Tag: michigan mortgage refinance

How to Refinance a Home Loan

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Want to save money on your mortgage? Refinancing might be the best way to take advantage of the historically low rates. Depending on your goal, make make great financial sense to refinance your mortgage. Here’s what you need to know to make the best decision.

Benefits of Refinancing your Home Loan

Before you refinance your home loan, it is important to determine your financial goals. Do you want a lower interest rate? Do you want to change your adjustable rate mortgage to a fixed-rate mortgage? Do you want to pay off your loan in 15 years instead of 30? Do you want to lower your monthly payments? Did you know you can also refinance to consolidate a first and second mortgage? You can also extend your current loan to cash out if you want to start a business, help a family member in financial crisis, or go on an expensive vacation.

Do the math.

Ask your loan officer to help you figure out how much refinancing will cost you, and how much you’ll save over the long term. If refinancing will save you $200 per month, but you have to pay $2,000 in closing costs, you’ll break even in 10 months. How much longer do you plan to stay in the home? If you plan to stay there for more than 10 months, refinancing may be a good idea. If you’d like to move out sooner, the costs associated with refinancing may not be worth it. Also, if you lower your interest rate but extend your loan from a 15-year to a 30-year, you’ll lower your monthly payments but end up paying more interest over the life of the loan.

Talk to a loan officer to review your mortgage refinancing options.

If you decide refinancing is right for you, start by calling loan officer. He or she may be able to save you on closing costs and other fees by recommending a loan program specifically for your situation. Before you start the process it is important to do your research to find the best loan option to meet your goals. Do not just settle for what your current bank offers just because you have a car loan or checking account there; let your lender know that you’re shopping for mortgages so you can make an informed decision and perhaps he or she will find a way to offer a better deal.

Know your refinancing options.

Find out if you are eligible for any special refinance programs that may benefit you over the standard refinance mortgage. For example, if you currently have an FHA loan, you may qualify for an FHA streamline refinance, which would allow you to refinance with no appraisal, no income, and little to no closing costs. If you currently have a conventional mortgage, you may qualify for the Home Affordable Refinance Program (HARP), which may allow you to refinance, regardless of your home’s value, with no out-of-pocket costs.

Expect to gather documentation and paperwork.

Refinancing your home loan is a process that usually comes with a significant amount of paperwork to document your income assets and passed credit. Do not be overwhelmed by the request for documents with the current laws and underwriting guidelines. Even those with perfect credit have to provide the same documentation to get a home loan or mortgage refinance.

When you work out the details of your refinance mortgage, your loan officer will help you navigate the steps from initial loan consultation to closing. Be prepared to provide documentation, including driver’s license, social security card, one month of paystubs, two months of bank statements, past two years of W-2 statements, and your current mortgage statement.

Once you sign your application and send in the documentation, your loan officer will send in your file for underwriting, which may require additional documentation. You may also be required to complete a home appraisal. When you’re finally approved in underwriting, you’ll be cleared to close. Your loan officer will review the final figures, you’ll have to pay closing fees and documents, and then the process is complete.

Steps to Refinancing your Home Loan

1) Initial Mortgage Consultation
2) Sign application
3) Send required documents – (drivers license, social security card, 1 month paystubs, 2 months bank statements, past 2 years w2 statements, current mortgage statement)
4) Underwriting Process
5) Complete the Appraisal (if required)
6) Clear to Close – (once fully approved in underwriting your loan will be “Cleared to Close” and scheduled for closing)
7) Meet for the Home Loan Closing

For more information about what Riverbank Finance offers for refinancing, schedule an appointment with one of our loan officers by calling 800-555-2098 or fill out our online refinance application or by completing the form below.

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Foreclosures on the Rise

Foreclosures rising“Up, down and around we go. Where we stop, nobody knows!” Those are the exact thoughts so many American homeowners are experiencing right now. We are given reports and surveys from national agencies stating there is “hope on the horizon” for the housing market but yet what the latest report states would contradict that there is “hope on the horizon.” Industry group RealtyTrac reported that foreclosures spiked in May compared to those filed in April.

Just how many foreclosures are we talking about though? Well RealtyTrac states the foreclosure rate climbed an additional 9% from April to May of this year. That means 205,990 homeowners had to go through the painful act of losing their home. Their report also shows that bank repossessions climbed up 7% 54,844. This definitely does not seem like good news after April saw the record low amount of bank repossessions in four straight years.

Experts that have been closely watching the market don’t seem all that surprised though as they expected foreclosures to rise once the $26 billion bank settlement was reached and completely finalized. There are even further indications that we’re on for a rough ride over the coming months. May saw a 12% jump in foreclosure-starts meaning more homeowners are beginning the process of foreclosure proving that the Summer may not be the greatest time to be a homeowner.

