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Can I really use an automated process as the on-line finance companies seem to be?

I am 66 yrs old, single & retired.  I have assets of almost $2 mil, income of around $110k and an 800 credit rating.  I am wanting to refi my home of 22 yrs wrapping in my home equity line.  I have 20+% equity in my $240k home.  But my income is from 3 commercial properties I own, 2 billboards, Soc Sec and stock. My home is in a very mixed city neighborhood and requires an in-home appraisal.  This all means my situation is not a cookie cutter process.  Can I use an on-line finance company or do I need to stick to a local face-to-face institution?  On-line has better rates. 
  • September 12 2013 - Indianapolis
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Answers (3)

The situation that you are describing is not that scary of a task.  As long as you can document your income and the house has value it should be an easy process.  Most all lenders have the same requirements.  Sign the application and the final closing documents and that's that.  My bank is federally licensed and we are licensed to loan in all 50 states, as such we have access to individuals that can bring all the paperwork to you to sign.  

I hope this helps you in you quest to get into a better loan program.

Thanks
  • September 13 2013
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Face-to-face is not necessary, if that doesn't work for you. Finding a reputable lender that understands your needs, your scenario, and State-specific understanding is crucial. You have a unique situation and this requires a lender (loan officer) to wrap their head around your scenario and make it work for you.
  • September 12 2013
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With Today's technology one would think that getting an on line mortgage would be easy.  The sub prime mess a few years ago screwed that up!  Government regulation is getting worse, not better.  As a result, there is no easy answer to your question, since you're not sure if the person on the other end is qualified to help.  I am licensed in Indiana and would be happy to help. 

  • September 12 2013
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