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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 »
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Category: Mortgage Tips
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 »
Map of Average Mortgage Balances by State
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 »
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 »
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