lending: Not all Lenders are Equal, Closing Cost Danger! - 01/10/12 11:18 PM

During a recent interview with Jason Jenkins from First Place Financial in Grand Rapids, Michigan I was reminded of the gaping differences in lender costs. Jason really re-enforced the fact that lenders are not all created equal, nor are closing costs or pre paid fees.
When you are securing financing to purchase a home, not only will you want to consider the type of service you will be getting from your lender, you will also want to get very specific about closing and pre paid costs.
Many people think that closing and pre paid costs will be covered by … (0 comments)

lending: What is an appraisal really worth these days? - 09/18/10 02:16 AM
I have sat down many times to write this blog, and have started it then deleted many times.  
 
However, I am really posting this one.  One, because I know I will feel better after writing this, and two I feel like I have to get the word out.
 
I now think the 1st question to ask a lender before asking about rates or cost is to ask "where do your appraisers come from?"
As this can make all the difference in the world.  If a lender is using appraisers who are NOT local or do not know the … (3 comments)

lending: Mold - Escrow item for repair after the sale? - 05/15/09 12:52 AM
Well here I am again, wondering if our market "conditions" are moving faster then our government can respond and take action.
HUD/FHA has done a wonderful thing with lead base paint.  This harmful chemical has been addressed and no longer can you buy a HUD home and move in with out the lead base paint being remediated. 
When buying a true HUD home, HUD takes care of all lead base paint surfaces before the buyer can close on the home.
So why is mold not treated the same..........this harmful substance should be taken care of as well.
I am in the middle … (0 comments)

lending: WCR January Lunch - 12/16/08 11:15 PM
What a great way to start off the new year!

Please join us for a great lunch and great new beginning for 2009

Where - Naya Bistro - 1144 E. Paris (just south off cascade - near the highway)  www.nayagr.com
When - January 8th 2009
What - This is the meeting where 2009 officers get installed - a very fun meeting
Door prize - We will have a drawing for a 3 month membership to East Hills!
 
WCR national website
Local WCR website
 
Please R.S.V.P. to Mary Mishler no later then January 7th at 4:00 pm -
(2 comments)

lending: Is your Home Equity Line of Credit in risk of being frozen or reduced? - 04/21/08 09:51 AM
An article by Money magazine was published just recently about this.  If you have a line of credit on your home waiting to use this summer for renovations, landscaping or your summer vacation, you may want to read this article and you may want to access it now.  You used to be able to get a HELOC for 100 percent of the value of your home.  However with the market going soft and some markets declining, the bank may put a freeze or reduce the amount of your HELOC.
However a word of caution, my advise in not to borrow up to … (0 comments)

lending: A re-fi option for home owners in trouble - 04/17/08 11:45 PM
But do not wait too long!  MSHDA has started their campaign for the "Save the Dream" product.  This is a loan designed to help people who fit the guide lines (income) to re-fi their home. If home owners have a loan ready to balloon out or already has or you just have a high interest rate and struggling to make payments, this loan may be for you. 
I was talking to Stacey Hovanec, a processor for Providence Home Mortgage (I.C.C.F) about this product yesterday.  She informed me they are getting lots of calls but many have waited to late to call.  … (8 comments)

lending: Is walking away from foreclosure becoming socially expectable? - 04/17/08 12:26 AM
An article I read from Realty Trac, one of the paid foreclosure web sites I do like.  This article really got me thinking.  I have to say we are in danger of this attitude!
I got a phone call not too long ago from a potential client who wanted to sell his home as a short sale; he had made a bad investment.  However he was not behind in his payments, but it was taking all of his extra cash and just wanted to be done with the house, thinking everyone is doing it now.  After showing him what this can do … (6 comments)

lending: How to Answer Questions About the Fed Rate Cuts as they Relate to Mortgage Rates - Not what you may think. - 03/18/08 08:07 AM
A lender that I work with quite often, Brendan O'Driscoll with Treadstone Mortgage sent me this information.  He is allowing me to blog it as this question does come up a lot.
Your customers may ask you about this and most people get it wrong.  It's a  long read, but informative:
This is Interesting
When the Fed cuts rates, it lowers variable rates and lines of credit, but often has a negative effect on Mortgage rates.  The Fed cuts (or raises) the overnight lending rate between banks, who usually follow suit by cutting (or raising) the Prime Rate.  The Fed does NOT cut mortgage rates.  In … (0 comments)

 
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Michelle Gordon

Finding Your Place

Ada, MI

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