It’s not all dark and gloomy though as there is a lot of help available to those homeowners that are currently struggling with the thought of foreclosure. Mortgage refinance programs have been popping up rapidly such as the FHA Streamline Refinance and HARP. Best of all, that’s what we specialize in here within the state of Michigan. So if you’re interested in learning more about refinancing your mortgage and saving your home then feel free to give one of our licensed loan officers a call at 1-800-555-2098.

Help Avoiding Foreclosure?

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FHA Streamline Refinance Saves Homeowners Money

Save Money on Mortgage PaymentsThe FHA Streamline Refinance (Federal Housing Administration) program has been saving homeowners money on their mortgage payments for years allowing them to reduce their rate without appraisal however the new update will help to save even more. There are plenty of homeowners out there that could tell you exactly how much they were able to save. Well now it seems the possibility you could benefit from the new program has drastically increased as the requirements are being changed on June 11th. This will allow for countless homeowners to refinance their mortgages and use that extra money to buy something cool like a boat or ATV!

Let’s compare the current rates to those of the upcoming update the FHA Streamline Refinance program will soon receive. Please note that the information below is simply for illustration purposes.  Rates, terms, and fees may vary based on credit scores, loan amounts and other factors so be sure to call a loan officer to see your rate and APR information.

Under Current FHA Premiums

$200,000 Loan
3.75% Rate
$942.44 Principle & Interest
$75 Homeowners Insurance
$200 Taxes
$208.33 of Monthly Mortgage Insurance
$1,425.77 in Total Monthly Payments

New FHA Premiums Starting June 11

$200,000 Loan
3.75% Rate
$926.32 Principle & Interest
$75 Homeowners Insurance
$200 Taxes
$91.67 of Monthly Mortgage Insurance
$1,292.99 In Total Monthly Payments

So based on the rates as seen above, a homeowner could save around $132 per month on their mortgage payments by taking advantage of the new FHA Streamline Refinance program. Now even though the official update to the program is coming on June 11, we can get you on file and line everything up so that when that date roles around. You can start saving money right away!

We take care of Michigan homeowners so if you’re in the state and would like to refinance under the FHA program. Then just call us at 1-800-555-2098 to talk with a licensed loan officer. Alternatively you could contact us by email through the contact form below.

Interested in More Details on the New FHA Streamline?

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FHA Streamline Refinance Changes

Streamline Refinance ChangesI’m sure I don’t really need to go over the drastic changes our housing market has witnessed over the past few years so I’ll just limit this blog to the ever expanding hope on the horizon for homeowners. At least for those of you who have found yourselves in quite a sticky situation in regards to your mortgage. There are plenty, in fact millions of homeowners who are enduring their own mortgage crisis whether that means they’re “underwater” or just paying far too much. That’s where all of the new refinance programs come into play.

One of the most popular and widely sought after refinance programs would be the FHA (Federal Housing Administration) Streamline Refinance program. It’s not only made a massive change in the lives of countless people so far, but it seems more change is on the way. On June 11, we will see the FHA Streamline Refinance program institute some great changes that will allow for millions of people to get out of their current mortgage situations and save themselves a pretty penny.

The best part of all this is that you don’t need to wait for the new changes to be implemented. See the institutions we here at Riverbank Finance work with would like to help you get started in refinancing immediately. So even though the changes don’t effect for over a week yet, we can get you on file and start chugging away once June 11th roles around.

In order for us to help you, there are just a couple things you need to do. Make sure you’re a Michigan resident and give us a call at 1-800-555-2098. You can also fill out the email form below.

Refinance w/ The Streamline Program Today

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2012 Grand Rapids Mortgage Rates

Grand Rapids MortgageEveryone has been affected in some way by the big hit the housing market recently took. There are still plenty of foreclosures out there along with people spending money on mortgages they can’t afford to spend. Luckily, Grand Rapids Mortgage Rates are one of our specialties. We here at Riverbank Finance love to help out local homeowners save a pretty penny with their mortgages.

Today’s rates are at record low points and that’s not just some random selling point. The rates are at a point that no previous time in history could really rival where they stand. As of 5/26/2012 30 year fixed rate mortgages are at 3.72% / 3.966% APR; The 15 year fixed rate is also at a record low standing at 3.125% / 3.964% APR (CLICK TO SEE ASSUMPTIONS).

There are of course other options out there if you find yourself in a sticky situation with your mortgage such as being “underwater.” Or owing more on your mortgage than your home is worth. We specialize in just about every conceivable type of mortgage refinance program that is available. Every thing from the Home Affordable Refinance Program (HARP) to the FHA (Federal Housing Administration) Streamline Refinance program are things we deal with every single week. It’s likely that we have even helped one of your neighbors take control of their mortgage rates.

Related: See today’s Grand Rapids Mortgage Rates.

