Financing in Chicago : Questions & Answers

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Steve Smither, Real Estate Pro in Palatine, IL
Steve Smither answered:
do we need a lawyer on the closing for a refinance.?
Indlorena,

You do not need an attorney for the closing unless you would want them to go through the paperwork to make sure you are getting the loan you expect to get.
Congratulation ... more
0 votes Share Flag Tue Jul 16, 2013 Financing in 60638
Ian Halpin, Real Estate Pro in Chicago, IL
Ian Halpin answered:
What does it mean to recast a loan?
Glo
Typically what this means is that the borrower pays down some of the principal and the lender them re amortizes the balance hence lowering the monthly payments. I believe it's ... more
0 votes Share Flag Fri Apr 12, 2013 Financing in 60629
Sam Sharp, Real Estate Pro in Chicago, IL
Sam Sharp answered:
VA non spouse loan.
Mystery solved - I can help you
Sam Sharp
Senior VP of Mortgage
Guaranteed Rate
773 290 0455
0 votes Share Flag Fri Apr 12, 2013 Financing in Chicago
Sam Sharp, Real Estate Pro in Chicago, IL
Sam Sharp answered:
I am looking for a private money lender in the Chicago area. My boss is a real estate investor and would like to get connected to work with someone.
I can help you
Please call
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Share Flag Fri Apr 12, 2013 Financing in Chicago
Bart Gabe, Real Estate Pro in California
Bart Gabe answered:
Bought home in 2008@6% int. In 2010, job ended. In 2012, he landed a job in Texas. We rent an apt. now. Can we refinance?
Let's discuss your loan scenario in more detail. I would appreciate the opportunity to earn your business, contact me at 800 315 8803. My name is Bart and I have been in the mortgage bu ... more
0 votes Share Flag Fri Apr 12, 2013 Financing in 60640
Bill J Delig…, Real Estate Pro in Chicago, IL
Bill J Deligiannis answered:
Refinancing an underwater condo in Chicago, NOT qualified for HARP - any options?
Pay down the loan to the required LTV ratios (80% LTV), ;-(
0 votes Share Flag Wed Apr 10, 2013 Financing in 60607
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
Is there any reason to avoid 'no-name' lenders when shopping for a home mortgage refinance?
I would suggest to shop around to as many lenders as possible and see who gives the best rate.
0 votes Share Flag Mon Apr 1, 2013 Financing in Chicago
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
What are some tips to prepare to qualify for a home loan?
Have good credit, make payments on credit cards, get all your paperwork together.
0 votes Share Flag Fri Apr 5, 2013 Financing in Chicago
Steve Caron, Real Estate Pro in Knoxville, TN
Steve Caron answered:
We, Rose Mortgage Group, are looking to host an Educational Workshop for Realtors in the area. What would the local realtors like to learn about?
Realtors would want to know about programs that you specialize in. Are there separating factors for you and your company. Talk about your underwritng, is it local, something different ... more
0 votes Share Flag Wed Mar 27, 2013 Financing in Chicago
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
Any suggestions on where to obtain a loan for < $40,000 for a home purchase?
That's a problem.

I'd look elsewhere. Have you tried local, smaller community banks? Credit unions? They're sometimes more flexible. Or consider other conventional loans (a personal ... more
0 votes Share Flag Wed Mar 27, 2013 Financing in Chicago
Sam Sharp, Real Estate Pro in Chicago, IL
Sam Sharp answered:
I live in chicago and want to buy my 1st home in florida. I have 5% down, and good credit. can i get a mortgage if i dont plan on moving for 6 months?
Based on this information you may need to purchase the property as an investment property. If you did not collect rental income then you could look to set this up as a second home.
... more
0 votes Share Flag Fri Apr 12, 2013 Financing in Chicago
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
What is the best way to compare loan terms between lenders?
Look at what they offer. Dont just look at the rate, look at the charges, closing costs, etc.
0 votes Share Flag Thu Mar 14, 2013 Financing in Chicago
Chris Jones, Real Estate Pro in Chicago, IL
Chris Jones answered:
FHA answers have been great so far- thanks Trulia. Now, how big of a down payment do I need with an FHA loan?
3.5% is the downpayment requirement for FHA..
0 votes Share Flag Sun Mar 17, 2013 Financing in Chicago
Bill J Delig…, Real Estate Pro in Chicago, IL
Bill J Deligiannis answered:
Can I rent my FHA loan house out if I refinanced a few months ago?
It sounds like the loan you obtained was for an owner occupant. In theory you should contact your lender upon moving out. In practice if you make the payments on time they will likely n ... more
0 votes Share Flag Tue Mar 26, 2013 Financing in 60640
Bill J Delig…, Real Estate Pro in Chicago, IL
Bill J Deligiannis answered:
Conventional Loan under 50k
LO's at mortgage banks may have their hands tied by the high cost loan provisions, but a local bank, i.e. CHASE and others should be able to do it.
0 votes Share Flag Thu May 9, 2013 Financing in Chicago
B.J. Tregoni…, Real Estate Pro in Chicago, IL
B.J. Tregoning answered:
Can one take out a first time mortgage that is greater than the cost of the house and use the excess money to pay off other debt?
Not unless you have a time machine and can go back to 2006
0 votes Share Flag Tue Mar 26, 2013 Financing in Portage Park
B.J. Tregoni…, Real Estate Pro in Chicago, IL
B.J. Tregoning answered:
What is the best way to refinance if you have been through a short sale in the last two years?
Talk to a lender but to my knowledge you won't be able to refinance for at least 2 years.
0 votes Share Flag Thu Feb 28, 2013 Financing in Portage Park
Ivan Sagel,…, Real Estate Pro in Chicago, IL
Ivan Sagel, ABR, SFR answered:
Given increasing interest rates, does it make sense to pay off your mortgage debt or should one invest in bank deposits, equity, etc.? Why?
We are currently at historically low interest rates, 2.5-3% on a fifteen year fixed loan. I would not pay off my mortgage early, I would invest in more properties. With 25% down, you ca ... more
0 votes Share Flag Wed Feb 13, 2013 Financing in West Rogers Park
Michael Cheng, Real Estate Pro in San Jose, CA
Michael Cheng answered:
What index is the 30 year fixed mortgage based on?
Trulia, as you know, there are few blanket answers possible in real estate.

For this question, it depends on which bank you're using. It could be the US 10 year Treasury note or L ... more
0 votes Share Flag Wed Feb 20, 2013 Financing in Chicago
Manuel Brown…, Real Estate Pro in 60640
Manuel Brown (312) 600-5710 answered:
What are some good questions to ask when refinancing?
Trulia Chicago,

I am not sure if you are asking what are good questions a homeowner should ask the lender or what are questions a homeowner should ask themselves?

A home owner sho ... more
0 votes Share Flag Wed Feb 20, 2013 Financing in Chicago
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