As a Glenview mortgage specialist, I can help you cash-out refinance a 1-4-unit property to purchase an 8-unit building, for instance. Or to pay off student loans. Or any other loans.
I can also help you get a mortgage to purchase your first home. Or your first investment property.
Glenview Condo Loans
As of 07-12-2020, there are no FHA-approved condo projects. That means that you’re ”stuck” with conventional loans.
Conventional condo loans come in two varieties, regular or non-warrantable. I have lenders for both options.
Non-warrantable condos are harder to finance as there are fewer lenders willing to lend against them. Simply a question of risk.
To find out if the condo you want to buy or refinance is non-warrantable, check the association’s budget and by-laws.
Fix and Flip and Renovation Loans in Glenview
Are you an investor who buys properties in need of work, remodels then sells them? I have options for this type of scenario.
I also have options for people who want to buy or refinance a property they want to hold onto, either as their primary residence or as an investment.
Glenview does not have many 2-4-unit properties, so there are few investments where the owner can live in too.
Fix and flip loans are short-term loans, lenders want you to flip within 12 months. Renovation loans come in many forms: fixed or adjustable, with terms of 5/1, 7/,1 15, 20 or 30 years. Or, for that matter, any number you choose, like 27 or 18 or 23. The latter, called flex-term mortgages, help people refinance without extending the number of years they have a loan against their home.
Glenview Mortgage Specialist and Jumbo Loans
Since 95% of the value of many properties in Glenview exceed conventional mortgage loan limits, the owners and purchasers of such properties have to take out jumbo loans.
Jumbo loans have interest rates that are higher than those of conventional loans. They also require larger down payments (or more equity locked in) and reserves.
Parting with large amounts of money or keeping it locked in a bank account just to get a mortgage is not a great idea. Yet some lenders only lend up to 80% of the value of a property and want 9 or 12 months of reserves.
If you’re looking for a Glenview mortgage specialist who can get you a jumbo loan with higher LTV’s (90% or 95%) with fewer months of reserves, call me at 847-840-8884.
Glenview Asset Depletion Mortgages
Some people have assets or streams of income lenders do not like. Or they just don’t want to qualify based on income. For such people, asset-based loans are a good solution.
The assets must be easily convertible into cash (retirement accounts, mutual funds, etc.) or cash and they must be held in a USA account.
Lenders like some accounts more than they like others. They will consider 100% of checking accounts, for instance, but only 60% of pension funds or 70% of mutual funds.
The amount that remains once the total amount is multiplied by the appropriate percentage and divided by the loan term months, is a borrower’s monthly income for qualifying purposes.
So, if you have, say, $1,000,000 in a pension fund, your qualifying amount is $600,000. If you’re looking at a 5-year loan, the monthly income is 600,000/60=10,000. If you’re looking at a 7-year loan it is 600,000/84=7142.
Glenview Mortgage Brokers
The advantage of getting a loan from directly from a bank or credit union is that the rates than when you work with a broker, if you’re a vanilla borrower. If you’re not a vanilla borrower, banks and credit unions might not even approve you for a loan. But if they do, your interest rate is probably going to be higher than what you’d get if you worked with a broker.
I’m a Glenview mortgage specialist who works for a broker. I have options for people with blemished credit scores or employment history or unusual situations.
Call me at 847-840-8884 to discuss your situation.
However, if you’re not ready to talk to a mortgage specialist but want more information, the Chicago Mortgage Broker has quite a bit of good information. Feel free to browse.