still based here for now) and Pete Wentz (he was born here). (not a lot to choose from) So, we will keep our eyes out for anyone filming a movie in Chicago but in the mean time I will keep up with what is happening elsewhere on the web.

And on a related note, is this a little weird that the whole Sandra Bullock & Jesse James cheating scandal is breaking at the same time that all the banners are running on the sites for selling the DVD? I don’t think anyone would arrange this on purpose, but sometimes I do think that PR people are working to publicise things happening as much as possible regardless of the effect it has on the actor or actress. I think many of us daydream about what it would be like to be a famous actor or actress in the limelight but we really have more privacy and freedom as an average citizen doing our behind the scenes jobs from day to day and would not really want that life if we had a taste of it. 

Where else can you get a brand new 3,000 sq ft dream house for $243,000? Oswego! This would cost $500,000 in Naperville or Wheaton.

Finding New Homes for Sale has been more difficult than I thought.  We never thought we would be looking in Elgin, Oswego, Wauconda or Huntley, IL but we are.

We have been looking for a house to buy for the last 6 months and we haven’t found anything we like that we can afford in Naperville or Wheaton or Glen Ellyn. We have been looking at used homes because these areas of the Chicago Suburbs have all the land already built up.

It turns out that the only places you can find open land in the Chicago area to build a new home on, is the fringe of the suburbs. Some places with new developments that are really affordable we have found are from Town and Country Homes  (sign up for the open house at the link and get a $50 gift card for your time) in  Elgin, Huntley, Oswego and Wauconda.

The plusses of buying a house in Elgin or Oswego are that these are all new homes and you get choices about how you want your home built, what kind of lot you want and what details and finishes you have in your new home. They have luxury finishes and all the open floorplans, custom kitchens and square footage you might want with a growing family.

I have been looking at used homes for 6 months and I can honestly say that there is no choice and no good homes left on the market after the bubble burst sell-off.  Everything we have seen either is on a corner lot (no privacy in the back yard), has wood paneling (glued to wallboard, very hard to remove) or has no basement or is missing some other crucial qualifier for us.

We would like to build our own home and have to start looking out further west than Naperville and Wheaton. The things we would like in a new home would be a large kitchen/family room combo a large dining room for holidays and family events and a nice size master bedroom with good closet space.

We’re also a fan of white woodwork and white kitchens of which you can’t find inNaperville because it was mostly built up in the 1980′s when all oak all the time was popular.

The only negative to living in Elgin or Oswego is that not everyone works out there. Many of us work downtown or in other near-city suburbs and these towns are a long drive from work every day. Sometimes you can catch a Metra train like from Elgin but Oswego people have to go to Aurora to catch one.

We are pretty much ready to consider the long commute to save $150,000 on the price of a home and have a smaller mortgage to worry about. Plus we would get to choose more options on our home ourselves. It sounds like an extra 15-20 minute commute can get you a lot larger home that you are happy with for a very long time. The federal tax credit that goes until April 1 will also be helpful., G

Chicago Architecture Foundation River Cruises and Toursare one of the top attractions I recommend for tourists and locals alike when visiting downtown Chicago in the summer.  It offers a chance to see Chicago from a different perspective and is relatively cheap for entertainment. It is a great stay-cation activity this summer, and it is a local activity that is fun, relatively cheap and kid/family friendly. I hope everyone is enjoying the mild weather and the time off from work. I will post more frequently in the coming weeks after the big day has passed this Saturday.

chicago architecture river tours

Here are my recommendations for summer fun in Chicago:

1. The Chicago Architecture Foundation River Cruise – This is a very popular Chicago River boat tour because Chicago is known for the great mid century and art deco architecture downtown. This Chicago River Cruise lasts about one and a half hours and costs $28 per person. The views of Chicago from the Chicago River are different than anywhere else in the city downtown. Looking up at the buildings that line the river is almost like walking back in history. The hosts of the Chicago Architecture Foundation River Tours always have the background, dates and interesting stories about these buildings you see.

They give you the background and history on why the buildings are as they are today and what companies and purposes they had back in the day that is entertaining even if you are a local tourist. A lot has changed in Chicago over the decades, but the architecture is one of the few things that stays the same. This tour tells you the history of why things are they way they are and who built this great city. Look to the Chicago Architecture Foundation’s web sitefor tickets, tour dates and times and what events are happening in conjunction with the tours coming up this month. architecture.org The starting point for the tour is on the corner of Wacker Drive and Michigan Avenue downtown near the loop. Check out the tour this summer, they run until November when the boats stop running for the winter.

