Looking to refinance a 90% ltv loan in chicago area?

Asked by Power, New Lenox, IL Sun Sep 13, 2009

I have 5/1 i/o loan. Want to reduce monthly payment.

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Kim Noonan, Agent, New Lenox, IL
Sun Sep 20, 2009
Is that 90% LTV based upon current market value/equity position in the home or 90% LTV @ time of purchase?

You might want to get opinions from a real estate agent or two of your home's current value before starting to invest any up-front fees on a refi. Knowing your probable equity position as it sits now can help you determine your best options. It's a different world out there, both in market values and the appraisal process.
Web Reference:  http://www.kimnoonan.com
0 votes
Nike (Nikki)…, , Beverly, Chicago, IL
Thu Sep 17, 2009
Hi Power,

Please consider all options before you move forward. The issue is that since you have an interest only loan right now, your payments might not necessarily reduce. You would (unless you choose another interest only loan) now be paying principal as well as interest. Other reasons for you to consider would be getting into a 30 year fixed rate loan, reducing your mortgage insurance payment if you have one etc.
If you would like to work with a Mortgage Expert who will take the time and effort to evaluate your specific situation, please call me.
I wish you the very best, whichever way you decide to go.
0 votes
Steve Smither, , Palatine, IL
Sun Sep 13, 2009
Power,

If your loan is a true 90% LTV there shouldnt be a problem.
Do you know if your loan is a Freddie Mac or Fannie Mae backed loan???
If it is we can do a simple HARP (Obama's plan) refinance.
Contact me so we can get you started.
Thank you

Steve Smither
Senior Loan Originator
Ardain Mortgage Corp.
ssmither@ardain.com
847-942-5151
0 votes
M Wallace, , Chicago, IL
Sun Sep 13, 2009
It is possible, but it depends upon getting a lot more information from you. Contact me and we can discover whether this is something that is 1.possible given your circumstances and 2. if it would lower your monthly payment.
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