Financing in Naperville : Questions & Answers

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Jeff Nobleza, Real Estate Pro in 60640
Jeff Nobleza answered:
I am looking for a mortgage broker in IL (naperville and surrounding) who can do FHA (preferable) or conventional..
Call Bernard Duganzic with Key Mortgage at 847 508 1090
0 votes Share Flag Sat Aug 9, 2014 Financing in Naperville
William Piot…, Real Estate Pro in Naperville, IL
William Piotrowski answered:
I want to refinance my home and either get cash out or a HELOC.
Give me a call to discuss your needs.




"Wealth is what you accumulate, not what you spend."

With Respect;
William Piotrowski
Mortgage Originator
Originator License # ... more
0 votes Share Flag Wed Jul 23, 2014 Financing in Naperville
William Piot…, Real Estate Pro in Naperville, IL
William Piotrowski answered:
I am looking at refinancing. I owe $786K on my house and waiting for the appraisal to come back but it will be around $1M.
Give me a call to discuss your needs.




"Wealth is what you accumulate, not what you spend."

With Respect;
William Piotrowski
Mortgage Originator
Originator License # ... more
0 votes Share Flag Wed Jul 23, 2014 Financing in Naperville
Jeff Nobleza, Real Estate Pro in 60640
Jeff Nobleza answered:
Am I able to refinance a 2nd mortgage?
If you need legal counsel I advise you contact Erik Miles at 312 854 8092 or Miles@LawFirmMiles.com. His rates are reasonable.
0 votes Share Flag Sat May 3, 2014 Financing in Naperville
Rob Weber, Real Estate Pro in Chicago, IL
Rob Weber answered:
Can you borrow more than the price of the home to cover any and all out of pocket expenses?
I just noticed this original post was in Naperville, where I live *lol*. USDA financing isn't available anywhere in Naperville or the surrounding towns. Further out by say, Yorkville ... more
0 votes Share Flag Wed Sep 18, 2013 Financing in Naperville
Christine Th…, Real Estate Pro in Naperville, IL
Christine Thompson answered:
I need a hard money lender in Illinois. Do they still exist?
Yes, just find any one with a retirement fund that will do a non-traditional investment fund. Or do you have a retirement fund set up? It can be used for investing in property...
0 votes Share Flag Fri Aug 23, 2013 Financing in 60564
Terry Farnsw…, Real Estate Pro in Crystal Lake, IL
Terry Farnsworth answered:
Does anyone know if student loans are required to be offered on a Fannie Mae Homepath loan?
Shane is spot on as far as the approval guidelines.

Additionally, I have extensive experience with Fannie Mae properties on the contract side, and the process of submitting offers/ ... more
0 votes Share Flag Wed Dec 12, 2012 Financing in Naperville
Daniellehomes, Home Buyer in Naperville, IL
Daniellehomes answered:
Debt to income maximums?
Does anyone know if student loans are required to be entered in the Debt to Income for a Fannie Mae Homepath loan?
0 votes Share Flag Wed Dec 12, 2012 Financing in Naperville
Annette Levi…, Real Estate Pro in New York, NY
Annette Levinson answered:
Are prepaid items covered by the seller at closing?
A sellers' credit at closing can only pay for nonrecurring costs. Prepaids are for setting up the escrow for your real estate tax and homeowners' insurance. You must pay for t ... more
0 votes Share Flag Wed Jan 25, 2012 Financing in Naperville
Ridhi Raheja, Real Estate Pro in Naperville, IL
Ridhi Raheja answered:
I just started a new job after being out of work for 6 months. I want to do a 10 year fixed re-fi on a rental property with 30% equity, no late
Hello, As long as you have a salaried job and your income is enough to qualify you should be ok. You will have to write a letter of eplanation to explain the job gap , but it is not goi ... more
0 votes Share Flag Wed Jan 25, 2012 Financing in Naperville
Cecelia Marl…, Real Estate Pro in Chicago, IL
Cecelia Marlow answered:
We got a closing cost worksheet from our lender - and the "cash from borrower" is roughly 3k more than she told us it would be.
Hi Gobears,
Typically the tax proration that you receive as a credit at closing is not allowable on the Good Faith Estimate. This could be why the cash from closing is a bit more on ... more
0 votes Share Flag Wed Jan 25, 2012 Financing in Naperville
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
I get conflicting questions when I ask if they still do mortgage loans with 10% down, 10% first mortgage, and 80% second mortgage.
I do not do loans in IL but the reason to put down 20% is usually to avoid mortgage insurance. However on jumbo mortgages it may be more than 20% depending on your area. I would recomen ... more
0 votes Share Flag Thu Oct 27, 2011 Financing in Naperville
Steve Smither, Real Estate Pro in Palatine, IL
Steve Smither answered:
I just want to make sure I am reporting enough income for 2009 and 2010. I just don't want to get turned down for a house I like because of
Kbiii,
Everyone below has some good ideas.

There are 3 major parts that go into any mortgage (Jumbo or Conventional) from the client perspective...
1-Credit (We have lenders who w ... more
0 votes Share Flag Sat Oct 23, 2010 Financing in Naperville
William Chu, Real Estate Pro in Downers Grove, IL
William Chu answered:
Refinancing effect my credit or buying of new property? Currently I have a condo downtown Chicago I bought for $475K a few years ago and I owe about
Kbiii, it seems you do not occupy the condo currently, correct? If yes, you will be refinancing the mortgage on the condo as a non-owner occupied property. There are loan to value res ... more
0 votes Share Flag Sun Oct 10, 2010 Financing in Naperville
Kurt Clements, Real Estate Pro in Aurora, IL
Kurt Clements answered:
Will my mortgage company recheck my credit score before closing?
Hnms06:

Nice. You should only need a 620 score for a 203k loan so I have no idea what is going on there. If you switch to a new mortgage company they would check your credit. If y ... more
0 votes Share Flag Wed Jul 22, 2009 Financing in 60565
Jason Dipers…, Real Estate Pro in Haddonfield, NJ
Jason Diperstein answered:
How Will It Affect My Credit Score If I Change Mortgage Brokers?
Tectonic,

Two things- first, no legitimate lender will give you a pre-approval without knowing what your credit scores look like. I'm not implying that you are assuming anything els ... more
0 votes Share Flag Wed Jul 1, 2009 Financing in 60565
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