Two mortgages secured for six-bedroom, single-family home in Wilmette

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Mortgage Banker: George Kaiser
Office: Northfield (Northview Bank and Trust)
Property:  6-bedroom, 3.1-bath, single-family home in Wilmette
Appraised Value: $725,000
Amount Borrowed: Mortgage 1: $417,000; Mortgage 2: $105,000
Loan Type: Purchase
Loan Term: 30-year fixed
Rate: 5.25%

Story: The client was referred to George Kaiser by a local Realtor after having difficulty getting approved by Wells Fargo for two mortgages – one for $417,000 and the other for $105,000.  The maximum for which Wells Fargo would approve the client was $375,000.  

After Kaiser reviewed the client’s tax returns, he suggested that the client add a co-borrower to increase the likelihood of the loan being approved.  After paying down a car loan to less than 10 months and bringing in a co-borrower, Kaiser was able to get the first mortgage approved.  For the second mortgage of $105,000, Kaiser went to a Wintrust Community Bank and asked for an exception on the debt-to-income ratio.  The exception was granted and the second mortgage was approved.  The loan allowed the client to purchase the property, which was deemed to be an excellent value.

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