These are the updates I just got about Memorial Day Parade and Street Closures in Chicago. If you are planning on attending the Chicago Memorial Day Parade, The JP Morgan Chase Corporate Challenge Race, The Memorial March, or the Bike the Drive event, check this list first to find out where the streets are closed and where/when the events happen. I hope eveyone had a great Memorial Day Weekend and have a burger from the grill for me!

J. P. MORGAN CHASE CORPORATE CHALLENGE (3.5 miles) on Thursday, 21 May 09, 6pm – 10pm:

This event site will be in Grant Park, Lower Hutchinson Field.

The run will take place on Columbus Drive from Roosevelt Rd to Wacker Drive.

Start time for the run is at 7:10 pm.

Columbus will close at 6:30 pm – 10:30 pm from Roosevelt Rd to Balbo.

Columbus from Balbo to Wacker Drive, as well as the east west streets in this area will remain open for as long as possible to allow for the end of rush hour traffic.

The on site CPD Commander will give the order to close the streets shortly before the race begins.

At the end of the race, as soon as it is safe to do so, Columbus from Balbo to Wacker Drive and the east west streets in the area will be opened.

MEMORIAL DAY PARADE on Saturday, 23 May 09:

The parade route is from Wacker Drive to Van Buren on State Street, step off 12 noon.

State Street and the east west streets along the route will close at 11:30 am.

Wacker Drive will be closed for staging from Wabash to Lake Street at 8:00 am.

Van Buren will be closed for vehicles and disbanding from Michigan to Franklin at 8:00 am.

The parade will last approximately 2 hours and streets will be opened to traffic as soon as it is safe.

BIKE THE DRIVE on Sunday, 24 May 09:

The event site will be in Grant Park, Butler Field the bike route is on Lake Shore Drive.

Lake Shore Drive will be closed to vehicle traffic from 5:00 am to 10:30 am from Hollywood to 63rd Street.

AMERICANS FOR LIFE, LIFE MEMORIAL MARCH on Friday, 22 May 09:

This group will meet at the Thompson Center Plaza; the march will step off at 11:30 am.

A group of 2000 to 3000 people will march south on Clark St to Adams, east on Adams into Federal Plaza.

The group will hold a rally at Federal plaza until approximately 2:30 pm.

During the march traffic will be affected from Wacker Drive to Jackson and State to LaSalle.

As soon as it is safe, streets will be opened to traffic.

Rock out with your _ out.

Lollapalooza Tickets are on Sale now! The Lollapalooza 2009 tickets went on sale today and are available at variable prices with the first come first served lowest price model. Here is how it works. Right now the early bird 3-day pass is $175. That is a great deal for 3 whole days and nights of concerts and bands. Then when those sell out, the advance tickets will be available at $190 each. Then when those advance Lollapalooza 2009 tickets sell out the price may go over $250. Then when all the tickets are sold out (in July) the re-sellers start charging around $350 for 3 day passes. If you are a rich exec or company looking to get VIP access those VIP Tickets are $850! (YIKES!)

Nine inch nails play for the crowd in Grant Park in 2008.

It is in your own best interest to go over to the Lollapalooza.com site and buy the tickets now and get them for around 1/2 price as an early bird. They get sent in the mail closer to the concert festival date so you don’t have to worry if you forget about them, and you don’t have to save up a ton of money later in the summer when there are lots of events going on that fill up the budget.

In this economy I think that the regular Lollapalooza tickets will probably still sell out since it’s such a festival about all kinds of people, music and ideas. People will still want to come together and be a part of the music because it is a unique experience (some call it a big hippie-fest) they can’t find anywhere else. It’s worth it to cut out other high priced items and keep Lollapalooza on your summer todo list or keep it on the agenda to travel to Chicago to see.

The concerts are usually from very popular bands and singers also so most everyone finds a few bands they love and a few new groups they have not heard of yet that they discover. (although somewhat less discovery these days) The lineup for 2009 has not been announced yet, but it is usually expected to have some of the biggest names in music on it. Check back for more details when they become available.

The Odyssey Dinner Boat Cruises on Lake Michigan in Chicago are well known for providing an elegant evening on the lake with a spectacular view of the city of Chicago. When we got a chance to take one this weekend and have a night out we jumped at the chance. My fiance and I couldn’t remember the last time we had been out on a date night since we got engaged. The Chicago Odyssey Dinner Cruise was just what we needed among the crazy wedding planning we are managing right now. Here is a review of our experiences on the Odyssey Dinner Cruise this past Saturday night in Chicago.

