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Financing in Cook County : Real Estate Advice

  • All32
  • Local Info2
  • Home Buying13
  • Home Selling5
  • Market Conditions0

Activity 434
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
... more
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
Mon Mar 11, 2013
Bradley Eggers answered:
J-darthy,

Current, verifiable income is a primary consideration in qualifying for a mortgage payment. That said, some incomes can be grossed up if they are non-taxable. What you qualify for is going to be limited to your monthly gross income. If you want to discuss further or get a full pre-approval, contact me below.

Bradley Eggers
Senior Loan Originator
One Mortgage Inc
NMLS #:222407
beggers@ardain.com
847-744-0168 (mobile)
847-963-1000 (office)
... more
0 votes 1 answer 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
Wed Jun 11, 2014
Riccardo Wardlow answered:
Talk To Joe Wheeler from Illinois Credit Services
www.illinoiscreditservices.com

They are good and reputable.

Make sure to tell him Sean from Quality Mortgage Lending sent you. Good luck!

Sean Cochran
www.qmlending.com
630-330-2229 cell
630-470-6830 office
... more
0 votes 3 answers Share Flag
Thu Sep 19, 2013
Rob Weber answered:
Enough time has passed for the short sale and bankruptcy not to be a major issue (lenders may have overlays with respect to the short sale but it sounds ilke your down payment ability will reasonably address any additional down payment you'd be required to put down).

As for the medical issues, the main concern is that her credit will be impacted and the necessary score may not be there. If the medical issues are behind her or reasonably addressed and she can show a history of regular timely payments again, it shouldn't be an issue. Underwriters will all look at this differently so you could run into an underwriter who may accept six months of timely payments after the most recent credit issue (depending how severe the credit hits were) or you may run into one that wants a year. It also depends what happened immediately post-bankruptcy as well. This answer is unfortunately largely subjective so you'll get a different take from different underwriters at different companies. The only way to get a better idea is to have a mortgage professional review your credit profile and make sure they're someone who's very good with underwriting guidelines (otherwise you may end up chasing your tail) to give you some feedback.

Bottom line, a year from when the credit issues were resolved is a pretty safe bet if you're not in a rush but my disclaimer is that none of us reading this know what her credit looks like so we can only make high level responses.
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Tue Mar 26, 2013
BJ Tregoning answered:
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