Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

60611 : Real Estate Advice

  • All81
  • Local Info3
  • Home Buying44
  • Home Selling6
  • Market Conditions1

Activity 3,661
Tue Mar 26, 2013
BJ Tregoning answered:
Thu Feb 28, 2013
BJ Tregoning answered:
Talk to a lender but to my knowledge you won't be able to refinance for at least 2 years.
0 votes 8 answers Share Flag
Wed Feb 13, 2013
Manuel Brown answered:
Dear AANJO70,

Yes you will need an architect to do drawings and find a licensed contractor. I have worked with a really professional contractor Eugene Fahey and his number is 773-447-9687. Who ever you choose as your contractor will have to get permits from the City of Chicago do the work.

Hope this helps.
... more
0 votes 9 answers Share Flag
Wed Feb 13, 2013
Ivan Sagel answered:
We are currently at historically low interest rates, 2.5-3% on a fifteen year fixed loan. I would not pay off my mortgage early, I would invest in more properties. With 25% down, you can easily cash flow with a 15 year mortgage in many Chicago neighborhoods. Then, in fifteen years, your tenants have paid for your properties and you own them free and clear!

Best regards,

Ivan Sagel
... more
0 votes 4 answers Share Flag
Wed Feb 20, 2013
Michael Cheng answered:
Trulia, as you know, there are few blanket answers possible in real estate.

For this question, it depends on which bank you're using. It could be the US 10 year Treasury note or LIBOR or EURIBOR. ... more
0 votes 3 answers Share Flag
Wed Feb 20, 2013
Manuel Brown answered:
Trulia Chicago,

I am not sure if you are asking what are good questions a homeowner should ask the lender or what are questions a homeowner should ask themselves?

A home owner should ask themselves the following:

1. Do I have equity in my home?
2. Do I have good enough credit?
3. What are my financial goals? **
4. How long do I plan to stay in this home? **
5. What are the terms of my current loan?
6. Do I have a second mortgage or line of credit?

** Very important questions.

Questions a homeowner should ask a lender:

1. Are there any upfront cost?
2. What type of loan would be best for me at this time a 15 year, 30 year, etc.?
3. Can I role a second mortgage or line of credit into the refinance?
4. What paperwork do I need to provide you? (W-2, taxes, etc.)
5. Will my credit rate affect my interest rate?
6. How long will it take to be approved?
7. If approved, how long will it take to close?
8. What do I need to bring to closing?

Anyone looking to refinance should shop around before committing to anyone lender. I am sure there are several questions not covered by anyone reading this has a starting point.
... more
0 votes 4 answers Share Flag
Fri May 10, 2013
Philip Sencer answered:
That might be an issue, but my web site has some lender references. Give them a call. There is no cost to speak with them.
0 votes 8 answers Share Flag
Tue Feb 12, 2013
Matt Laricy answered:
I would just check the different options available. They have a lot of these over there. The managers on site are pretty good for information as well.
0 votes 1 answer Share Flag
Fri Mar 15, 2013
Tim Moore answered:
Most of the time when it says For Sale they are looking to sell and move on, not become a landlord. Most often the seller needs the money from the sale to buy something new and until they do they have no home if they rent it to you. ... more
0 votes 8 answers Share Flag
Mon Apr 18, 2016
Lucid Realty answered:
There is no simple answer to this question. It all depends upon your risk tolerance and your financial goals. The riskier the investment the higher the potential return in general. You need a realtor who can work with you to establish metrics for evaluating properties and then use those to find the best investments for you. ... more
0 votes 11 answers Share Flag
Mon Feb 11, 2013
Thomas Kossnar answered:
I have several listings on the Northwest side of the city that are unoccupied. They can be moved into on or before March first. I would love to tell you all about them!
Both are 3 bedrooms. Call me to discuss please.

Thomas G Kossnar
Kale Realty
2447 N Ashland Ave
Chicago, IL
... more
0 votes 8 answers Share Flag
Sun Feb 10, 2013
Michael Cheng answered:
Your last question is key. The rules regarding rental income changes from lender to lender. You can find some local banks that will consider rental income as soon as the lease is signed. Or, most national lenders have strict guidelines for a minimum of 6 months. ... more
0 votes 9 answers Share Flag
Sat Feb 9, 2013
Sabran answered:
I currently have a condo in Jefferson Park that I bought in 2008. I originally got the loan through BoA using their "No Fee Mortgage Plus" program. I didn't find out until very recently that the loan had LPMI - this was never disclosed to me verbally nor was it part of any of my loan documentation. The value of my condo has dropped sharply since I bought it, too. I'm probably about 70k underwater. This, combined with the LPMI on my loan, made it very difficult to find anyone willing to refinance. Eventually, BoA was willing to do the refinance in October 2012, but I had to agree to an FHA loan with a 4.25% rate - higher than what I was hoping for, though it still saved me about $300 a month versus my old mortgage.