Now of course we can constantly say that you will save a boat load of cash but in reality, how much could you truly expect to save? Well in fact, you could buy your own boat! Just as long as you’re willing to deal with the gas prices. A borrower with a $200,000 mortgage at a 6% rate would save a total of $272.87 per month which equates to $3,274 over the year.

Now if you’re looking to end the stress of your mortgage payments by greatly reducing your rates then we’re here for you! All you need to do is call us at 1-800-555-2098. You can also fill out the email form below.

Lower your mortgage rate today

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Changes Coming to FHA Premiums

Changes to FHA PremiumsYou know those nasty premiums that come along with mortgage loans?  Those ones that everyone hates to deal with.  Yeah, well I think you’re about to hate FHA (Federal Housing Administration) premiums even more.  FHA Acting Commissioner, Carol Galante, made an announcement regarding their current premium points.  It appears the “basis” points” will soon be on the rise.

READ FOR UPDATES: 2013 FHA MORTGAGE INSURANCE

The change to the FHA insurance premiums will officially be enacted as of April 1, 2012.  That is definitely something none of like to hear.  Now even though the exact details have yet to be released in regards to the insurance premiums, it is certain that premiums on “forward” mortgages will raise 10 “basis points.” While jumbo loans will see an increase of 25 “basis points.”

It’s not all bad news though when it comes down to premiums with the Federal Housing Administration.  If you haven’t heard of the FHA Streamline Refinance program, you’re really missing out on a great opportunity to refinance.  FHA Streamline Refinance was created to allow homeowners with loans owned or guaranteed by the FHA to refinance with today’s record low mortgage rates.  Well in regards to premiums, experts are expecting the premiums of the FHA Streamline Refinance program will drop in the near future.

Be sure to stay up-to-date with all of the latest real estate and mortgage-based news by checking out our blog.  Now if you’re interested in refinancing your Michigan property under FHA Streamline Refinance or another mortgage program like HARP, just give our certified loan-officers at Riverbank Finance in Grand Rapids, Michigan a call at 1-800-555-2098.

Mackinac Island Property

Mackinac Island PropertyOne of the most beautiful places I have ever visited would be Mackinac Island.  While visiting the island for the first time in the summer of 2011, I was taken back by how amazing everything was.  In my mind, I had expected an island entirely tailored towards tourists.  That couldn’t have been further from the truth though.  Sure there are a few hotels on the island and a couple souvenir shops, but this is a completely functional island with roughly 500 residents that stay on the island year-round.  That’s not to mention the countless other people who have vacation homes on the island as well.  I had overheard a couple gentlemen talking about a few homes they had noticed were available for purchase and several more that were available for rent they were considering-purchasing.

For me, even renting a home on the island for the summer would be beyond a dream.  See I’m one of those people that would love to have a beachfront property on Silver Lake or even a spot right on the Great Lakes themselves, but on an island? That’s another story.  People always say if they won the lottery they would purchase an island when in reality, they don’t have to!

Why spend millions when you can have a cool little get away on Mackinac.  Not to mention the bragging rights you could hold over your friends.  You’re not limited to Mackinac Island itself though.  The surrounding area is home to several islands with smaller communities that don’t bring in upwards of 15,000 tourists on a given day.

As a resident of the island, if you ever wanted to leave for the “main land,” then your entitled to free fairy rides to ensure you can get around and you’re not just stranded to an island like Tom Hanks in “Cast Away.”

We can help you achieve your island dream; all you need to do is contact our certified loan-officers for more information about your dream property.  You can reach a loan-officer at 1-800-555-2098.

Questions about your “Island Dream Home?”

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Michigan Home Prices Lowest in 10 Years

Michigan Home Values Lowest in 10 YearsOur mitten state of Michigan has unfortunately been one of the hardest places hit when it comes to real estate woes.  Over the past decade, countless Michigan homeowners have lost their homes to foreclosure.  While many others face the reality that the value of their home has been drastically reduced.  This is a double-sided event though.  As the homeowners suffer from dropping values.  The homebuyers are greeted with extremely low values allowing them to purchase amazing home at bargain price.

The average value of homes dropped a total of 2% from this past December to January.  Making the median home price a total of $154,700 making it the lowest price we have faced since November 2001, just before the “housing bubble” occurred and home values skyrocketed.

For you homeowners, not all hope is lost as sure home values are dropping but so have mortgage rates.  If your facing a home that you may be losing value on, you could potentially refinance to some extremely low rates and save yourself a pretty penny thanks to all of the mortgage programs that have been instated as of late.  Some of the programs include help for homeowners with mortgages owned/guaranteed by the Federal Housing Administration.  While other loans backed by Fannie Mae and Freddie Mac are susceptible to mortgage refinancing as well.  All-in-all homeowners are currently stuck with poor home values until the market, potentially, rebounds in the coming future.  Refinancing is something we specialize in and love to help out Michigan-based homeowners with whether they’re in underwater situations or just want to save some money.

