mortgage: What happens at closing?
- 08/13/21 01:26 PM
You have worked so hard to get to this day and now you're here! At the closing, you meet with a title company representative and sign a LOT of paperwork. Probably the most important document is one that you do not sign - only the seller does - and that is the deed. It transfers title from the seller to you. This gets recorded at the county then the original is returned to you Next in importance are the note and the mortgage. The note is your promise to repay the loan and the mortgage is what ties it to your home. The … (2 comments)
mortgage: Newbie's Guide to Escrow Accounts
- 03/25/19 02:14 PM
Wonder why you even need an escrow account? Most lenders require them if you put less than 20% down on your purchase. The real reason you have one is so that the lender can be sure your taxes and homeowner's insurance are paid. The logic is that if you put at least 20% down, you will have enough coin in the game to make sure that those necessary expenditures are taken care of. Your escrow account is analyzed annually to see how much you paid in and how much they paid out. If you've over-deposited then you get offered the option of having … (10 comments)
mortgage: FHA Slashes Mortgage Insurance Rates
- 01/15/15 11:00 PM
HUD has cut the mortgage insurance rates for FHA loans. With 3.5% down, the current annual rate is 1.35%. As of January 26, 2015, that rate will go to .85%. What a great savings of .5% for home buyers! On the average $175,000 purchase, that is a savings of $71.60 PER MONTH! This bold move will make it possible for home buyers to qualify for a larger loan. What happens if you already have a loan in process at the higher mortgage insurance rate? It's even better news. FHA will allow lenders to cancel case numbers which were issued on or … (8 comments)
mortgage: Low Down Payment Home Loan
- 01/09/15 01:15 AM
I am SO excited to tell you about this new low down payment home loan! We are one of very few lenders in our area to roll out this new Fannie Mae loan program which features only 3% down. This is a great product which is a huge alternative to FHA loans which have the really high mortgage insurance for the life of the loan. There are 3 versions. Straight 3% down purchase, My Community 3% down and a 97% refinance HARP-like loan. Click on the picture to watch the video and learn more.
Click here to see the … (10 comments)
mortgage: How a Great Real Estate Agent Can Help You Buy Your Next Home
- 10/08/14 06:17 AM
I have worked with a lot of Realtors in my career as a mortgage loan officer. I've seen them all from super-competent to I wonder how they ever passed the licensing test! I'm happy to report that there are a lot of good Realtors in my area. And please, DO engage the services of a … (2 comments)
mortgage: The Doctor Loan is here!
- 03/23/14 05:49 AM
Yes, we offer the famous "Doctor Loan!" This mortgage is for MDs, DOs, Dentists, Podiatrists, Optometrists and Veterinarians! At Huron Valley Financial, we understand the financial challenges associated with being a new physicial or resident with medical school debt. Our Doctor Loan provides qualified physicians and residents a no money down, no PMI mortgage loan. We also understand the challenging schedule most new doctors face. In short - we know how to help doctors with their mortgage financing. With our Doctor Advantage Loan Program, borrowers can put as little as ZERO down on the purchase of a home or a condominium. Do you … (1 comments)
mortgage: Can you buy a house after bankruptcy?
- 09/16/13 11:52 PM
If you have some credit problems in your past, you may be wondering if you can buy a house after bankruptcy. YES YOU CAN! Bankruptcy is like a fresh start. The past is the past and you move on from there. There are things you need to do in order to prepare for a home purchase and certain rules about how long you must wait in order to be eligible for home financing. The most important thing you can do after your bankruptcy is final is to re-establish credit. If you had credit accounts which had been around for awhile with … (2 comments)
mortgage: Take the "Scary" out of Buying a Foreclosure
- 06/10/13 10:04 PM
Buying a foreclosure can be scary. It is almost always intriguing. Neighbors, real estate agents, investors and potential buyers are all curious. Is the home a diamond in the rough, a bargain, a nightmare or a combination of all of those? I've seen the full gamut in condition: from excellent and move-in ready, to needing paint, flooring, plumbing repair and appliances, to mold growing all over the basement floor and walls. I always advocate being an informed buyer, and a foreclosure is certainly not an exception to this rule. Not only does the condition of the home matter, but so do … (0 comments)
mortgage: FHA 203k Loan for Home Rehab
- 06/05/13 12:58 AM
Perhaps you have never heard of the FHA 203k loan, but it is one of the best loans out there - especially now. Why now? There are a lot of foreclosures on the market. Many have deferred maintenance. Some have been vandalized. Most need at least some repairs, improvements or appliances and the FHA 203k loan is the perfect loan product for these situations. Realtor.com says that these loans are designated for homes which are damaged or sorely in need of rehabilitation, but that's not all you can use them for. You can even use a 203k for a refinance if … (1 comments)
mortgage: Your Homeowner's Insurance Coverage When Getting a Mortgage
- 05/21/13 03:10 AM
