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Financing in Chicago Heights : Real Estate Advice

  • All65
  • Local Info4
  • Home Buying21
  • Home Selling11
  • Market Conditions2

Activity 10
Tue Sep 6, 2016
Tabut answered:
Life is all about making investments. So investment should be managed effectively and efficiently. You can contact to get more detailed information about investment management. ... more
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Sat Mar 23, 2013
Anthony Curatola answered:
Fri Mar 8, 2013
Riccardo Wardlow answered:
Well, normally you would know that BEFORE you pay for the appraisal. However.. things can happen.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
630-330-2229 cell
* FHA loans down to a 580 Fico Score
* No Money Down Purchase Programs
*$100 Down Payment Purchase Programs
Unlimited loan to value refinances on Fannie and Freddie
Same Day Purchase Pre Approvals
... more
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Thu Mar 29, 2012
Suzanne Hamilton answered:
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 on the mortgage broker - some do and some don't. You can get the correct assessment for the home from the township assessor. IF they will give it to you in writing, you can use that and most mortgage brokers will take that. I would try that angle and if it doesn't work, you may need to get a mortgage lender who will calculate the real taxes or get another property, unfortunately. Or pay down debt or increase your down payment to make it work.

This is a real problem lately with non homeowner owned properties. The taxes are artificially inflated because they have not been reassessed and they are artificially inflated because the exemptions are not in play.

You can not appeal property taxes unless you are the owner of the property, to my knowledge.
... more
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Wed Feb 15, 2012
Steve Smither answered:
Unfortunately true...
He will need to make sure he knows the exact date of the foreclosure so he knows his 3 year date.
He will also need to make sure he keeps working on his credit. He should reach out to a loan officer to help him know what steps he can do to help his credit overall. Hope this helps... Feel free to contact me if you have any other questions.
Good luck,

Steve Smither
Midwest Equity Mortgage
Senior Loan Originator
847-942-5151 Cell
... more
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Thu Oct 20, 2011
Dan Tabit answered:
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 worthy. You can refinance with your current lender or any lender you choose.
A loan modification is done with your current lender. You request that your rate and in some cases loan balance be modified to reflect the actual value, assuming its gone down and your ability to afford the home. Loan modifications are typically done when someone does not have equity and is having difficulty maintaining their payments due to a hardship.
... more
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Fri Nov 5, 2010
Sindy Verdugo answered:
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 you goes down. The lender is going to sell it to an investor which bases the value of the investment on the amount of equity in addition to your qualifications. You best bet is to fight the appraisal. Maybe you could call some local realtors and see if the bank is under valueing your property. If the banks appraisal is correct, you may have lost your up front fees. Paying upfront fees when you don't know what the appraisal will be, and having to pay for an appraisal can hurt if the value is not there. I have many clients ask me before they get the loan what I think the appraisal will come in at. They don't want to put out fees if they know the value is not there. ... more
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Sat Apr 24, 2010
Ashe answered:
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......... Ive have asked the same question many times and have also gotten the 45 day answer however my 45 days passed a long time ago....... They (the bank) are telling me I WILL be closed by May 7th but I'm still skeptical.. That is in 2 weeks and I don't have a closing date. May 7th would make 60 days that they initially told me when I applied for the loan. Good luck and I will let you know if I make my May 7th deadline. It may give you a little hope!!! :) ... more
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