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Home equity

By Terry Savage on October 10, 2021 | Housing / Real Estate

I am a landlord of a rental property that I live in. I have excellent credit ranges from 750 to 780. I called my bank and a few others but they are not giving out any loans for muiti-family units.
What do I do? I have an old garage that is falling apart.

Terry Says

I’m guessing you’re in the Chicago area. If so, check with Wintrust, because they give personal attention and should be a lot more flexible. But there IS a difference between borrowing on a principal residence and an income-property (even if you live there). Ideally, you might refinance the entire property, taking out some cash. This would be the time to do it since rates are still low.

(I know Wintrust is the sponsor of the WGN business lunch but I get nothing out of this recommendation! In fact, feel free to use my name, or not, as the source of this suggestion because it might get you some attention!)

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