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…

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…

Flashback from Markets past.

In 2003 rates hit all-time lows for that era. 30-year fixed rates touched down at around 5.5% at their lowest and 15-year fixes leveled out at almost at 5% even.

Today, rates are better than that by one full percentage point.

The reason I’m reminded of this is because I’m finally seeing a lot of my customers again…

The Free Market Erases Real Estate Losses Almost Effortlessly

I’ve had no fewer than 10 conversations this week where the title of this post was at least partially true for the client. I’ll demonstrate what I mean here by running the numbers for a client I met this summer through my connection with The Dave Ramsey Radio Program…