TRID has Arrived for Home Loans on October 3rd 2015

Posted on September 25, 2015 by - Buying a Home, Local Michigan, Refinance

What is TRID for Home Loans? The CFPB (Consumer Finance Protection Bureau) issued the TILA-RESPA Integrated Disclosure Rule (TRID) which will go into effect on 10/3/15.  The purpose of TRID is to help home loan clients understand mortgage transactions by simplifying important forms and disclosures. TRID will be followed by all banks and mortgage lenders… Read more »

One Time Close VA Construction Loan

Posted on June 25, 2015 by - Local Michigan, VA Loan

Riverbank Finance LLC now offers Construction to Permanent loans for new stick built homes, manufactured and modular homes. Our one time close home loan provides land purchase, construction finance and the permanent loan into one closing. With a VA construction loan you are able to get your loan underwritten, approved and close before the construction… Read more »

Need some extra money? Consider cash-out refinancing.

Posted on May 22, 2015 by - Mortgage Tips, Refinance

Considering home renovations, debt consolidation or just need to get some cash in hand? A Cashout Refinance Mortgage may be the right fit for you. You can actually refinance your home mortgage for more than you owe and cash out the difference. It may seem like an easy way to get extra cash, but here’s… Read more »

How to Refinance a Home Loan

Posted on April 27, 2015 by - FHA Mortgage, Home Affordable Refinance Program, Mortgage Tips, Refinance

Want to save money on your mortgage? Refinancing might be the best way to take advantage of the historically low rates. Depending on your goal, make make great financial sense to refinance your mortgage. Here’s what you need to know to make the best decision. Benefits of Refinancing your Home Loan Before you refinance your… Read more »

Freddie Mac 97 Home Loan Offers Alternative to FHA Loan

Posted on April 16, 2015 by - Buying a Home, FHA Mortgage, First Time Home Buyer

Buy a Home with only a 3% down payment with Freddie Mac’s 97% Home Loan! If you are a first-time home buyer or struggle to come up with a conventional down payment for a house, the FHA Loan is no longer your only option. Freddie Mac’s new Home Possible Advantage program is a conventional loan… Read more »

FHA Lowers Mortgage Insurance Premiums for 2015

Posted on January 24, 2015 by - Buying a Home, FHA Mortgage, Local Michigan

The Federal Housing Administration has announced that they will be reducing the mortgage insurance premiums (sometimes called PMI or MIP) charged on all FHA loans. The rate reduction will be nearly half the current costs cutting the insurance premiums down from 1.35% to .85% annually. This is great news for new home buyers and those… Read more »

Updates for Fannie Mae Conventional 97% Mortgage Loans

Posted on December 9, 2014 by - Buying a Home, First Time Home Buyer, Mortgage Tips, Refinance

FANNIE MAE CONVENTIONAL 97% MORTGAGE LOANS A Conventional 97% mortgage loan is a Fannie Mae home loan that allows homeowners to purchase a home with only a 3% down payment. It is a great misconception that all conventional mortgage loans require a 20% down payment however many options for alternative financing do exist with low down payments… Read more »

New Loan Estimate Form and Closing Form for 2015

Posted on December 4, 2014 by - Buying a Home, Local Michigan, Mortgage Tips

November 20th the Consumer Financial Protection Bureau (CFPB) released a nearly 2,000 page document relating to RESPA disclosures and Real Estate Closings (If you have a month of free time click here to read). These forms are known as the “Know Before You Owe” mortgage disclosures. This final rule applies to all clients applying for and closing… Read more »