With home values appreciating at a record breaking clip, the maximum conventional loan limit has also increased a substantial amount for 2022. The Federal House Finance Agency (FHFA) reviews home sales data on an annual basis and adjusts the max conforming loan limit to the rate of appreciation using the FHFA House Price Index (FHFA… Read more »
New Michigan RefiNow Mortgage introduced to save low-income borrowers thousands by refinancing to lower rates. Lower Costs. Appraisal Waivers Possible.
A mortgage pre-approval is given when a loan officer has looked in depth into your finances and has calculated the amount that you are likely approved to borrow to buy a home. They will base your pre-approval on estimated monthly payments, loan amount and mortgage rate. Homebuyers may need a mortgage pre-approval before they are… Read more »
DACA mortgages in Michigan are here! On January 20th, 2021 the US Department of Housing and Urban Development (HUD) has announced that all immigrants under the Deferred Action for Childhood Arrivals (DACA) program will be eligible to apply for a Federal Housing Administration (FHA) backed mortgages. This new qualification for FHA loans is effective immediately.… Read more »
Today is an exciting day for independent mortgage brokers! Our #1 lending partner United Wholesale Mortgage (UWM) completed their IPO to go public on the New York Stock Exchange under ticker UWMC. UWM has been the #1 wholesale lender in the nation for 7 years running. They are the #2 overall lender but have major… Read more »
Each year the Federal Housing Finance Agency (FHFA) reviews home appreciation and makes adjustments to the maximum conventional loan limits. With our booming housing market the FHFA was able to increase the new conforming loan limits substantially for 2021. Conventional loans are home loans sold to Fannie Mae and Freddie Mac. Nearly all banks and… Read more »
Many financial advisors, like Dave Ramsey, recommend getting a 15 year fixed rate mortgage when you buy a home or refinance. There are several benefits to paying your mortgage off sooner compared to keeping it around 30 years, however, there are also associated risks that should be considered. As you would guess, shorter term mortgages… Read more »
Riverbank Finance LLC is an experienced mortgage brokerage that has an extensive list of lending partners offering a wide variety of financing. We work hard to provide the best options for home loans at low rates and costs. Our lender lineup also covers most programs for cream of the crop, large down payment borrowers to… Read more »