When you are buying a home or refinancing a mortgage, an important decision is to compare a 30 Year Mortgage vs 15 Year Mortgage. Each include their own financial strategy with that may compliment your family’s goals. Let’s dive into the details, compare these two popular options, and see what loan term might be the… Read more »
Category: Buying a Home
The First-Generation Homebuyer Loan to Assist New Buyers
On May 1st, 2024 the FHFA announced the First-Generation Homebuyer Loan program. This is a home loan targeted at homebuyers whose parents have not owned real estate. Those who qualify under this loan may receive discounted mortgage rates, down payment assistance or help with closing costs. This new program is part of their Final Rule… Read more »
Do I need a Mortgage Pre-Approval to buy a Home?
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 »
DSCR Loan Guide: No Income Mortgage Loan for Investors
Qualify for a no income home loan without using your personal income documents or tax returns with a DSCR Loan. As a real estate investor, this loan program allows you to avoid the high rates and points commonly associated with private loans or commercial financing. Additionally, you can bypass the lengthy approval processes and strict… Read more »
Michigan’s Top Real Estate Agents: How to Find a Rockstar Realtor
When searching for Michigan’s top real estate agents, doing your research is crucial. A real estate agent is like your secret weapon, guiding you through the market, negotiating on your behalf, and ensuring your needs are met. From qualifications and experience to communication skills and personal compatibility, these tips will help you make an informed… Read more »
Purchase a Home with a 1% Down Mortgage
Riverbank Finance LLC is excited to offer the new Conventional 1% Down with Equity Boot home loan program. This program is better than 99% financing. You purchase a home with a 1% down payment and we will pay up to a 2% down payment towards your home purchase! Important Update! Program discontinued 06/01/2024! Please see… Read more »
Battle of the Mortgages: FHA Loans vs. Conventional Loans
If you are a potential homebuyer you will soon face the Battle of the Loans between FHA and Conventional loans. There are key differences between the two loans that borrowers should take into account. Each has unique requirements and regulations that we will explore throughout the post, making it easier for borrowers to make a… Read more »
How to use Mortgage ChatGPT to Simplify the Mortgage Process
What is ChatGPT and How do I use it for Mortgages? The process of obtaining a mortgage can be daunting, especially for those who are first-time homebuyers or unfamiliar with the process. There are many steps involved, including researching mortgage options, filling out applications, submitting documentation, and working with lenders to secure a loan. Additionally,… Read more »