Boarding Time: 6:30 pm

Cruise Starts: 7:30 pm

Dinner: 8PM

Jazz Music/Dancing: throughout

View of Chicago: the entire night until 10:30 pm when we got back to Navy Pier in Chicago.

Cost:  Saturday Night Dinner Cruises start at $92. This may seem like a lot of money, but there are many restaurants in the city that cost a lot more than that and don’t provide this kind of unique experience.

The weather started out rainy so we were not sure we would have much of a view on the Chicago Odyssey Cruise ship that evening, but we drove to Navy Pier anyway in hopes of a romantic evening away from everything stressful happening right now. We read that the dress code was somewhat formal and Steve actually pulled out a suit jacket to wear. The location was easy to find, we parked in the Navy Pier garage and the Chicago Odyssey Boat was docked right on the other side of the pier from where we parked by the #5 doors.  The cruise ship looked just like the pictures, big white modern looking boat with black windows. 

The rain was disappointing but when you are on a large boat for 800 people you don’t even know it’s raining outside. The interior was surprising, no communal tables or big buffets. The level we were set up on was a very elegant restaurant setting with individual tables and we sat right by the window to see the view perfectly. The meal was a 4 course meal which was very good. The appetizers, salad, main course and desert were all very good. The chicken I had as the main course was a bit heavy but Steve really enjoyed his steak and the cobbler for desert was amazing. I don’t think that people view the Odyssey or any of the Chicago Skyline Cruises as a big floating four star full service restaurant, but they really are.

The cruise started out with a champagne cocktail hour while people were boarding. Then we switched to diet pepsi so we would stay awake since we live sleep deprived lives at this point. The coffee later in the evening was also a welcome perk of caffeine. There was a full bar available though with all the amenities you would expect from a restaurant of this caliber.

The dining room on the Odyssey is really as nice as a fine dining restaurant.

The Chicago Odyssey Boat Tour Cruise also had a very nice 3 piece jazz band playing sets on the boat during the entire time we were there. They covered everything from smooth jazz to classic Sinatra standards and finished out the evening with an energetic rendition of Sweet Home Chicago. I think they are wise to have good quality music on a cruise of Chicago’s skyline. People in Chicago know their music and jazz and the couple next to us was commenting how the music was genuine jazz played well.

Our server was very attentive and the service all around was very good the entire time we were on the ship. We were still invited to go upstairs and view the skyline from the top deck of the ship even in the poor weather and the server even offered an umbrella if we needed it. I think having separate levels and rooms on this ship is a key to it’s success. There was a college honor society party on the 2nd level and a high school party on the 3rd and we never really came in contact with any of the immaturity you would expect from those younger crowds during the trip. I am sure that all the couples that were in that dining room were happy to be in a separate room also. 

We were surprised at the variety of events that people were celebrating on the Odyssey Cruise Ship that night. They make a special effort to find out what event you are celebrating and make it special. They announced people’s anniversaries and birthdays as well as had special birthday desert cakes with candles. They try and go out of the way to make your 3 hours on the lake a special and memorable experience.

We found that the Odyssey Ships don’t go far from the shore on to Lake Michigan (which is nice for the view), they initially turned south to view the city and then looped back north a few times cycling back and forth from the museum campus to Navy Pier. We did go up on the top deck and saw a beautiful view of Chicago (under a light fog) and of Navy Pier. Some HS kids were smoking up there but were just hanging out.

I can imagine how cool it must be for a high school or college student to take a date, or have a dance on Lake Michigan on a boat like this, especially if you’re from the suburbs.  It is like their first night out as adults and most of the kids looked like they took it pretty seriously. The rest of the crowd seemed like they were a mix of young couples celebrating birthdays and mid-aged people on anniversaries. One group was a girls night out all the way from Tennessee. I could see this as a great way for people traveling from other cities to really get to see Chicago and have an elegant dinner at the same time. I can also see the appeal for couples with kids to get away for the evening and go on a cruise like this just to relax and enjoy each-other’s company.

My overall experience surpassed my expectations on the Chicago Odyssey Dinner Cruise on Lake Michigan andI can confidently recommend the experience for anyone looking for an elegant night out in Chicago or someone looking for tourist suggestions for enjoying a vacation in Chicago. The spring-summer-fall seasons are probably better weather than the first week in March but it is possible to go on these scenic dinner cruises almost any time of year and we’re glad we got to get away this weekend regardless of the weather.

