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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 »
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Category: Buying a Home
Updates for Fannie Mae Conventional 97% Mortgage Loans
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
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 »
VA Home Loans for Military Veterans | Free Appraisal
About Veterans Day As the United States continues fighting overseas, the population of military veterans continues to increase. According to the most recent Census information there are over 21 million veterans that have served our country. The growing population of veterans struggle to receive proper healthcare and are faced with repeated VA hospital related scandals… Read more »
Michigan Vacation Home Mortgage | Second Home Mortgage Loan
Historically real estate has been one of the best investments you can put your money in with year over year positive appreciation and tax advantages. You may already have a place you call home but adding on an investment property may make financial sense. At Riverbank Finance, we offer second home loans and a vacation home mortgage… Read more »
Tips to Avoid Closing Delays when Buying a Home
Mortgage Closings are stressful. Let’s not add to it! Congratulations! You have found the home of your dreams! You have all of your documentations in order! You are ready to move in! All you have to do is close on your mortgage! But wait, did something go wrong that could potentially prolong your loan closing?… Read more »
Let’s Pay Our Mortgage, Then Our Credit Cards!
When you pay your bills, how do you prioritize? Credit cards, mortgage, other bills? Mortgage, credit cards, other bills? The normal payment hierarchy, which mortgage lenders expect, ranks mortgages as the top priority when paying bills. This hierarchy was not managed during The Great Recession – and as most of us personally know, still has… Read more »
How Mortgage Lenders Choose Your Mortgage Rate
Mortgage loans are detailed products and it is fair to say that one size does not fit all when it homes to home loans. The interest rate that you may qualify for on a mortgage may be different than what others qualify for based on their situation. This short video from MSNBC explains how mortgages… Read more »
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