CEO Lender-Tips and Tricks

ALL IN ONE SOLUTION Does the thought of a 30 year mortgage pain you? Looking to pay off your mortgage faster? Are you saving cash for a rainy day (while carrying balances on your credit cards)? Wouldn't it be nice to have constant access to your home's equity (at current market value) for emergencies or strategic investments/purchases? Do you have positive cash flow monthly? If the answers are all YES-we've got the BEST mortgage product on the market! What is 'All-In-One Mortgage' An all-in-one mortgage is a loan that allows depositors to reduce the amount of interest paid on their mortgage while granting access to any equity that has built up in the property. BREAKING DOWN 'All-In-One Mortgage' The all-in-one mortgage works much like an offset mortgage or home equity line of credit (HELOC). Any deposits made into the savings portion are applied towards paying down the mortgage while still remaining accessible for withdrawal. This type of mort...

On the fence about buying now vs waiting a bit? Here is a helpful analysis we put together so you can see what it costs you to wait! If you need specific advice or guidance (or would like custom numbers), we'd be happy to help.

In 2018 only 8% of real estate sales were FSBO's! Ever wonder why? Well...according to research these are the most difficult tasks for sellers: Getting the price right Understanding the paperwork Selling within the planned amount of time Having enough time to devote to the aspects of the sale Use a Realtor! 

Why you should go for the RD/USDA loan if you qualify!  There are many mortgage options available but among the absolute best is the USDA/RD zero down mortgage! Why is it so great? Let me count the ways! Zero down payment Very low mortgage insurance (among the lowest) Can roll in closing costs if property appraises for higher than purchase price But is it right for YOU? It may be! There are rules to qualify for this mortgage option! There are a few key areas that your loan originator will fully examine. A few key factors will be: The location of the property  Total household income  Credit profile Interest in finding out if you qualify for the Zero Down USDA/RD mortgage? Call/Text/Email us for more info! We'll do a free 10 minute preapproval for you!  Already qualified with another lender? Let us give you a quote for side by side comparison of costs/fees! (*bet we beat em*)

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 ...

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...