Michigan Mortgage

Is Modification Like Stealing?

One of my more introspective clients asked this question, and I appreciated it a great deal. He said that since he had agreed to borrow the money up front at a certain set of terms, that anything less than those terms could be considered stealing. Hmmm…

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…

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…

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…

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…

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…

Self Serving or True?

This post covers something I often think but rarely say because it sounds as though I am being very self serving. But because blog readers are volunteers, I think this is the right medium in which to present it.

COST AND RATE SHOPPING…