I am looking to refinance a home in Chicago Il -currently have a 7 year arm physician loan. Looking to refinance with no PMI again.

Asked by Anixallen, 60657 Tue Mar 20, 2012

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12
Jeff Nobleza, Agent, Chicago, IL
Tue Mar 20, 2012
Read your loan terms as you may not want to refinance. My arm expired and my rate went down from 5.75 pecent to 3 percent. Your refinancing options they differ depending on whether or not you have a fannie for freddy loan.... talk to a lender
1 vote
Gene Mundt, Mortgage Broker Or Lender, New Lenox, IL
Thu Mar 29, 2012
Anixallen: A thorough analysis of your financial scenario and current loan is needed in order to find your best options. Without all the information or specifics of your loan, it's almost impossible to provide you solid direction or info here. I agree with others here ... find and work along with an experienced mortgage professional to discover all your options prior to a decision. I would be happy to have the opportunity to earn your trust and business. I believe my 35 years of experience in the mortgage business and my financial planning background could be of great assistance to you. I have an office in Chicago or could easily meet elsewhere at your convenience. Please feel free to contact me here ... or through my website.
Best of luck to you, no matter your final decision ...
Gene
Web Reference:  http://www.genemundt.com
0 votes
Michael Vrie…, Agent, Chicago, IL
Sun Mar 25, 2012
Call or email Neena Vlamis -- I cannot recommend her highly enough. A top 1% broker in the U.S. and she is the president of A&N mortgage - a mortgage banker & broker. Thei office is located near 60657, so in person service should be easy for you both.

Neena Vlamis (president)
A & N Mortgage Services, Inc.
Tel: 773-305-LOAN (5626) ext. 104
neenav@anmtg.com

Good luck!

Michael
Web Reference:  http://www.neenav.com/
0 votes
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Wed Mar 21, 2012
As Jeff noted, it may not be in your best interest to refinance now if you're seeking another ARM. If you're seeking to lock in a fixed rate (at probably where you are now on your ARM) then you definitely should consider pulling the trigger now. Many of my clients now are doing this who plan on keeping their home for a long time. Who knows what kind of inflation will come after such a long period of long near zero overnight lending rates. The feds will have us believe that they have it under control and can prevent another hyperinflation run like in the 80's. I'm not an economist so I can't comment on that but many who were around or heard horror stories from their parents about the 80's aren't taking chances. The ARM to ARM game can be very financially beneficial; you save more money if rates stay where they are for an extended period of time, on the other hand, you could get burned badly after the next arm reset. I'd make sure you know what your ten year plan is before pulling the trigger. Also, if you go for a 7y arm, you might as well consider a 30y fixed, the rates aren't too different.

Additionally, if you want to do a little digging, you can find your index type for your ARM in your mortgage paperwork from when you purchased your home/refinanced last. It's a safe assumption that your arm is a LIBOR arm but it's possible it may be another type of arm. (Your mortgage note would say this, either on the first or second page). If it has a COSI or COFI index then you may be pretty safe riding things out for 2-3 years. These types of ARMS carry a greatly lagged hike in your index (arm adjustment rates are calculated by your ARM's margin + index = rate) which means it's possible for you to be paying based on rates where they are now in a year or two (depends how lagged it is). If it's a LIBOR arm, your risk of exposure goes up significantly since it's a 'leading' index, that means that as soon as rates spike, your ARM's rate will spike if it's not in the fixed period (or immediately after the fixed period ends, it could jump significantly).

Talk to a loan officer who's good with the numbers who you trust to help you determine what's best for you based on your ten year plan.

Do a little research and plan carefully! Good luck!
Web Reference:  http://RobWeber.com
0 votes
Jose Hernand…, Agent, Chicago, IL
Tue Mar 20, 2012
Have you heard of the recent bank bailout? the Government calls it the $26Billion settlement with the big banks! Call your bank first to see if you qualify for a mortgage principal reduction and refinance, but then again this is something new and I'm sure they have not worked out all the details.

Need more information? Contact me at anytime.
0 votes
Ken Krzak, , Naperville, IL
Tue Mar 20, 2012
There is a good chance you will be able to refinance. I will need to know the current market value and the value of your mortgage, please call me at 630-430-6009.
0 votes
Bill J Delig…, Agent, Naperville, IL
Tue Mar 20, 2012
To get a clear and concise answer you need to speak directly with a lender. The lender will do an analysis of your loan, the home's value, and your creditworthiness. If you need any help, I'd be glad to assist.

Bill J Deligiannis
Licensed Loan Originator
First Centennial Mortgage
630-788-5288
b.deligiannis@gofcm.com
0 votes
Andrew Luett, Mortgage Broker Or Lender, Chicago, IL
Tue Mar 20, 2012
Hello,

The key will be the current appraised value of your home. We have options if the appraised value yields a value of less than 20% equity. The Home Affordable Refinance Program (HARP) or Single Premium Lender Paid or Borrower Paid Mortgage Insurance would allow you to refinance with no PMI if this is the case.

Contact me if you need more help.

Thanks,
Andrew
aluett@wintrustmortgage.com
0 votes
Alexander Ro…, Mortgage Broker Or Lender, Chicago, IL
Tue Mar 20, 2012
I can help. Call me.

Alexander Romo
Senior Vice President Lending
312-738-8430
Web Reference:  http://www.alexanderromo.com
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Mar 20, 2012
You will have to speak with a lender. I would call up a few and see which options are available. I would be happy to recommend one if you need it.
0 votes
Jesse McGrath, Agent, Chicago, IL
Tue Mar 20, 2012
I have two excellent brokers that always treat my clients well. Let me know if you would like my referrals.
Jesse McGrath
Real Estate Broker
@properties
312-545-2775
jmgrath@atproperties.com
0 votes
Jody Wise, , Chicago, IL
Tue Mar 20, 2012
Reach out to Lenka Duffy at Wells Fargo. I beleive they have a loan product that targets residents and offers no PMI. Not sure it works on a refi but it is worth checking. She can be reached at 773.549.5580
0 votes
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