Financing in Chicago>Question Details

Nbalchandani, Home Buyer in 60657

I am looking for Cash out refinance for my condo in Lincoln park.

Asked by Nbalchandani, 60657 Mon Sep 24, 2012

I bought a condo in Lincoln park/Old town area in May 2012. I have 15 year loan with 3.25% rate. Since then the rates have gone down. I want to do cash out refinance will low or no closing cost. I am fine with slightly higher rates. I am also looking for 40k Cashout.

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12
you are probably best going to a local community bank and startin a deposit relationship with them to do this. Enticing smaller banks with deposits is a good way to get them to finance.
Web Reference: http://cloptoncapital.com
0 votes Thank Flag Link Wed Sep 26, 2012
I can certinaly help you with the cash out refinance. You might think of taking out a line of credit for the $40,000. Because, you will be able to lower the interest rate on the first mortgage at the same time secure the new line of credit. If I might be of help do not hesitate to call me at 312-307-2787. Joanna
0 votes Thank Flag Link Tue Sep 25, 2012
You need to connect with an experienced loan officer who is willing to think outside the box with you,
do you need a recommendation? You may have other choices because you have bought so recently....
Let me know if you need recommendations.



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0 votes Thank Flag Link Mon Sep 24, 2012
Since you plan on refinancing less than 1 yr after you have purchased the condo you will have to use the LESSER of Purchase Price or the new Appraised Value. At this moment it does not appear that you can do a Cash Out Refi since you only put down 20%, unless you are ok with for example going up to 95% LTV and paying PMI.

Options
1) Obtain HELOC
2) Wait for 1 year and if values have gone up dramatically then you can do the Cash Out

Feel free to contact me with any Q's:

Bill J Deligiannis
First Centennial Mortgage
B.Deligiannis@GoFCM.com
0 votes Thank Flag Link Mon Sep 24, 2012
Thanks for all the response. Little more information about my condo. I had bough the condo for 125k in heart of Lincoln park with 20% down. My credit score is 770. Its been 5 months since I have bought the condo. Since I have bought the condo, based on the listings I have seen on this website and other, the prices have gone up. So I am looking to refinance instead of home equity line
0 votes Thank Flag Link Mon Sep 24, 2012
It is not going to happen based on the numbers you have given us. Prices have not gone up by 30+% in the last 12 months. I hate to be the bearer of nothing but bad news, but based on what I see here, the only way you are going to get that $40k out is by selling the unit.
Flag Mon Sep 24, 2012
Good luck with that, but do not hold your breath. My web site has some lender references. Call around.
0 votes Thank Flag Link Mon Sep 24, 2012
I would speak with your lender to see what your options are.
0 votes Thank Flag Link Mon Sep 24, 2012
Try speaking with a Loan Officer. They should educate you on some options you have to draw on the equity of your home. Equity line of credit sounds like the best plan with low closing cost but there might be other options you can explore. If you need advice give Tom Meneses a call, he is good at explaining options in lay terms. Tom Meneses Standard Bank & Trust 312-952-2126.

Good Luck!
Jorge Vega
Web Reference: http://www.myownhome.info
0 votes Thank Flag Link Mon Sep 24, 2012
Since it's only been 4 months since you purchased, you would need to base the refinance on the purchase price of the condo. So, as long as you're not looking for a new appraised value, and you have plenty of equity in the condo, I'd be happy to help you out.

Please give me a call, shoot me an email, or visit my website.

Thanks,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
773-416-7107
mbukovy@wintrustmortgage.com
Web Reference: http://www.mattbukovy.com
0 votes Thank Flag Link Mon Sep 24, 2012
I would be happy to offer a quote - Please feel free to call me at your convenience

Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Mon Sep 24, 2012
This is going to be very difficult. If you have enough equity to start, and the $40k you are seeking would still leave you with at least 20% equity, it might be possible.

You should look for an equity line and see if that is an option without involving the first mortgage.
0 votes Thank Flag Link Mon Sep 24, 2012
call the broker you did the deal with or call my girl- Michelle- VP lending at G rate.. mbobart@guaranteedrate.com
0 votes Thank Flag Link Mon Sep 24, 2012
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