Have you had an experience on an Odyssey Dinner Cruise that you would like to share? Comment below…

Everyone loves a good party and this year the recession has compelled more people to stay home and party for the Oscars with their neighbors and TV than in years past. The superbowl was a great example of people staying in, having a house party, bringing pot -luck dining items and enjoying the evening spectacle on DVR. The Oscars are always a very entertaining telecast and this year with Hugh Jackman hosting there will likely be lots of singing and dancing as well.

I think the Oscars will be entertaining whether you go out or stay in this year. Watching the Oscars at a posh party in Chicago is nice, although you will have a hard time justifying $150 ticket prices in the recession. Chicago Oscars house parties will be very popular this year and here are some tips for making yours fun. Remember that creativity is what really makes your Oscar party fun and not necessarily how much money you spend.

Chocolate Oscar Candy for guests.

Chicago Weekend Fun’s Oscar House Party Tips

:

1. Dress up. Seriously. Don’t buy anything new, just raid the closet and dress up fancy as if you were attending a formal Oscar party. Some people also take more of a character theme to party costumes and tell guests to dress up as their favorite movie character.

2. Champagne, or in most cases, use the champagne glasses with ginger ale soda and voila, it’s a lot cheaper and nobody gets drunk before the end of the loooong Oscars broadcast and has to figure out how to drive home.

3. Liveblog the telecast on your blog, or twitter your reactions to what is happening on the Oscars telecast online. Some snark may make that pretty popular with guests and your online friends if it is a “virtual” party.

4. Invite the neighbors, friends, family. People enjoy getting together the more people the merrier. It proves that just sticking together helps in a recession like this. Pull all the chairs into the TV room for seating to watch the Oscars and put the food in another room so people don’t chat in the room where people are actually watching the show. Interesting mixes of people from different areas of your life make the most interesting parties.

If you really can afford a $100+ ticket to an Oscar Party in Chicago here is one of the local Chicago Oscars Events you may be interested in:

The Gene Siskel Film Center Oscar Party @ 6pm till Midnight downtown at the Gene Siskel Film Center. “Oscar Night in America”. $150 or VIP $250. This is a formal black tie event, but you get to watch the most well known awards for movies with some of the most influential movie personalities in Chicago, making this a truly unique experience if you can afford it this year. CALL 312-846-2072 for your tickets.

The International Kennel Club of Chicago hosts it’s annual dog show this weekend at McCormick Place in Chicago. The Dog Show runs from February 18th through February 22nd at McCormick Place West 2301 S. Martin Luther King Drive, Chicago, IL 60616.

Tickets are $13 (adults) and $17 for Parking for anyone who would like to be a spectator to this grand event. The International Kennel Club of Chicago’s annual Dog Show is a Westminster Dog Show-like event right here in Chicago with the same level of professionalism in dog breeders.

Many people attend this show even if they aren’t a breeder or dog owner. There is no denying the beauty of the dogs and their breeds. If you are looking for a pet, you may even find the International Kennel Club Dog Show to be informative about the different breeds while showcasing over 10,000 dogs.

This weekend Kennel Club Dog Show is the place to be to see everything from award winning Labradors to stately Irish wolfhounds and American favorites like golden retrievers and greyhounds. All sizes and breeds will be featured from toy breeds (toy poodles, chihuas) to working dogs and terriers (like Barney the former first family’s dog). Come out to the dog show with the family for a day of entertainment, awards and education.

It is that time of year again, Tax Preparation Season in Chicago. (it can ruin many weekends before April 15th) You get through Christmas and the Super Bowl and very quietly your 1099′s sneak up on you when you aren’t looking. Tax Preparation in Chicago can be just as challenging as any other location in the US and it is a lot harder to make the trek out to an accountant when it is below zero here.

The tax season is a different process for everyone. Whether you use a paper form 1040 EZ, an online form, TurboTax, H&R Block TaxCut, go to a tax preparing service like Jackson Hewitt or H&R Block or have your own personal accountant, there are deductions your should know about.

Personally I got to use the energy credit for new energy star windows last year which was thrilling considering how much they cost up front. I also started using TurboTax a few years ago and have enjoyed doing my taxes online with their Q & A format. I actually don’t dread doing my taxes anymore thanks to TurboTax.

