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Financing in Humboldt Park : Real Estate Advice

  • All37
  • Local Info2
  • Home Buying11
  • Home Selling0
  • Market Conditions3

Activity 3
Sun Mar 17, 2013
Riccardo Wardlow answered:
Generally, there aren't many loans that have a pre payment penalty anymore. Very Rare. If loan is sold to Fannie or Freddie (in Illinois anyway), there cannot be a PPP on a conforming residential loan.

Sean Cochran
Quality Mortgage Lending
www.qmlending.com
630-470-6830 office
630-330-2229 cell
... more
1 vote 9 answers Share Flag
Sun Feb 20, 2011
Jaysen Kenney answered:
well, with FHA you may have little or no closing costs vs a conventional.
How long will you be in the home?
There's quite a few side-by-side comparisons for FHA and Conventional loans.
6.125% is pretty good. to effectively pay it down, see if you can pay in bi-weekly payment and the lender apply it right away to reduce the nominal interest.
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0 votes 8 answers Share Flag
Fri Sep 10, 2010
ANDREW OLLICK answered:
You would refinance both into one loan given that they don't exceed 125%.
There's this new program I've heard about that government is discussing where lenders would agree to forgive at least 10% for the underwater borrowers, including seconds just letting go of the debt. You should check that out too.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
www.andrewollick.com/realestateblog
... more
0 votes 4 answers Share Flag
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