Tag: michigan refinance

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?

Request Information Now!

FHA Streamline Refinance

Refinance MortgageWhat’s the point in earning money if it just gets thrown towards outrageous bills like that of your mortgage? Well thankfully there is something that is here to help you out. The FHA (Federal Housing Administration) Streamline Refinance program has been around for a little while now and it has manifested itself into one of the more popular refinance programs available to American homeowners. It has allowed countless people to get out of underwater situations when it comes to their mortgages and it will allow for many others to save even more money. The reason why even more homeowners will be able to take advantage of the program is because it is undergoing a massive change on June 11th.

There is a huge array of details available regarding the new revisions to the program that we previously covered. To keep things severely simple, an insane amount of homeowners will now be able to refinance their current mortgage rates to those new, record low rates of today’s housing market. If you have yet to refinance, and I’m not sure why you haven’t, then right now is the perfect time to do so. What exactly is required on your part though? Honestly, not much is required of you at all. All you need to do is call one of our licensed loan officers at 1-800-555-2098. Otherwise you can fill out the contact form before.

Looking to Refinance Today?

Request Information Now!

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?

Request Information Now!

Bank Settlement Becoming a Nightmare

Settlement Falling ApartRemember that massive $26 billion bank settlement that homeowners long rejoiced about?  The one that brought homeowners that were facing potential foreclosure a bit of salvation?  Yeah well it’s not quite what it’s cracked up to be.

When the huge settlement between some of the nation’s largest banks was announced, people expected to receive major savings on their mortgages.  Now that is still the case, but the number of people receiving relief is far less than previously thought.  The settlement will allow for roughly one million homeowners to have their principals slashed by upwards of $100,000.

What exactly happened to other massive amount of people that were expecting relief though?  Why are they no longer being recognized?  The answer has been angering countless people.  It’s because the banks that issued the borrower’s mortgage(s) simply did not hold their mortgage.  In other words, several banks have been selling mortgages to both Fannie Mae and Freddie Mac without the knowledge of the homeowners.  How many of the loans were sold-off though?  Well that number is far higher than anyone would have imagined.  The housing boom that occurred at the turn of the millennium until 2007 saw 20% of the loans go into the bank’s own portfolios.  The other 80%, well you can find those loans in the possession of Fannie Mae, Freddie Mac and other random investors.

So what happens now?  Bluntly put, the majority of borrowers lucked out.  There doesn’t seem to be any indication(s) that details of the settlement will be adjusted in anyway to accommodate everyone being left out.  It’s not all crappy news though, at least for those of you with Michigan property because even though you may have struck out in this bank settlement.  You wont strike out with Riverbank Finance as our specialty is saving you a pretty penny by refinancing your mortgage.  Give us a call at 1-800-555-2098 to get the ball rolling!

Interested in a mortgage refinance program like HARP?

Request Information Now!

Home Values at 10 Year Low

Low Home Values2012 began with quite a bang in the housing market but it was far from a good thing for current homeowners.  It was reported back in January that overall home values were down for the fifth straight month.  Which brought home values down to their lowest point in about ten straight years.  The average home value fell 0.8% in that month alone.  Even more depressing is that home values are down 3.8% from about one year ago.  This isn’t all bad news, at least depending on how you look at the situation.

Sure homeowners are being hit hard and unfortunately there is no quick fix to instantaneously raise your home’s value.  On the flip side though, homebuyers are in the driving seat when it comes to today’s housing market.  With values at a ten-year low, even the thought of buying a home should prompt people to purchase a home but that is just not the case.

The issue is that people see the housing market as one giant risk.  Everyday we hear and see signs in regards to the millions of homes that are “underwater.” The other issue is that foreclosures are on the rise and nothing could scare a homeowner than the risk of losing their beloved home.

