michigan foreclosure purchase: First Time Home Buyer: FHA at a glance - 05/19/09 01:01 PM
First Time Home Buyer: FHA at a glance
The following was a general overview of the FHA loan program and a guide to figure out if this is the loan program for you.
Availability: Available in all areas.
Type of Homes they finance: Most property types. Single Family … (0 comments)
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michigan foreclosure purchase: (First Time) Home Buyer’s Frequently Asked Questions - 05/08/09 01:02 PM
I will be adding to this list as I go along, but I wanted to start a nice comprehensive FAQ for homebuyers. I put "first time" in parenthesis because really this can apply to anyone buying a home, but this will apply mainly to the questions I get from first time … (0 comments)
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michigan foreclosure purchase: First Time Home Buyer: How to Demand Transparency from your Loan Officer - 05/07/09 12:18 PM
There are so many ways for a loan officer to fool you and I have heard them all in my time in the business. Now I bring this knowledge to you in how to demand that your loan officer never fools you. I will also cite all of the documents that … (1 comments)
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michigan foreclosure purchase: Michigan First Time Home Buyer: An Overall Guide - 12/09/08 09:34 AM
For a first time buyer, there is so much to worry about and so many levels of details to address, that I just want to provide a good general guide to how to start the process. You can refer to my other blogs for more detail, but I think this is … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Choosing a Loan Officer - 12/02/08 11:34 AM
Proceed with Caution: The weirdest part of talking to people about their loan experiences is that people usually are more particular about their Realtor than their Loan Officer. In reality, your Loan Officer is responsible for ten times more than your Realtor, especially in a foreclosure transaction.
They will be digging … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Escrow Account - 12/01/08 11:33 AM
What is it? An escrow account is basically a mandatory savings account to pay your taxes and insurance from. Every month you will pay your mortgage payment and a portion of that payment will go to the mortgage and a portion will go to the escrow account. When your tax and … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Pro-Rated Taxes. - 12/01/08 09:33 AM
Pro-Rated Taxes: Oh, the agony! Nothing causes headaches the way pro-rated taxes do. What exactly are they? It's your tax bill...and yes...it is YOUR tax bill. In most places in Michigan you get two bills for Property Taxes. One for winter and one for summer. In the vast majority of places, … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Don’t Get Taken Advantage Of. - 11/26/08 10:07 AM
It's so odd to me that so many people claim to have been mistreated by their mortgage lender. There is a litany of paperwork we are required to provide to you when you apply. I am sure there were plenty of less than reputable loan officers out there that didn't care … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: First Time Home Buyer Tax Credit - 11/24/08 10:29 AM
There is a whole bunch of confusion concerning this new First Time Home Buyer Tax Credit and I am looking to simplify things for you like I have been trying to do with all of my blogs.
I think that the most important thing to realize here is that it is … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Assembling Your Purchase Team - 11/20/08 09:29 AM
If you are going to buy a home in Michigan, especially in this foreclosure driven market, nothing is more important than the team of professionals you choose to represent you. Consider these points in your search.
Rome wasn't built in a day. Do you not rush into any situation. Take at … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Credit, or Reaching for Perfection - 11/20/08 09:17 AM
I know, seems so simple. Pay your bills on time, don't claim bankruptcy, but there is a lot more to it than that. So, what goes into a good credit score?
Good Payment History: Obviously.
Length of Payment History: One of the distinct disadvantages of a younger person.
Balance to Limit … (0 comments)
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michigan foreclosure purchase: Michigan Foreclosure Purchase: What can the selling banks do or not do? - 11/19/08 12:44 PM
I have close a lot of foreclosure purchases over the last two years and have ran into some very odd demands from the selling banks. I would like to provide you with some of this information now on what these banks can and can not do that might help you in … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Credit Scores and What to Think about Your Score - 11/18/08 09:54 AM
I know it is hard to understand exactly what your credit score is, how it is calculated, and especially how it affects you when you want to buy a home. Here is a general, and easy to understand guide to your score in reference to obtaining a mortgage.
Below 500: Well … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: The Deadly Repair Escrow - 11/18/08 09:32 AM
Bum Bum Buummm. Enter scary music and cold sweats, you just fell in love with a home that has a broken furnace and a big orange stain where a bathtub used to be. Chances are your financing is going to resemble that orange gunk on the tile right?
There are options. … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Mortgage Insurance and WTF is this PMI? - 11/14/08 10:10 AM
We all hate it...but few of us know what it is. First, the insurance I am talking about is different than what you would get from AAA, which is home owner's insurance. A lot of first time buyers get that confused.
It is very similar though, except instead of you insuring … (0 comments)
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michigan foreclosure purchase: Michigan Foreclosure Purchase: The Time Table to the Transaction - 11/12/08 10:43 AM
We have talked about a lot of different aspects about buying a foreclosure property. I realize now that I have yet to give you the most important overview people want- a timeline expectation. Let me remedy that now by explaining what needs to be done and what the reasonable expectation should … (0 comments)
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michigan foreclosure purchase: First Time Home Buyers: The Credit Conversation and a Confidence Conundrum - 11/12/08 10:17 AM
Undoubtedly, one of the first concerns of a first time buyer is their credit. What I see in a lot of first timers is merely a confidence issue. Like I said, this starts with credit but permeates every aspect of the loan process. Much like any good team, confidence in each … (0 comments)
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michigan foreclosure purchase: The Icon Advantage 100: Our Bread and Butter - 11/11/08 10:44 AM
Come find out how Icon Mortgage Lending empowers Michigan Home Buyers and let us give YOU the ultimate feeling of buying power. We know how important the bottom line is to you. You want to know upfront how much money is required to close on your new home. At Icon, we … (0 comments)
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michigan foreclosure purchase: Closing Costs and Mortgage Fees: Or how the bad man made me pay too much. - 11/04/08 12:32 PM
We have all heard horror stories about good folks being buried in surprise fees, or fees being buried so deep in paperwork that nobody could tell who was getting what. Please use this as a common sense approach to making sure you are getting a good deal on your mortgage.
I … (0 comments)
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