Category: Local Michigan

News and Updates in our home turf Grand Rapids, MI.

Mortgage Guidelines Changing Daily

Guideline Changes Ahead for Home Loans

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 »

Coronavirus and Mortgage Rates for 2020

Corona Virus Mortgage Rates 2020

The Coronavirus has wreaked havoc on the financial markets so far in March 2020. Investors have been fleeing from stocks and investing in lower risk assets such as Bonds, Treasury Notes and Mortgage Backed Securities. This has helped us hit the lowest mortgage rates in history. The news is quick to report on the low… Read more »

How New FICO 10 Credit Score Changes Affect Home Buyers

Credit Score Updates

A brand new FICO credit scoring model will be used in the summer of 2020. These credit changes will affect millions of home buyers. Every 5 years or so FICO rebuilds their score model. This new scoring model will look at your credit history for the last 24 months, whereas the current model only looks… Read more »

How to Become a Mortgage Broker in Michigan

How to be a mortgage broker in Michigan.

  Mortgage Broker Growth What is a Mortgage Broker? Mortgage Broker Benefits Loan Support Transparency on Rates and Fees Loan Options How to become a Mortgage Broker With the recent shift in the mortgage industry, many loan originators are wondering how to become a mortgage broker. The rise of a major trade organization, the Association… Read more »

New Maximum Conforming Loan Limits for 2020

2020 Conforming Loan Limits

Conventional Loans are now bigger and better. The Federal Housing Finance Agency (FHFA) announced the new conforming loan limits for mortgages sold to Fannie Mae and Freddie Mac in 2020. In most of the U.S., the new 2020 maximum conforming loan limit for one-unit properties will be $510,400. This is an increase from $484,350 in… Read more »