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Financing in 60631 : Real Estate Advice

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  • Home Buying3
  • Home Selling1
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Activity 348
Tue Nov 18, 2014
Steve Smither answered:
Indlorena,

You do not need an attorney for the closing unless you would want them to go through the paperwork to make sure you are getting the loan you expect to get.
Congratulation on your refinance.

Steve Smither
Senior Loan Originator
One Mortgage INC.
847-942-5151
ssmither@ardain.com
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0 votes 4 answers Share Flag
Fri Apr 12, 2013
Ian Halpin answered:
Glo
Typically what this means is that the borrower pays down some of the principal and the lender them re amortizes the balance hence lowering the monthly payments. I believe it's only done with fixed rate loans but depending on your lender anything is possible. I think it is not allowed on FHA loans. Personally I have never had a client do this. A refi is obviously more common if the loan qualifies.
I hope this helps. You should talk to a qualified mortgage broker to get very specific answers to all your questions.

Best of luck.

Ian.
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0 votes 3 answers Share Flag
Fri Apr 12, 2013
Sam Sharp answered:
Mystery solved - I can help you
Sam Sharp
Senior VP of Mortgage
Guaranteed Rate
773 290 0455
0 votes 5 answers Share Flag
Fri Apr 12, 2013
Sam Sharp answered:
0 votes 4 answers Share Flag
Fri Apr 12, 2013
answered:
Let's discuss your loan scenario in more detail. I would appreciate the opportunity to earn your business, contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I work for a lender that has been lending for over 100 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide.


Until then, I look forward to hearing from you.





Bart Gabe

www.bartprequalifies.com

bart@bartprequalifes.com

bgabe@englending.com

800 315 8803



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
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0 votes 11 answers Share Flag
Wed Apr 10, 2013
Bill J Deligiannis answered:
Pay down the loan to the required LTV ratios (80% LTV), ;-(
0 votes 7 answers Share Flag
Mon Apr 1, 2013
Matt Laricy answered:
I would suggest to shop around to as many lenders as possible and see who gives the best rate.
0 votes 3 answers Share Flag
Fri Apr 5, 2013
Matt Laricy answered:
Have good credit, make payments on credit cards, get all your paperwork together.
0 votes 7 answers Share Flag
Wed Mar 27, 2013
Steve Caron answered:
Realtors would want to know about programs that you specialize in. Are there separating factors for you and your company. Talk about your underwritng, is it local, something different that you offer.? How available you are after hours and weekends. Talk about service, communications, how fast you get back to their clients. If you prioritize their referrals over re-fi's, since you are trying to establish a working relationship. ... more
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Wed Mar 27, 2013
Don Tepper answered:
That's a problem.

I'd look elsewhere. Have you tried local, smaller community banks? Credit unions? They're sometimes more flexible. Or consider other conventional loans (a personal loan, for example) or something more creative. Can the seller do seller financing? Maybe there's a private lender out there. Actually, there are a ton of them. They'd probably want more than a bank would for a typical mortgage, but the money's there. Lots of people have money in their IRAs, and would like to put some into a decent-paying investment that's not stocks.

Another possibility is an equity-share arrangement.

So, I'd start off with local, smaller banks or credit unions. I'd explore owner financing. Then I'd look to private lenders.

Hope that helps.
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0 votes 9 answers Share Flag
Fri Apr 12, 2013
Sam Sharp answered:
Based on this information you may need to purchase the property as an investment property. If you did not collect rental income then you could look to set this up as a second home.
However a 2nd home would require at least 10% for your down payment. If you wish to purchase the property as your primary residence then you would need to occupy the property within 60 days of closing.
I would recommend talking with a lender in order to get the pre approval process started.
Sam Sharp
Senior VP of Mortgage lending
Guarnateed Rate
773 290 0455
... more
0 votes 8 answers Share Flag
Thu Mar 14, 2013
Matt Laricy answered:
Look at what they offer. Dont just look at the rate, look at the charges, closing costs, etc.
0 votes 5 answers Share Flag
Sun Mar 17, 2013
Christopher Jones answered:
Tue Mar 26, 2013
Bill J Deligiannis answered:
It sounds like the loan you obtained was for an owner occupant. In theory you should contact your lender upon moving out. In practice if you make the payments on time they will likely not bother you. Check your loan paperwork for the particulars. ... more
0 votes 10 answers Share Flag
Thu May 9, 2013
Bill J Deligiannis answered:
LO's at mortgage banks may have their hands tied by the high cost loan provisions, but a local bank, i.e. CHASE and others should be able to do it.
0 votes 11 answers Share Flag
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
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
312.515.7823
Ivan@atproperties.com
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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
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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
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