For the last 5 years, there has been a lot of talk about interest rates. Every three months, it has felt like, there has been a new low set in regard to mortgage rates. Then about six months ago, rates suddenly jumped back up, based on perceived economic strength. Now, they are still at unprecedented […]

I don’t think I have ever had a week long period of time in my career when I received as many calls as I have in the last week. Nearly every client I am currently working with has called me with some horror story they heard on the news about a customer losing a contract […]

While the rules for mortgage insurance on conventional mortgages are more clear and more favorable than the new rules on FHA mortgages \, there is still a lot of gray area. This is because each insurance company and each lender have their own specific rules, and each state can have additional rules which further complicate […]

This used to be an easy question to answer, but over the last few months it has become quite a bit more difficult. In 2000, the Department of Housing and Urban Development (HUD) announced that any borrower with an FHA mortgage could have their mortgage insurance removed once they had at least 22% equity in […]

Last week, I explained the difference between a foreclosure and a short sale. And obviously, these houses can be a great option for the right buyer, especially first time home buyers. This week, I would like to explain the process of buying these types of houses, as it can become a little tricky depending on […]

Many of my customers look at foreclosures and short sales to try to find a deal on a new home. There has been a lot of media hype in the last few years around them, and almost anyone will tell you that you can buy a house cheaper this way than through traditional means. But […]

A few months ago, I blogged about the MSHDA down payment assistance program for first time home buyers. It is a wonderful program for people living in the great state of Michigan which offers up to $7500 to borrowers to help them purchase a home. The $7500 can be used as a down payment, and […]

As I discussed last week, HUD recently released new guidelines for borrowers who have experienced an “economic event” in the last few years. These new guidelines allow qualified loan officers to help borrowers who were forced to declare bankruptcy buy a house if the borrowers meet certain guidelines, and if they experienced an economic event. […]

When it comes time to calculate a mortgage payment, most of my clients simply ask me what the payment will be, and decide if they are ready to move forward or not. Occasionally, I have clients who want to know the interest rate, term, and loan amount I am basing my figures on so that […]

Most mortgages financed in the last 10 years include something called escrow. And all that escrow is, is a monthly payment to cover the taxes and insurance on your home. Instead of paying your insurance twice a year when the payments are due, or having to worry about a large tax bill at the end […]