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In an article released by Business Insider analysts break down the average mortgage balances by state including the US average mortgage balance. Using statistical information provided by one of the main three credit bureau reporting agencies, Experian’s Decision Analytics, analysts created a heat map demonstrating the hot zones for high mortgage debt. Ranking in the top five for… Read more »
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Category: Mortgage Tips
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 »
Calculating MI Property Taxes
When shopping around for a home it is beneficial to check the cost of property taxes. Property Tax Overview: Property tax is a levy on property. It is required to be paid by the owner annually based on the fiscal year. They are collected on a county level and each county has its own system… Read more »
Control Your Credit so it Doesn’t Control You!
All throughout school we are graded. After graduation we tend to have the mindset “YES! I passed! No more teachers, no more grades!” However, that is not the case – not at all. From childhood into the first few years of our adult lives we receive report cards stating how well we did on an… Read more »
Top 10 Mortgage Mistakes that Slow Down Home Loans
In today’s competitive real estate market it is important to get through the mortgage process quickly and efficiently. Avoid these top 10 mortgage mistakes to keep sellers happy and close your loan quickly! Mortgage Underwriters are picky! They will not accept incomplete documents. Be sure to provide ALL PAGES of required documents including Bank Statements,… Read more »
New MSHDA Grant | MSHDA Down Payment Assistance Flaws
What everyone is referring to as the new MSHDA grant is not free money. Actually, it is not even a grant. It is a second mortgage that may be used in place of a down payment when buying a new home in the form of down payment assistance. Contrary to what most people assume,… Read more »
HomePath Mortgage Loans for Buying Fannie Mae Foreclosures in MI
A HomePath Mortgage allows a home buyer to buy a home with a low down payment and flexible mortgage terms with no appraisal, no mortgage insurance and even seller paid closing costs. This unique home loan program offers the best of all financing terms for qualified buyers. This conventional loan product is only available one… Read more »
2014 USDA Rural Development Loan Eligibility Updates
The National USDA Office in Washington DC has confirmed that they will be using 2010 Census data to update the USDA Rural Development program eligibility maps. Current USDA maps are based on the dated 2000 Census data. This change will not take effect until October 1st, 2014 however the changes will affect many areas nationwide… Read more »
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