I actually think the ads that say an accountant will find you thousands of dollars in refunds is a bit misleading. The people who own businesses and have complicated situations may find more deductions with H&R Block or Jackson Hewitt, but someone single and uncomplicated like me does just fine with an online tax preparation program.

Here are some tips and resources to help you through the tax season in Chicago for 2008 in 2009. I do need to state that I am not a tax professional by any means, but through some research I was able to find these tips that I wanted to share.

This is a helpful list of green tax credits you can claim in 2009.

$150 for some Energy Star furnaces/boilers
$200 for all Energy Star windows
$300 for some Energy Star heat pumps and central AC
$500 for insulation and sealing that meets model building code
$3,150 for the purchase of a hybrid car or SUV

Also, the federal limit in tax credits for home improvements is $500. More information on state tax credits can be found at the Database of State Incentives for Renewable and Efficiency.

This is also a list of common income tax deductions that are often missed:

1. State sales taxes as a deductions.This only applies if you live in a state without income tax like Oregon but work in a state that does have it like Washington. Keep track of these expenses during the year by saving receipts or logging them in Excel.
2. Reinvested dividends. This is more of a tax break since those dividends never got taxed. Bonus!
3. Out-of-pocket deductible charitable contributions. This includes mileage driven for charity and cash donations.
4. Deductible Student loan interest paid by parents. Since the IRS treats student loan repayments by parents as a gift to their child, students that aren’t claimed as dependents can actually deduct up to $2,500 of the loan interest paid by their parents.
5. Moving expense to take your first job. As long as you move more than 50 miles, you can deduct the cost of getting yourself and your stuff to the new locale. You can even deduct mileage.
6. Military reservists travel expenses. Members of the National Guard or military reserve can deduct travel expenses related to drills or meetings as long as they travel over 100 miles and are away overnight. The deduction covers the cost of lodging plus half the cost of your meals. You can also deduct mileage, parking fees, and tolls.
7. Child-care credits. If you pay someone to take care of your kids such that you can work, you might qualify for a tax credit. Note that this is true even if you claim your childcare-related expenses through a tax-favored reimbursement account at work because such accounts are capped at $5,000 while expenses up to $6,000 can qualify for the credit.
8. Estate tax on income in respect of a decedent. You can get an income-tax deduction for the amount of estate tax paid on an IRA the you inherit from someone else.
9. Any State tax you paid last spring. If you owed state taxes when you filed your 2007 return, you can deduct that amount along with the state income taxes that were withheld during 2008.
10. Deductible Mortgage Refinancing points. Any points that you pay when you refinance can be deducted (on a monthly basis) over the life of the new loan. Moreover, all unamortized mortgage points left over from prior years are deducted all at once if you end up refinancing your mortgage in any particular year.
11. Jury pay paid to employer. Some employers continue to pay their employees’ full salary when they’re on jury duty, but require that the employees turn over their jury pay. Since the IRS views this as taxable income, you need to be sure to deduct it. If you don’t, you’ll end up paying double taxes on a portion of your income.
     

President’s Day is observed on February 16. I won’t be at work that day, like most people who have the day off, I will be honoring our first presidents by shopping at the President’s Day Sales around Chicagoland. Wouldn’t they be proud?

All the local Chicago stores are starting their ramp up of ads for that holiday and if you are holding off on buying something because of the recession, you may want to go shopping on President’s Day because the stores are cutting prices and have everything on sale.

President’s Day is much like Christmas this year where Chicago retailers just want to make sales so they are cutting prices and discounting everything in the store. You can get great deals on clothing, furniture, housewares, carpet, mattresses and even cars. GM, Ford, Toyota and Honda are trying to talk anyone into buying a car off their lot. One dealer even advertised a buy one get one free sale. (it was a Chrysler dealer)

Here are some of the President’s Day Sales around Chicago that I have heard about. If these are national stores you may find they have the same deals in other locations also.

Kohl’s - the home of all holiday sales. Kohl’s has a lot marked down on sale this President’s day both online and in stores. Look for great Bonus Buys (Expires 2/18/09) like:
15-50% ENTIRE STOCK Kitchen Electrics
50% Off Chaps and axcess Suit Separates for Men
Athletic Shoes on sale from $28.99 
40-70% Off Bedding Collections & Accessories, Sheet Sets and Down Comforters 

The general sale includes some great deals like:
30-40% Off Men’s Dress Shoes & Casual Shoes
50% Off Bed Pillows, Mattress Pads, Feather Beds & Fiber Beds

Take an additional 10% off your order with coupon code: NEW3988 Expires on 2/22/09.