Now, I'm looking to move. Ideally, I'd like to move into a single family home in the North or Northwest suburbs. I've crunched the numbers, and I think I can afford a home up to about $600k. My credit rating is excellent, I've had a stable job for almost 10 years, and I have enough cash at hand for around a 10% downpayment with about a year of PITI. I think selling my current condo is pretty much out of the question, though. I'm fairly certain that I'll need to rent my current condo. So, with all of this in mind, I had a number of questions:

- Are there lenders out there who would refinance an existing 4.25% FHA LPMI loan down to 3.25-3.5%? Or does the LPMI really preclude this from being a realistic option?
- In order to get the rental income for my current condo to count towards my monthly income, what do I need to do? I've been trying to find some information about this on the internet, and I'm reading a lot of conflicting information. Some say I need a signed lease with at least 1 year's worth of documented rental income. Others say I just need a signed lease with a security deposit. Most, however, agree that only a portion of your rental income gets counted. Usually 75%. What's the real story here?
- Assuming that I do qualify for a $600k home, that puts me into "jumbo loan" territory. I've read that you'll typically get much better rates if you split that into two different loans with each loan below 417k confirming loan limit. What are the typical "hidden" costs associated with this sort of loan arrangement over a jumbo loan? And is it possible to get these loans without a PMI if I have less than 20% down? I've heard of things like SFMI, SPMI, etc... but I don't really know how to qualify for them.

Thanks in advance to any who can help answer any of these questions!
... more
0 votes 7 answers Share Flag
Mon Feb 11, 2013
Silvana Fino answered:
Amanda, when you submit for short-sale approval it must consider the second lien in the HUD-1; the primary loan does not stand alone when there is a second mortgage lien on the property. It is always best to submit for the second lien approval at the same time you submit for the primary loan. The second lien will normally take 10% unless there is a HAFA involved which now pays up to $8500. Here is the solution that may work. If you have a purchase agreement for the last agreed short-sale amount resubmit it to the bank with an updated HUD-1 that includes the second lien's agreement to take the $2600. This should solve the problem.

Trying to drop the price by the demand of the second lien requires that you provide proof of the new value and that holds little water in the first 90 days after the BPO on the property which was used to approve the Short-sale offer.
... more
0 votes 15 answers Share Flag
Fri Feb 8, 2013
Steve Stenger answered:
Go to Click on the resource tab, then click on HUD approved condominium projects. Do a search by zip code in the drop down box. Then look for the association by legal name

Steve Stenger
Condo Approval Professionals LLC
... more
0 votes 12 answers Share Flag
Thu Apr 18, 2013
Laurie Christofano answered:
Chances are it sold for higher than list price; there's fierce competition out there amongst buyers so you may need to be even more aggressive on the next one! Make sure you're working with a full-time experienced Realtor who can guide you through this process. Best of luck to you! ... more
0 votes 23 answers Share Flag
Sat Feb 9, 2013
Randall Lancaster answered:
As always talk to a real estate professional or speak to a mortgage professional. Each circumstance is unique so contact someone quickly and explain all the variables.
0 votes 5 answers Share Flag
Sun Mar 10, 2013
Randall Lancaster answered:
There is nothing at this moment. I would like to recommend that you utilize my free website at You will be able to search for properties throughout Chicago and the surrounding areas. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have. ... more
0 votes 5 answers Share Flag
Wed Feb 20, 2013
Bill J Deligiannis answered:
If you are prequalified with your Lender and establish a strategy with your Realtor, you shouldn't have a problem finding a home. You have to look at properties you can afford and act quickly once they become available. ... more
0 votes 15 answers Share Flag
Sun Aug 23, 2015
Lucid Realty answered:
Yes. You can buy a home anywhere you want.
0 votes 12 answers Share Flag
... 7 8 9 10 11 ...
Search Advice