CEO Lender-Tips and Tricks

Costs Before Closing There are some items that are required prior to closing. These are the most common items that are paid for before closing and a rough idea of what they cost: Earnest Money Deposit -your realtor will request this as an enticement for the seller to accept your offer and take the home off the market. Good news-this is considered part of your down payment and will lower you overall cash due at the closing table TYPICALLY $500+ Home Inspection -again, your realtor will give a recommendation for a good local inspector if you need one. A home inspection is NOT required, but is recommended (would you buy a used car without taking it to the mechanic first?) TYPICALLY $300+ Appraisal -this 40+ page report is required to determine the value of the home. Good news-this is considered part of the closing costs and after it is paid for will lower your overall cash due at the closing table TYPICALLY $500+ HomeBuyer Education -depending on the type of loan you are ge

THE TYPE OF MORTGAGE MATTERS!!!  STUDENT LOANS AND LOAN TYPES: FHA Regardless of the payment status, we must use the greater of these two options: 1% of the outstanding balance OR the monthly payment on the credit report  OR  The actual document payment (provided it will fully amortize the loan over the term) Freddie Mac (Conventional):  Loan in Repayment-Use the GREATER of either the monthly payment on the credit report OR  1/2% of the outstanding loan balance Loan in Deferment or Forbearance-Use the GREATER of either the monthly payment on the credit report OR  1% of the outstanding loan balance Loans someone else is paying-Document someone else has been paying the monthly obligation for the last 12 months and then the debt can be omitted from your monthly liabilities Fannie Mae (Conventional):  IF a payment amount is provided on the credit report, that amount can be used. If the payment is ZERO or not identified on the credit report, then we can use

Got Student Loans? Need a Mortgage? Oh the dreaded student loans! Did you know Michigan ranks 11th in the country for student loan debt? Average debt per student is $30,327 and 64% of college grads have debt. Yikes! Also there are so many repayment options...did you know HOW you repay can influence your buying power for a home (as can what type of mortgage you get!). The worst part is there is no 'one size fits all' rule! In Deferment? In Forebearance? In Income Based Repayment? In Graduated Repayment? What if you have student loan debt that someone else pays on your behalf?  Take a gander...if you're feeling brave. Check out the next blog post where it gets really specific! Or just email/call/text/ apply online if this is overwhelming (we are pros at this)!!! We'll help you figure out which loan types would be the best options for you by reverse engineering if you have student loans that are a concern. Have no fear, we've got your back. Also  H

Rates: Tis the season for low rates! We continue with historic lows and it is an excellent time to review your current mortgage. Truly, when is the last time you looked at the terms of your mortgage loan?! Do you remember your rate? Many folks forget their rate about 3 months after getting the keys! Go ahead, take a peek at your statement! Is it time? What year did you buy your home?! New Year, Financial Freedom: What is your resolution going to be? Here are the top FIVE resolutions: STAY FIT/HEALTHY LOSE WEIGHT ENJOY LIFE TO THE FULLEST SPEND LESS, SAVE MORE  SPEND MORE TIME WITH FAMILY AND FRIENDS Refinancing can help you accomplish the BOLD fourth item on the list! Many folks refinance to lower rate, lower payment, shave years off their mortgage, or take cash out of the available home equity! Sometimes ALL of these at once. Ready to see if a refinance is a good idea? We can help with that!  You can apply online super easy!