Kohl’s Charge Card holders save up to 30% off with the following coupons:
15% Off: MVCCHARGE15 (Exp 2/17/09)
20% Off: SAVE20FEB (Exp 2/29/09)
30% Off: PRESIDENT30 (Exp 2/18/09)  

Kohl’s also has all Dana Buchanan women’s seperates are 30% off on President’s day.

Plus there are bonus coupons you might get in your mail box if you are a Kohl’s credit card user. They always send 10%, 15% or 30% off coupons in the mail and this is inaddition to the sale prices already in the store.

Macy’s – Macy’s Department Stores also like having sales for all the Holidays. I would expect a lot to be on sale from their clothing departments to clear out the last of the winter clothes since spring merchandise is coming in soon and Jewelry will be on sale since Macy’s just took over the jewelry section of the store from a jeweler that was leasing it at the State Street Store. This may have been the case at other former Marshall Field’s Stores also.

Furniture – Ashley Furniture, Harlem Furniture and LaZBoy all have sales planned. If you have lots of savings and a good job while you have a ratty old sofa, it might be time to go looking. IKEA Chicago also has a $150 cash back deal going on mattresses in their Schaumburg and Bolingbrook locations.

Update: As I find out more details I will update this post. Check back and bookmark this page to see the updates as they happen closer to the President’s Day Sale Date. 

Photo credit goes to alykat on Flickr.

Chicago has had some comic shows rotate through town every so often but it has been a while since local comic fans had a large scale event here to attend locally. It is exciting to know that the majority of web and tech workers in the Chicago area will be happy to know that the Chicago Comic Book and Entertainment Show is coming to McCormick Place in Chicago in 2010. (or C2E2 as they call it)

It is more than a full year off, but all geeks rejoice because they will be able to bring out their costumes and partay in 2010. Ok, not everyone who likes comics has a costume, but several people I know do.

I am also surprised at how mainstream comic books are these days and how not-geeky this has become since the popularity of Spider man movies, BatMan movies and especially the Iron Man movie this past summer. There is a huge audience for this event in Chicago and I may even be going myself with my fiance since he and all his friends are big fans also.

The Chicago Comic Book & Entertainment Show details are:

April 16-18, 2010, at McCormick Place’s Lakeside Center

Hopefully this will be as good a show as the New York comicon shows since it is being organized by the same trade show company Reed Exhibitons. They can start by inviting the entire improv community at IO and Second City’s training centers. Then they can hang out at the comic shops and recruit more attendees there. I just know there are probably several hundred thousand people in Chicagoland (out of 9 million) who are comic book fans and collectors. When I find more details I will update this page. More info can also be found at chicagocomicandentertainmentexpo.com.

With the Fed lowering the interest rate to effectively 0% a few weeks back we have all been waiting to see how the consumer mortgage rates will be affected in Chicago. Both the city and suburbs have been affected by the real estate housing bubble and many people who have 6-7% mortgage rates on their homes and condos would love to refinance their mortgage and save some money in this economy.

Just this week Jan 12th, marketwatch reported that 30 year fixed rate mortgage rates went below 5% and down to the lowest rate ever. I am surprised that they have gotten so low and see that marketwatch lists the average mortgage rate for a 30 year fixed rate loan at 4.62% now. Wow that is low. A 300K mortgage with 20% down and a 30 year fixed rate loan at 4.62% is $1,333.00 a month.

If that rate was 5.62% it would be $1,481.00. Low rates save you a lot of money and allow you to use those savings to make extra principle payments and pay the loan off faster which saves a lot on interest paid to the bank over the life of the loan. (remember interest is calculated on the entire loan amount each year, so the amount you really pay for your house over 30 years is usually about 3x the value)

I am not sure which mortgage companies in Chicago can offer these rates though because so many of the banks are in trouble financially right now. Taking in less profit on loans would hurt their chance of recovery. Citigroup Banks is one that is giving higher interest rates like 5.5% on a 30 year fixed loan because of their current financial situation.

I hope that people living in Chicago can refinance their loans at the lowest rate possible and pay off their mortgage home loans quickly and own them outright. It is a difficult thing to do but owning your own home without a mortgage is one of the most rewarding things you can do and gives you so much financial freedom and saves a lot of stress. Look into how you can lower your interest rate and pay off your loan in a shorter time and get freedom from mortgage payments.