Now whether you’re a first time homebuyer or your veteran of the process towards buying a new home.  Today’s values and rates are definitely in your favor.  With the value of some homes down 20% and even higher in some situations, you can buy a dream home no matter where it may be located.  Previously the only real estate being affected drastically from the crash of the housing market were homes located near the inner city.  Well as time has gone on, neighborhoods along the lakeshore to small towns in the Upper Peninsula have all been affected.  Truthfully you can select any city you want to live in whether it’s in Grand Haven, Grand Rapids, Traverse City or even Marquette Township.

Whether you want to refinance under the Home Affordable Refinance Program (HARP), FHA Streamline Refinance or some help with purchasing a home.  Be sure to contact our certified loan-officers by calling 1-800-555-2098.

Looking to refinance?

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Michigan FHA Streamline Refinance

FHA Streamline Refinance in MichiganOwing more on your mortgage than your house is worth is a common problem in Michigan.  After the economy took a downturn only a few years back, property values have plummeted.  The U.S. federal government has recently announced programs to help people refinance their mortgages that are owned by Fannie Mae and Freddie Mac.  This is great news for many homeowners, however that still leaves millions of homeowners that may not qualify for a HARP refinance because their mortgage loans are insured by the Federal Housing Administration through an FHA loan.

Before you give up all hope, there is a program that is a solution to underwater homes in Michigan. If you are currently in an FHA mortgage then you may qualify for a FHA Streamline Refinance with no appraisal.  FHA’s streamline refinance program will allow Michigan homeowners to refinance to today’s historically low mortgage rates while also drastically reducing the steps needed to qualify.

When it comes to qualifying for the FHA Streamline Refinance, you have to be up-to-date on all mortgage payments for the past year.  This means that you must have paid all your mortgage payments on time for the past 12 months with no 30 day late pays.  You also have to be sure you’re the original property owner for the last six-months, minimum, to take advantage of the program.  The next step is to call Riverbank Finance, a mortgage company in Michigan, so a loan officer can help give you your options to for FHA streamlines mortgage rates.

Benefits of a Michigan FHA streamline Refinance

There are several great benefits to the streamline program including the amount of paperwork needed is miniscule.  The closing costs and fees for this type of refinance are very low, in fact there are zero cost loan options available for most situations.  Many programs involve application fees but that’s nothing to worry about, as applications fees are waived.  Another great benefit is there is no appraisal required therefore the value of your home is not an important factor.

When you take advantage of an FHA Streamline Refinance, you can expect to receive as very low to zero-cost loan options!  No matter where your property is within the state of Michigan, we can help you benefit from an FHA Streamline Refinance. Call Riverbank Finance today at 1-800-555-2098 to begin your refinancing process to see if you can save thousands in interest.

For more information on a FHA Streamline Refinance, request information below, or visit: http://riverbankfinance.com/mortgage-programs/streamline-fha-mortgage.html

FHA Streamline information?

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FHA Streamline Refinance no appraisal in Michigan

Michigan Streamline RefinancePresident Obama recently announced that a comprehensive package that will be placed which houses administrative actions and legislative proposals in order to help homeowners.  This is all in an attempt to support middle class families while also giving a boost to the economy.  We’ve got the facts regarding this housing market package in case you’re interested in taking a look.

Both HUD and the Federal Housing Administration (FHA) have been committed supporters of the Obama Administration’s efforts towards improving both the housing market and economy.  One great tool that homeowners can take advantage of is the FHA Streamline Refinance.

The FHA Streamline Refinance tool allows for borrowers to refinance on today’s low rates without any additional underwriting.  As long as those same borrowers are current on their mortgage payments, they can refinance into a brand new FHA-insured loan.

There are lenders out there that have been quite reluctant to provide FHA Streamline Refinance’s as they are worried of taking on a loan that has not been underwritten.  Not to mention the possible negative effect these loans may have on a lender’s FHA Compare Ratio.  The Federal Housing Administration has luckily caught wind of these concerns form lenders and changes are now being made.  First, FHA Streamline Refinance loans will NO LONGER appear in the Neighborhood Watch Early Warning System.  You can expect to see the Streamline Refinances to disappear from the Neighborhood Watch public compare ratio.

With the Federal Housing Administration instituting these changes, lenders should be expected to finally go along with FHA Streamline Refinances allowing homeowners to finally take complete advantage of today’s low rates without having to deal with the additional process of underwriting.

If you’re looking to take advantage of the FHA Streamline Refinance program in Michigan with NO appraisal.  Then feel free to contact Riverbank Finance by calling 1-800-555-2098.  If you would like to be contacted via email, just fill out the form below.

Take advantage of a Michigan FHA Streamline Refinance

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