Financing in Chicago Heights : Advice

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Anthony Cura…, Real Estate Pro in Rockville Centre, NY
Anthony Curatola answered:
can a bank tell you your debt ratio is too high after they had you pay for an appraisal?
Your situation seems a bit "bass akwards". Assuming you are in contract on a property and have applied for a mortgage, your DTI should have been determined if you had a full docs presen ... more
0 votes Share Flag Fri Mar 8, 2013 Financing in Chicago Heights
Suzanne Hami…, Real Estate Pro in Orland Park, IL
Suzanne Hamilton answered:
Can a mortgage lender calculate pending property tax exemptions into a loan?
Yes. They need to ensure your debt to income ratio meets their requirements. Property taxes are a requirement. They can use the real taxes with exemptions, but will they? It depends ... more
0 votes Share Flag Thu Mar 29, 2012 Financing in Chicago Heights
Steve Smither, Real Estate Pro in Palatine, IL
Steve Smither answered:
Any lender recommendations for foreclosure client with hardship medical past in Chicagoland area?
Dympna,

How long ago was the foreclosure?
Do they have a significant down-payment or looking to do low dp?
Thank you,

Steve Smither
Midwest Equity Mortgage
Senior Loan Origina ... more
0 votes Share Flag Wed Feb 15, 2012 Financing in Chicago Heights
Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
what is the difference between refinancing and modification?
Anna,
Refinancing will involve paying for appraisal, title report, escrow & other lending fees. You will need to be in an equity position on your home (in most cases) and credit ... more
0 votes Share Flag Thu Oct 20, 2011 Financing in 60411
Sindy Verdugo, Real Estate Pro in Long Beach, CA
Sindy Verdugo answered:
this is about refi, after appraisal bank told me that I lost equity and if I still want to close bring 30000 at the closing I refused and I also lost
The appraisal is important to the bank as the loan is based on a percentage of the value of the property (say 75% loan to value) If the value goes down the amount that they will loan yo ... more
0 votes Share Flag Fri Nov 5, 2010 Financing in Chicago Heights
Ashe, Home Buyer in Clearwater, FL
Ashe answered:
How long does it take to close a 203k loan from the time you submit all your paperwork to the lender?
I am in the process of getting a 203K loan. I went under contract March 6th however the bank has had my paperwork since the first of February. I still do not have a closing date...... ... more
0 votes Share Flag Sat Apr 24, 2010 Financing in Chicago Heights
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