Refinancing an underwater home in Michigan

We’re at a strange point right now as things look great in certain sectors while others look quite gloom.  People seem to be hesitant to purchase homes but yet many builders are gearing up to begin new construction projects.  Real estate professor Ken H. Johnson from Florida International University believes the market will improve thanks to the improving economy but it will definitely take time.

With home values looking as if they’re going to linger at their current values for some time yet.  Why not take advantage of the market whether you’re a homeowner or if you’re looking to buy?  Thanks to the incredibly low mortgage rates, we can help you Michigan homeowners out there by refinancing into today’s extremely low rates.  For those of you looking to buy property within Michigan, we can also help you by locking in pretty little loan with a bow on top.  Either way, give one of our loan officers a call if you have a Michigan property: 800-555-2098.

Can you refinance your underwater loan?

Request Information Now!

Second Wave of Foreclosures on the Way

More ForeclosuresForeclosures have plagued the United States for the past few years and it seems that trend is set to continue.  Now even though the amount of foreclosures dropped 19% in January and another 8% in February, it’s expected that a massive increase in foreclosures is on the way.  Experts warn that the massive $26 billion settlement between five of the largest banks in the country will cause a major ripple when it comes to foreclosures and how they are inherently handled.

Initially there were those that viewed this major settlement as a good thing but it seems as time progresses, more and more homeowners are beginning to oppose this deal.  The major debate is that the banks are discussing a finalized way that they will ALL abide by when foreclosing on a home.  It is expected that the new foreclosure process they introduce will be much faster than any current process in pace allowing banks to steam roll through properties faster than ever before.

There are many homeowners out there who have been battling banks over the foreclosure of their homes for months and even years but with a new process, foreclosure is inevitable within the near future.  Now it’s not all-dark and gloomy news for homeowners that face potential foreclosure.  As there are several mortgage refinance programs out there that allow you to take advantage of today’s low mortgage rates.  All you need to do is take the fist step to improving your situation.  If you’re a Michigan homeowner looking to save a pretty penny by refinancing your mortgage, then call Riverbank Finance at 1-800-555-2098.

Refinancing questions?

Request Information Now!

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.


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.

Michigan Water Bills to Rise

Water Bills on the RiseWhat are the sheer necessities of life?  Many would consider them to only be food, water and shelter.  Unfortunately though, the price of water will be drastically increasing in the near future.  Why would the most abundant and important resource on the planet drastically increase in price though?  At first I had imagined that prices were rising due to a limited-freshwater supply. Well that couldn’t be further from the truth.  It actually has to do with the United States’ infrastructure.

Take a look at the vast majority of bridges, highways, roads, sewers and water systems within the country, just about all of them date back many decades.  The American Water Works Association estimated it would cost upwards of $1 trillion to completely revamp and expand our current drinking water system from now until 2035.

The main reasons we have to expand is because, one, our water systems are decades old at this point and are becoming increasingly unreliable.  Secondly, with the world population rapidly growing, we have to revamp our entire system in order to handle how fast we are expanding throughout the globe.

It’s absolutely necessary that we improve our water system but it will come at a cost.  Currently, the average American household pays $335 per-year in water bills.  The expectation is that homes located within or at least near bigger cities throughout the nation will NOT see a major jump in their water bills.  The reason behind this is that most cities do work annually on their water systems and some cities have already adapted to larger populations.

The main focus of restructuring our water infrastructure will be out in rural areas.  These areas often lack proper water systems and the groundwork is being laid out as we continue to expand our suburbs outwards.  Rural homeowners, including Michigan homeowners, can expect to see an increase in their annual water bills anywhere from $300 to $550.

With potential bill payments reaching those numbers, it would be smart to save as much money as you can now on your monthly payments. First start with the big ones, what’s the one payment most homeowners spend a boatload on?  That would be their mortgage.  Luckily we’re here to help though as Riverbank Finance specializes in mortgage refinancing in Michigan.  So give our certified loan-officers a call today at 1-800-555-2098 to begin your refinancing.

Refinance your loan today!

Request Information Now!

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?

Request Information Now!