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Financing in McHenry : Real Estate Advice

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  • Local Info2
  • Home Buying11
  • Home Selling2
  • Market Conditions5

Activity 3
Thu Jul 23, 2015
Suzanne Hamilton answered:
The mortgage lender has to give you a good faith estimate. These costs will likely be slightly overestimated, because they will be financially responsible if they underestimate. The only thing they can be 100% accurate on is their lender fees. I would go through the estimate line by line with them. You will need to pay for things like title insurance, lender fees, recording fees, stamps. Some lenders do charge extra fees for fha loans. ... more
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Tue May 10, 2011
Carl Henker answered:
You may find that the approval from your lender for a short sale and short refinance will also be based on your assets and ability to pay, if your current payment is not a hardship those options may not be available. Your first conversation needs to be with your current lender to see what they will require to approve the Short Sale or Short Refinance. ... more
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Thu Nov 19, 2009
David - Appraiser answered:
Yes that is true. For a refinance, the appropriate comps are existing properties (resales) active and sold. In the event of a foreclosure on a refinanced property, the lender would want to know what the resale market value is at time of refinance to assess the collateral risk of the loan.

When choosing comps, one chooses similar properties. Although you live in a new home subdivision, you home is not considered new anymore since it has already been purchased and occupied. Therefore if/when exposed to the open market, it is a resale, thus similar properties would also be resales, not new built or new construction.
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