Category: Michigan Mortgage Banker
How the New FHA Guidelines Help You if You Had a Bankruptcy
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. […]
New FHA Guidelines for Financial Hardships (Back To Work)
In a continuing effort to help people rebuild their lives after the great recession, HUD released new guidelines this week which open up the availability for borrowers to qualify for an FHA loan after a “economic event.” Under previous guidelines, to be eligible for an FHA loan, you needed to wait 3 years after a foreclosure, short […]
Calculating a Mortgage Payment
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 […]
Calculating Escrow
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 […]
The Perfect Loan File
Ultimately, the most important factor in getting any mortgage closed is the applicant. And by this, I don’t mean the credit worthiness, income, or anything else; I mean the willingness to collect documents, the willingness to provide information, and the openness at the beginning of the process. When I submit an application and it is […]
Pay it Forward Promise
The Pay it Forward Promise is a program which I started in January of this year as a way to give back to the community. I made a resolution to help people more, and this has been a great way to do that. It is something I am proud to offer, and something which makes […]
Buying a House as a First Time Home Buyer
When shopping for your first house, there are many things to consider – where do you want to live, what type of house do you want, what architectural design do you want, how many bedrooms and bathrooms do you need, do you want a big yard or a small yard; the list is as long […]
Benefits of Home Ownership: Cheaper Than Renting
As we discussed earlier this week, there are both short and long-term factors to consider when deciding to buy a new home. But at the heart of most of these factors is a simple question: is buying this house cheaper than renting? And to answer that question, you need to ask yourself if your concern […]
Benefits of Home Ownership: Borrowing Power
The decision to buy a house should not be taken lightly. If you own it, you are responsible for it. Now, that’s not to say you shouldn’t go for it, but it is to say that you need to look at both the short and long term effects of home ownership. Most of the benefits […]
Benefits of Home Ownership: Stability
While less tangible than building equity or saving money through tax incentives, the benefits of a stable home are still an important consideration, especially for families with children or which are planning to have children. Home ownership creates confidence in where your family will live into the foreseeable future; should you decide to move, it […]