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Financing in 60302 : Real Estate Advice

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  • Home Buying13
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Activity 11
Fri Jan 27, 2012
Patricia Mcgowan answered:
To avoid PMI you would need to put down a minimum of 20% loan to value.
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Wed Jan 25, 2012
blwegrzyn asked:
I currently have a loan in amount of 161,000. I leave in Oak Park, IL. Last time when the appraisal was done the value was estimated to be 150,000 and I had second mortgage so I could...
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Thu Dec 9, 2010
Dan Tabit answered:
Refinance,
Points are a percentage of the loan amount. If you are borrowing $85,000 one point would be $850. Points are used to pay the origination fee to a lender and or pay to reduce the rate. If they are offering you 4.75% note rate, you may be able to pay points and obtain 4.50% note (these rates are for illustration only).
As a lender, if you came to me I would consider what your benefit might be against the cost of refinancing and look at no more than a 15 year term unless you were consolidating debt. If you receive enough benefit to pay back the potential costs within a year or two, it might make sense.
Get a hold of a couple local lenders and discuss what the total fees might be as well as the rate. Rates can always be offset by higher or lower fees.
I hope this was helpful.
... more
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Wed Nov 3, 2010
blwegrzyn asked:
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Sun Jul 18, 2010
Nancy Jarrett answered:
I'm not a finance expert but I think it's a good idea to refinance while interest rates are low; who knows from day to day what is going to happen in this economy. The experts say the rates should stay low for the rest of the year, but I would refinance now - you never know. ... more
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Sun Jul 18, 2010
Mike answered:
here is all info on loan: what would be interest rate if it adjusted today:

ARM Information
Scheduled/Pending ARM Information: Payment Calculation Information:
Next Scheduled Interest Rate Change Date 03/01/2011 Payment Change Frequency 006 - Payments
Next Interest Rate *Unavailable Interest Rate Change Frequency 006 - Payments
Next Scheduled P&I Change Date 03/01/2011 ARM Index Name WSJ 6 MONTH LIBOR
Next P&I Payment Amount *Unavailable Index Rate 0.000%
Margin 2.250%
Rounding Factor 0.125%
... more
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Thu Apr 9, 2009
David Cruickshank answered:
Please take a look at my blog about the home affordible refinance plan posted on trulia. The link is also listed as a web reference below.. As far as the decision its really up to what kind of risk tolerance you have. If you can deal with a fluctating rate thats fine but if you want stability then roll it into a 30 or 15 year fixed. I can help you with this and get you a better rate than the bank. ... more
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Thu Apr 9, 2009
blwegrzyn asked:
I called my bank (bank of america - where the first loan is) and they said that they could refinance it under Obama Plan: 30years fixed, 5.75,0 point,monthly payment 1033.26. Currently ...
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Sun Jul 18, 2010
Mike B answered:
I don't think any one bank, lender, or broker stands out. rather, find someone you are comforatable working with who can offer you a rate and program beneficial to you.
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Sun Jul 18, 2010
Mike B answered:
Hi,
Find out what your index is(the 1 year tesury bill, etc) and what your margin is: 2.75%, etc. Your new rate will be the index + the margin. You may be pleasantly surprised if you have a low margin and good index. Ask your servicer or look at your old note for the terms. ... more
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Mon Nov 3, 2008
John Brown answered:
Local mortgage brokers are usually not well-suited to do out-of-state loans. Often, they are unaware of the local customs that prevail in other states and can foul up a transaction, keeping it from closing on time. In fact, it may be the case that your CA broker isn't even licensed to do business in IL.

National Bank Of Kansas City is a federally-chartered, FDIC-insured bank that has specialized in home loans in all 50 states for over a decade. As a federal bank, we are not subject to state licensing requirements.

I have done many home loans in IL. I would be happy to assist you. Please feel free to call or email me.

John Brown
Loan Consultant
(800)375-8096 ext 0147
jbrown@nbofkc.com
... more
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