8 Common Mortgage Questions

For some, buying a home can be a scary experience, but it doesn’t have to be. The first step of the homebuying process should be to do research. Researching is one of the most important things that future homebuyers could and should do. Here are some commonly asked questions about mortgages and the homebuying process.… Read more »

Use Your Tax Refund As a Down Payment to Buy a Home

Saving money for a down payment can be one of the biggest challenges in buying a home. Most loan programs require some form of a down payment from the home buyer. During tax season, this may be the perfect opportunity to qualify for a new home. IRS tax refunds are eligible as a source for… Read more »

Should I Refinance My Mortgage?

There are several reason why you might benefit from refinancing your home. Many people choose to refinance to simply lower their interest rate while others have goals of doing home improvements or debt consolidation.  Depending on your financial goals, refinancing your mortgage may be a smart choice. Refinance to a lower rate Refinance to a… Read more »

Buy a Home with Just 1% Down!

Buy a Home with Just 1% Down and get up to a 2% Lender Gift towards your down payment. Buying a home has never been more affordable with our low down payment Conventional Mortgage. SUBMISSION DEADLINE FOR PROGRAM: MAY 31ST, 2018 Unlike Down Payment Assistance programs, such as MSHDA, there is no 2nd mortgage required.… Read more »

4 Steps to Make Relocating to Michigan Go Smoothly

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Have you ever wanted to make the move out of state but did not know how to go about the process? If you are ready for the big move and Michigan is your destination call Riverbank Finance and speak with our loan officers today! Michigan has many attractions for people looking to relocate from another… Read more »

2018 Conforming Loan Limits and FHA Loan Limits Increased

On November 28, 2017, it was announced by the Federal Housing Finance Agency, or FHFA, that for 2018 the baseline loan limit for conforming loans will increase from $424,100 to $453,100. This is due to raising house prices and real estate appreciation. According to the FHFA, from the third quarter of 2016 to the third… Read more »

USDA Mortgage Repair Escrow Program

What is a USDA Mortgage? The USDA loan, or Rural Developmental loan, allows for homebuyers to purchase a home with a zero down payment.  This is great for people that want to live in a rural area and get a loan that is truly zero down.  Benefits of getting a USDA loan is that you… Read more »

The Mortgage Process: What Happens After Pre-Approval

Congratulations! You passed the pre-approval stage for getting a home, but what happens next? Once you have a pre-approval letter from your lender, you can start looking for a home to purchase. Keep in mind that the letter is only good for 60 to 90 days, depending on the type of approval you received. Why… Read more »