Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Naperville- IL http://www.zillow.com/advice/Naperville-IL/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate 800+ scores, jumbo mortgage...maybe. 95% LTV w/ subordinated? http://www.zillow.com/advice-thread/800-scores-jumbo-mortgage-maybe-95-LTV-w-subordinated/548709/ Basically, I'm looking at houses, but we have a limited budget due to the lack of equity in our current house. does anyone do 95% LTV above 417K anymore? We have near-flawless credit, we've never missed a payment on our house (or anything) even through unemployment during the downturn, but I was hoping, best-case scenario, to get a loan under the jumbo limits, no PMI, do my own escrow, then lump the rest, up to a 550K loan, or so, in a piggyback loan up to 95% LTV. <br/><br/>OR, I'll gladly just use an escrow if we can get a loan like this.<br/><br/>OR, depending on the rates, just do 80% as a jumbo, then 15% piggyback for the rest, if that makes more sense. <br/><br/>Basically, avoiding PMI is #1 in my book, especially if it means getting a second mortgage that I can pay off sooner and free up some $ monthly down the line.<br \><br \>3 replies Mon, 07 Jul 2014 15:04:00 GMT http://www.zillow.com/advice-thread/800-scores-jumbo-mortgage-maybe-95-LTV-w-subordinated/548709/ 2014-07-07T15:04:00Z 800+ scores, jumbo mortgage...maybe. 95% LTV w/ subordinated? http://www.zillow.com/advice-thread/800-scores-jumbo-mortgage-maybe-95-LTV-w-subordinated/548709/ Basically, I'm looking at houses, but we have a limited budget due to the lack of equity in our current house. does anyone do 95% LTV above 417K anymore? We have near-flawless credit, we've never missed a payment on our house (or anything) even through unemployment during the downturn, but I was hoping, best-case scenario, to get a loan under the jumbo limits, no PMI, do my own escrow, then lump the rest, up to a 550K loan, or so, in a piggyback loan up to 95% LTV. <br/><br/>OR, I'll gladly just use an escrow if we can get a loan like this.<br/><br/>OR, depending on the rates, just do 80% as a jumbo, then 15% piggyback for the rest, if that makes more sense. <br/><br/>Basically, avoiding PMI is #1 in my book, especially if it means getting a second mortgage that I can pay off sooner and free up some $ monthly down the line.<br \><br \>3 replies Mon, 07 Jul 2014 15:04:00 GMT http://www.zillow.com/advice-thread/800-scores-jumbo-mortgage-maybe-95-LTV-w-subordinated/548709/ 2014-07-07T15:04:00Z Mortgage broker in IL... http://www.zillow.com/advice-thread/Mortgage-broker-in-IL/534321/ Looking for someone who can do FHA (preferably) or conventional in IL - naperville area - who can work with credit score of 610 for me and 650 for spouse. Had foreclosure in 2011. Looking for 325K house with 5% downpayment. DTI of 41%&nbsp;<br/><br/><div><br/><br/><br/><br/><br/><br/><br/><br/><br/><div><a rel="nofollow" href="http://chatserve.chatwithwords.com/"><img src="http://s3.amazonaws.com/chatwithwords/extension_images/trans.png"/></a></div></div><br \><br \>3 replies Sat, 29 Mar 2014 19:35:00 GMT http://www.zillow.com/advice-thread/Mortgage-broker-in-IL/534321/ 2014-03-29T19:35:00Z bankruptcy discharged in 2012, foreclosure on home pending. want to purchase new home with 20% down http://www.zillow.com/advice-thread/bankruptcy-discharged-in-2012-foreclosure-on-home-pending-want-to-purchase-new-home-with-20-down/522762/ credit score is around 685.<br \><br \>4 replies Mon, 30 Dec 2013 07:36:00 GMT http://www.zillow.com/advice-thread/bankruptcy-discharged-in-2012-foreclosure-on-home-pending-want-to-purchase-new-home-with-20-down/522762/ 2013-12-30T07:36:00Z Title Company Necessary on a Refinance? http://www.zillow.com/advice-thread/Title-Company-Necessary-on-a-Refinance/500899/ I am buying my sister's portion out of our inherited home that is paid off. This is being done through a lender as a refinance. Is a title company necessary?