Financing in 60102>Question Details

Blond.one, Home Owner in 60102

I have a credit score of 720. But in my past things were worse. Over years things got better. What I'm looking for is a loan do reside my home?

Asked by Blond.one, 60102 Thu Sep 8, 2011

and replace all windows and doors. I have owned this house since 1989 and it has always been a rental property of mine. I have paid off the mortgage a few years ago. The home is currently under lease.

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Hello Blond.one,
This should be a relatively easy task to accomplish as long as your debt to income ratio is favorable. If you'd like to discuss your options, please feel free to contact me. I'd love to let you know where you stand exactly and give you a few choices to assist you with making the necessary upgrades/repairs.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294
1 vote Thank Flag Link Thu Sep 8, 2011
Have you heard of the FHA 203K or Fannie Mae Homestyle loan programs?
These loans allow you to refinance and give you money to rehab a property.
If you have questions about these loans do not hesitate to contact me anytime.
Sincerely,

Steve Smither
Senior Loan Originator
Midwest Equity Mortgage
847-942-5151
ssmither@ardain.com
1 vote Thank Flag Link Thu Sep 8, 2011
Having been a Home Depot Associate in my previous life...I would call Home Depot. They will have the contractors, install program you want along with financing too. You can check out their link and schedule an appointment at: http://installation.homedepot.com/rsw/installation/index.html

Best Regards,
1 vote Thank Flag Link Thu Sep 8, 2011
Pulling equity out of a home is a serious issue...make sure you find a bank or lender who will do it with no closing costs to keep your costs to borrow lower. I have several local lenders I can refer you to.
Web Reference: http://www.DanNolan.Info
1 vote Thank Flag Link Thu Sep 8, 2011
Your first step should be to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know what is the best mortgage that you may quailify for to complete these tasks.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…

Please see my blog for tips and advice on getting a mortgage
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Thu Sep 8, 2011
If the home is in good condition, you should be able to just get a regular cash out mortgage on it to pull the money out that is needed for repairs. You could also get a home equity loan or home equity line of credit (although those are more difficult to find on rental properties) which will have lower overall costs (but not as attractive of interest rate) but depending on how much you are borrowing you may not want to pay a lot of fees and be OK with a higher interest rate in lieu. I can't imagine replacing all windows & doors would cost an incredible amount of money (although I haven't seen this home). If you have a primary residence you own with equity in it then that would be an easier home to get a home equity loan or home equity line of credit on.
0 votes Thank Flag Link Thu Sep 8, 2011
You may consider a Home Equity Line of Credit with whomever you bank with.
0 votes Thank Flag Link Thu Sep 8, 2011
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