June 2011
For the last few years, FHA loans have dominated the low down payment space in the mortgage world. We are finally seeing some positive signs in Michigan that things are getting better. One of those signs is that conventional loans have loosened up and are now allowing a 3% down payment with PMI. Let’s compare [...]
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Buying a condo in Southeast Michigan continues to challenge our clients’ patience as obtaining financing for these properties has been difficult, but not impossible. There are two types of condos to consider: Detached Site Condos and traditional Attached Condominiums. Detached Site condos are views as “single family homes” in the eyes of the lenders. Normal [...]
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The approval process isn’t difficult as long as your paying attention to the details. Here are what we see underwriters question everyday. Internet printouts in place of actual bank statements: These often to not show account numbers and names We need all pages of statements (Yes, including the irrelevant last page) Large, non-payroll deposits need [...]
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There nothing like having your client show up for a closing PREPARED and ready to just sign the papers. Here are the most important items to keep an eye on as the closing date draws near. Loan must have “clear to close” status to be scheduled for closing Your Realtor will coordinate with listing agent, [...]
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Gift funds are often used to off-set the down payment or closing costs when purchasing a home. Here are the basic guidelines that need to be followed for all loan programs: Funds must come from immediate family member If last name differs, you must prove relationship via birth certificate or marriage license A gift letter [...]
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Home Insurance is important enough to take a few moments to understand how it relates to you and your real estate goals. It is a must have for all transactions. Here is what you need to know: The cost to reconstruct the home, your deductible, and your credit score are the key points that determine [...]
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We believe that all clients need to fully understand what it takes to close on their home loan. Yet the “Cash to Close” has consistently provided confusion in all borrowers’ minds. There are 3 main components that make out your cash to close: (Say we have a $150,000 purchase price, putting 10% down). Down Payment [...]
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The appraisal is a very important part of purchase and refinance transactions. Here is what you need to know: Purchase transactions – We schedule the appointment with realtors and the appraiser Refinance Transactions – We will have appraiser contact you to schedule appointment Appraiser will spend approx. 10-15 minutes inside and outside your home, taking [...]
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Applying for a home loan seems complicated to most, but having the right documentation available at the time of application will streamline this process immensely. What you need: Credit Report Information Needed Full legal name & Date of Birth Social Security # and current address Do NOT have any creditors pull your credit report or [...]
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Interest rates fluctuate just like stock prices, up and down throughout the day. So we get asked constantly: “Should I lock my interest rate today???” Know that you have two options for your mortgage application – Locking or Floating. Floating A Rate – Exactly what it sounds like, you assume all market risk. If rates [...]
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