<br \><br \>4 replies Mon, 08 Jul 2013 20:40:00 GMT http://www.zillow.com/advice-thread/Title-Company-Necessary-on-a-Refinance/500899/ 2013-07-08T20:40:00Z Chicago Land Chapter 7 BK: Very Unique Situation, looking for a mortgage http://www.zillow.com/advice-thread/Chicago-Land-Chapter-7-BK-Very-Unique-Situation-looking-for-a-mortgage/495477/ In Feb of 2012, we were discharged in a Chapter 7 BK. &nbsp;We were sued, lost in court and were ready to appeal, we were advised that rather then fight to pursue chapter 7. &nbsp;<br/><br/>Normally we wouldnt have qualified but owning a business we had a very heavy year involving multiple office leases.<br/><br/>In the BK we affirmed everything and have zero credit card debt going into it. &nbsp;We reaffirmed our home, cars.&nbsp;<br/><br/>1.5 years later, my middle credit score is right around 700. &nbsp;We have plenty of equity in our home now and have a decent cash reserve. &nbsp;We are considering do we try to find a credit union or bank that will lend to us now. &nbsp;Which will probably entail a a little higher rate and 20% down &nbsp;or will we qualify next Feb to go FHA at 3.5% down at a better rate.<br/><br/>Your opinions are appreciated and advice on lenders would be very helpful.<br \><br \>1 reply Wed, 05 Jun 2013 01:42:00 GMT http://www.zillow.com/advice-thread/Chicago-Land-Chapter-7-BK-Very-Unique-Situation-looking-for-a-mortgage/495477/ 2013-06-05T01:42:00Z When are we able to refinance after our short sale? http://www.zillow.com/advice-thread/When-are-we-able-to-refinance-after-our-short-sale/486335/ Details: We had a short sale on a previous home early in 2012. We were delinquent on that mortgage at the time of the sale. During that delinquency period we owned two houses including our present home. We have been current on our present home since purchasing it in July 2011. <br/><br/>My understanding is that the minimum waiting period after a short sale with delinquency is 3 years for a FHA backed loan. My question is whether there is anything that might mitigate that waiting period and allow us to refi now? As I mentioned, we have been current on this home since closing. The property has appreciated in the two years we've owned it so our equity in the property should be well over 20%.<br \><br \>3 replies Thu, 04 Apr 2013 19:04:00 GMT http://www.zillow.com/advice-thread/When-are-we-able-to-refinance-after-our-short-sale/486335/ 2013-04-04T19:04:00Z Cash For Keys Deed In Leiu HSBC http://www.zillow.com/advice-thread/Cash-For-Keys-Deed-In-Leiu-HSBC/452903/ My Mortgage holder is HSBC they offered me 11K to move out which I have , My Question is is this for real ? Anyone ever get paid ? <br/><br/>Without going into too much detail I moved out of the house thinking this Cash For Keys is a Lie and was moving out anyways .It would be nice if they did pay up since I did leave the home in great shape .<br \><br \>3 replies Fri, 27 Jul 2012 15:05:00 GMT http://www.zillow.com/advice-thread/Cash-For-Keys-Deed-In-Leiu-HSBC/452903/ 2012-07-27T15:05:00Z Credit authorization http://www.zillow.com/advice-thread/Credit-authorization/463056/ <p class="MsoNormal">I applied for mortgage and authorized lender to check my credit. <strong>I wrote on authorization that it is valid for next 20 days.</strong> Are they allowed to pull credit after 20 days? I live in Illinois. My loan is approved and closing would be by end of year. It is new construction home and I was supposed to approve by builders lender before they start construction. &nbsp;I might look for another lender for comparison.</p><!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument></xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]><style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; line-height:115%; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-bidi-font-family:"Times New Roman";}</style><![endif]--><br \><br \>3 replies Sun, 07 Oct 2012 17:48:00 GMT http://www.zillow.com/advice-thread/Credit-authorization/463056/ 2012-10-07T17:48:00Z Mortgage Payment - Annuity Due or Ordinary Annuity? http://www.zillow.com/advice-thread/Mortgage-Payment-Annuity-Due-or-Ordinary-Annuity/449434/ Hi,<br/><br/>We are buying a new home and the bank we applied to gave as a mortgage payment amount based on Ordinary Annuity calculation and not based on Annuity Due. I am under the impression since we are paying the mortgage payment upfront (at the beginning of the month) it should be calculated as an Annuity Due. Am I wrong? (I checked Bankrate.com and it gave the same amount as my Bank did). Can someone please explain the logic?