Michigan Mortgage

Important Tips to Remember when Doing a Loan Modification

Run the numbers first. Know what would be a good scenario for you. Figure out what kind of budget reductions you can make first and then determine what kind of payment you need to make it work. Come up with one or two ways to get there…

What Is the Process of Getting a loan Modification?

In the previous posts we’ve looked at loan modifications from a few different perspectives: the bank’s motivation, a big-picture definition, and a nuts-and-bolts, real-life example. Today I’ll lay out how to make it happen…

How do Loan Modifications Work?

When looking into a loan modification it’s important to get a little refresher on personal finance. A simple loan calculator can help you. I would suggest playing around with your numbers before you contact your bank so that you have in mind one or two ways that a modification might help you…

What is a Loan Modification?

A loan modification is not a refinance. There are few, if any, fees involved as a result, and no new mortgage is written. The existing mortgage is simply modified. The modification can be slight or it can be all-encompassing.

The main difference between loan mod’s and refi’s, however, has to do with qualifying. When you apply for a refinance the game is to look as strong as possible financially. The better you look the easier it is to get the refinance approved. The same goes with purchasing a new home…

Loan Modification – The End of the Road or Just the Road Less Traveled?

Why do Lenders Modify Loans?

Since we began working with Dave Ramsey’s listeners through our preferred partnership with Churchill Mortgage in November of 2009, I talk with no less than 100 families per month about refinancing their homes. For most, the call quickly becomes a math problem that essentially determines the cost and benefit of the loan and whether or not the person would be better off by simply adding money to their monthly payment and just paying it off more quickly on their own. Refinancing makes sense for some, and for others they should just keep doing what they are doing.

Sometimes though, it’s more complicated and difficult. Yesterday was one of those calls…

Is Now A Good Time To Buy A Home?

Everyone wants to know: are property values rising or are they declining?

The local real estate news shows that all but one of the cities surrounding Lansing reported an increase in the average actual sale price of homes this past year. That seems like good news.

Robert Schiller, the creator of the Case-Schiller RE Index, said today that all 30 cities he analyzes annually has declined over the past year and that we could see another 15% to 20% decline in the housing market before we reach the bottom! Another 15 to 20 percent…

Should I pay off my mortgage or not?!

If I were a customer of mine today I would be asking my mortgage broker, “Hey, Evan! What happened? Why the change? Should I pay off my mortgage or not!?” I would be asking for an answer. I wouldn’t let me off the hook…

VA Loan In 18 Days.

Can home purchases close quickly any more? The short answer is – yes.

Here’s the longer answer:

On the 10th of December I got the call from my client. The home they offered on last week passed inspection – need to get this closed. I asked what the expected date was and the client had forgotten “I think it’s yet this year,” she said.

Sure enough the purchase contract came over and the closing was to take place by the 31st. That would be 21 days from the day they cleared their home inspection…