michigan mortgage: 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 mortgage: Michigan Real Estate Purchase: Lending Update - 05/12/09 11:33 AM
So, regardless all of the jibber-jabber out of Washington lending is continuing to tighten. I figured I would write just a general overview of some of the significant changes or non-changes here in my blog in case any of these issues may affect you.
First Time Home Buyers: Most of the … (0 comments)
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michigan mortgage: (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 mortgage: 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 mortgage: Rural Development Funding Still Available - 02/10/09 10:10 AM
Hello all,
I, and pretty much all of our people at Icon have had many Realtors calling us over the past few days concerning the health of Rural Development loans. Apparently, some lenders are having problems dealing with the lapse in funding at the USDA.
Please be Aware that we are running … (0 comments)
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michigan mortgage: Michigan Mortgage- Your Rights When Obtaining a Mortgage - 12/04/08 03:02 PM
I thought it would be helpful to provide an online copy of the Borrower's Bill of Rights. This is a form that is required of a lender to provide to a borrower when they apply for a mortgage. If a borrower sees it at all, it is normally at the end … (0 comments)
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michigan mortgage: 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 mortgage: 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 mortgage: 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 mortgage: Michigan Mortgages: Hope for Homeowners? This time it just may be true. - 11/25/08 11:42 AM
Call me a softy and a nerd. It's hard to believe, but yes I was one of the few that sat and watched Steve Preston's address to the National Press Club this past Wednesday. Many of you may not know who that is, but he is one of the most powerful … (0 comments)
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michigan mortgage: 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 mortgage: 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 mortgage: 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 mortgage: If you can't seem to sell your home, Icon and Big Sky can help with our new program. - 11/18/08 01:05 PM
Icon Mortgage Lending is teaming up with Big Sky Development to bring a common sense approach to the "trade up" transactions that have become so popular. If you are having trouble selling your current home, we can help. Check out the clip below and call 810-953-4266 for more details.
For more … (0 comments)
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michigan mortgage: 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 mortgage: 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 mortgage: ABC12's Foreclosure Story Featuring Icon Mortgage Lending - 11/14/08 03:27 PM
ABC 12 News was recently in our office doing a story about the current foreclosure market for their Money Source segment on the 6 o'clock news. It is a somewhat short segment that talks a little about the Hope for Homeowners program put forth to help curb foreclosures. … (0 comments)
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michigan mortgage: 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 mortgage: 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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