<br/><br/>Thanks<br/>Venkat<br \><br \>2 replies Tue, 03 Jul 2012 02:59:00 GMT http://www.zillow.com/advice-thread/Mortgage-Payment-Annuity-Due-or-Ordinary-Annuity/449434/ 2012-07-03T02:59:00Z Rental refi http://www.zillow.com/advice-thread/Rental-refi/424940/ Started new job after 6 months out of work. Will a 200K refi with 33% equity and 200k in <a href="http://www.zillow.com/mortgage-glossary/Assets/">assets</a>, 800 credit, 7500/month gross income, 1850/month rent,&nbsp;get approved?<br \><br \>2 replies Tue, 06 Dec 2011 01:29:00 GMT http://www.zillow.com/advice-thread/Rental-refi/424940/ 2011-12-06T01:29:00Z With costs exceeding our means. will a mortgage company give us the loan modification we need? http://www.zillow.com/advice-thread/With-costs-exceeding-our-means-will-a-mortgage-company-give-us-the-loan-modification-we-need/205549/ We seem to be stuck in this moment like many others and on a less than shoestring budget , Will our <a href="http://www.zillow.com/mortgage/">mortgage</a> compnay (Countrywide) Help us to modify our <a href="http://www.zillow.com/mortgage/">loan</a> so we can stay in our home? It seems our value has dropped like others to $450,000 and we bought for $456,000 in 2005. We owe on the note $406,000 currently and are really struggiling working 3 jobs between the two of us.<br \><br \>8 replies Mon, 02 Mar 2009 13:37:00 GMT http://www.zillow.com/advice-thread/With-costs-exceeding-our-means-will-a-mortgage-company-give-us-the-loan-modification-we-need/205549/ 2009-03-02T13:37:00Z Refin - Locked in but no close rates down further my options http://www.zillow.com/advice-thread/Refin-Locked-in-but-no-close-rates-down-further-my-options/277702/ refin in IL. My <a href="http://www.zillow.com/directory/lenders/">lender</a> locked me in at 4.625 for 15 year fix (8/26). Now that the rate is down to 4.5 he refuses is to re-negotiate until the rate is 4.375. He says .25 down only then I can get lower rate. Also for 30 year fix - he will give me rates from the date I locked in my 15 yr. The close is not scheduled yet. Please advice. Is the lender taking advantage??? deposit paid<br \><br \>2 replies Fri, 11 Sep 2009 14:52:00 GMT http://www.zillow.com/advice-thread/Refin-Locked-in-but-no-close-rates-down-further-my-options/277702/ 2009-09-11T14:52:00Z Refinancing with other lender under HASP http://www.zillow.com/advice-thread/Refinancing-with-other-lender-under-HASP/277328/ I want to refinance my 5 year ARM Freddie Mac <a href="http://www.zillow.com/mortgage/">loan</a> serviced by Cenlar FSB to <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year fixed</a> with other lender under HASP(Home Affordability Stability Program). I know that Relief open access program by Freddie Mac will be available by Oct 1st,according to which, I can refinance with any lender under HASP.I have 720+ credit score. My house fits in 105% of LTV as required by HASP. I am looking for <a href="http://www.zillow.com/directory/lenders/">mortgage broker</a> or lender who can help with this.<br \><br \>2 replies Thu, 10 Sep 2009 15:07:00 GMT http://www.zillow.com/advice-thread/Refinancing-with-other-lender-under-HASP/277328/ 2009-09-10T15:07:00Z What rate can I expect from my lender, if I refinance through HASP program? http://www.zillow.com/advice-thread/What-rate-can-I-expect-from-my-lender-if-I-refinance-through-HASP-program/264759/ I have my <a href="http://www.zillow.com/mortgage/">loan</a> with Freddie through TBW lender. What rate should I expect if I want to <a href="http://www.zillow.com/refinance/">refinance</a> my 5 year ARM loan to <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year fixed</a> rate loan under obama HASP(Home affordability and Stability program)?<br \><br \>5 replies Wed, 05 Aug 2009 15:40:00 GMT http://www.zillow.com/advice-thread/What-rate-can-I-expect-from-my-lender-if-I-refinance-through-HASP-program/264759/ 2009-08-05T15:40:00Z Can I get an FHA loan? http://www.zillow.com/advice-thread/Can-I-get-an-FHA-loan/264691/ I am a teacher<br/>Earned 47k last year<br/>Credit score 735<br/>Zero credit card debt, no car payment or anything besides....<br/>40k in student <a href="http://www.zillow.com/mortgage/">loans</a> at 5% (they are in deferment for the next 2 years while I am in grad school...from reading in the forum, this may or may not be included in my DTI?&nbsp; I live in IL if that helps)<br/>I have 13k in the bank (can get gifted another 5k more if it is necessary)<br/>House I would like is 160k, $4200 taxes, no association fees.<br/><br/>Should I be okay?&nbsp; Any tips to better my chances, I am nervous about being turned down due to my student <a href="http://www.zillow.com/mortgage/">loan</a> debt?<br \><br \>3 replies Wed, 05 Aug 2009 06:16:00 GMT http://www.zillow.com/advice-thread/Can-I-get-an-FHA-loan/264691/ 2009-08-05T06:16:00Z home appraisal http://www.zillow.com/advice-thread/home-appraisal/237923/ Our home appraisal came out very low, almost 100,000 less than purchase value 3 years ago. The appraiser included the home sold next door for very low price due to financial problems. He did not consider any upgrades in our home in the appraisal. We have stainless steel appliances in kitchen with granite countertops. Is it fair to do so and should i call the appraiser about this<br \><br \>7 replies Fri, 22 May 2009 17:43:00 GMT http://www.zillow.com/advice-thread/home-appraisal/237923/ 2009-05-22T17:43:00Z is refinancing possible? http://www.zillow.com/advice-thread/is-refinancing-possible/234940/ Paying 6.25% 30 yr fixed&nbsp;on a 400k <a href="http://www.zillow.com/mortgage/">loan</a> on a house that would most likely appraise for 450k currently.&nbsp; No second, no HELOC.&nbsp; I would like to <a href="http://www.zillow.com/refinance/">refinance</a> into a sub-5% 15 or 30yr loan.&nbsp; My credit score is 740, my <a href="http://www.zillow.com/mortgage/">mortgage</a> debt to income is less than 2.&nbsp; Is it difficult to secure a rate like that?&nbsp; I pose little credit risk, I want a good rate that I don't have to pay into.<br/><br/>Mortgage not owned by Freddie, my money goes to Wells Fargo.<br \><br \>7 replies Thu, 14 May 2009 18:32:00 GMT http://www.zillow.com/advice-thread/is-refinancing-possible/234940/ 2009-05-14T18:32:00Z Refinancing options? http://www.zillow.com/advice-thread/Refinancing-options/234102/ My family purchased a house in late 2006 for 540k, put 123k down so we could get a 30 yr. fixed 6.25% <a href="http://www.zillow.com/mortgage/">loan</a> at the 417k conforming limit.&nbsp; There is about 405k left on the current <a href="http://www.zillow.com/mortgage/">mortgage</a> on our house which has declined in value to approximately 450k.&nbsp; What kind of opportunities would we have to <a href="http://www.zillow.com/refinance/">refinance</a> at 5%.&nbsp; Any reason to wait for lower rates?&nbsp; No seconds or HELOCs.<br \><br \>2 replies Tue, 12 May 2009 18:47:00 GMT http://www.zillow.com/advice-thread/Refinancing-options/234102/ 2009-05-12T18:47:00Z Am I able to refi? http://www.zillow.com/advice-thread/Am-I-able-to-refi/228935/ First <a href="http://www.zillow.com/mortgage/">mortgage</a> is <a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/">5/1 ARM</a> with Citi at $264K&nbsp;with&nbsp;5.21% &nbsp;and HELOC is $70K.&nbsp; Zillow estimates <a href="http://www.zillow.com/local-info/">value of house</a> at 306K.&nbsp; Is there any chance I would be able to refi?&nbsp; Primary residence in IL.&nbsp; Thanks for the advice.<br \><br \>3 replies Tue, 28 Apr 2009 21:29:00 GMT http://www.zillow.com/advice-thread/Am-I-able-to-refi/228935/ 2009-04-28T21:29:00Z