With the recent string of tornados, wildfires and floods, revisiting your homeowner's insurance policy and speaking with your agent is now more important than ever. I know a person whose home was damaged in the April 3, 2011 tornado. After calling to ensure everyone was as well as one can be after a tornado, she called her insurance agent, asking if tornados were covered on her policy. "Yes, it's covered under the wind damage section of your policy." Sadly, he also went on to say that 60% of those sustaining tornado damage were not insured or were underinsured. I also heard … (0 comments)
mortgage: Are You Paying Too Much? How to Appeal Your Property Taxes
- 05/07/13 02:07 AM
Do you think you are paying too much in proprty taxes? According to the National Taxpayers Union (www.ntu.org), roughly 60% of the nation's taxable property may be over-assessed. Taxpayers are paying hundreds of thousands of dollars more than they need to. NTU also states that 30% of all people who appeal their property assessments end up with lower taxes. Your chances are especially good in a time of declining property values. Assessors use data from the Multiple Listing Service (just like real estate agents do) to determine the assessed values. However, in a slow market, sales data is simply not available … (0 comments)
mortgage: Five Reasons to Fall in Love with a VA Home Loan
- 03/19/13 04:03 AM
What's so special about VA Home loans? Plenty, I say! For years, few loan profesionals have focused on this incredible niche of serving those individuals who serve us. With tightening underwriting guidelines and dwindling product availability, suddently the VA Home Loan is popular again! VA Home Loans have held a soft spot in my heart for several years. I appreciate not only the joy and satisfaction which comes from serving our men and women of the United States Military, but also the benefits of the VA Home Loans for those clients.
Here are the top five reasona you will also … (14 comments)
mortgage: Doctor Loan
- 03/14/13 01:07 AM
With Match Day approaching, it's important to know that Huron Valley Financial is now offering the Doctor Loan. This mortgage may appeal to new Resident Physicians as they learn with which hospital they have been matched. As Huron Valley Financial's home office is located in Ann Arbor, Michigan, the same city as University of Michigan Hospital, we expect to be working with a lot of Resident Doctors in the upcoming months. Match Day is March 15, 2013 and their appointments officially start July 1, 2013, so there is plenty of time to check out the city, find a new home and get … (3 comments)
mortgage: Shopping for Homeowner's Insurance in the Mortgage Process
- 02/14/13 09:10 AM
Waiting to buy your Homeowner's Insurance until the last minute in the mortgage process can be a big mistake. As a mortgage lender, I see it happen all too often. Your loan is approved and then the Homeowner's Insurance agent sends over the declarations page and paid receipt right before we order your closing documents. We lood at the premium and GASP because it is MUCH higher than we anticipated. This causes the payment to jump and pushes the debt-to-income ratio higher. Then the Homeowner's Insurance Hustle begins . . . everyone is frantically running around trying to find a lower … (0 comments)
mortgage: Applying for a Mortgage - what happens next?
- 02/06/13 06:02 AM
So you've applied for a mortgage, signed a lot of forms and given your loan officer a check for your appraisal. Now what comes next? I know that it can be a confusing process, especially for first time buyers. Let's see if we can make things a little more clear for you. As soon as we've completed the loan application, I order your appraisal and title insurance. Then I hand your file over to my loan processor who "scrubs" the file, looking for any missed signatures, dates, check marks or documents. It's like having a second pair of eyes on your … (0 comments)
mortgage: Top Real Estate Agent Shares How to Consistently Get Listings
- 01/31/13 11:32 PM
Join me for the live Agent Mastermind class on Tuesday at noon EST when a top real estate agent will share how she consistently gets listings and sales. Here's a quote: "I just got back from a listing apointment and talk about smiling - the potential seller told me that I was the third Realtor she had interviewed and the other two don't compare to me. She will be more than happy to pay the commission - even though I am 1% higher than the others. She is certain that I will be earning every penny of it with all that … (0 comments)
mortgage: Use a Reverse Mortgage for a home purchase in Ann Arbor, MI
- 01/28/13 07:25 AM
Are you thinking about using a Reverse Mortgage to purchase a home in Ann Arbor or any other city? It's a great product which most home buyers and real estate agents don't think of when it comes to financing a home purchase. It bears considering though, because what other way can your buy a home and only invest 50% or less of the price of the house? How does this work, you might ask? It's really easy! Home buyers choosing to use a Reverse Mortgage must be at least 62 years old. Your down payment percentage is calculated based on your … (8 comments)
mortgage: How will a potential government shutdown REALLY affect us?
- 07/28/11 06:53 AM
Aside from all the other concerns like the US credit rating and long term effects on the economy, what will really happen to affect what we do every day which is list and sell houses, provide mortgages and close loans? Our mortgage pipeline is covered, but there are several areas which WOULD be affected in the event of a government shutdown. FHA case numbers - We need one for every FHA loan before the appraisal can even be ordered. If you are in the process of writing a contract with FHA financing, please notify your lender so that they will be able to … (3 comments)
www.peggyloans.com Peggy Wilson, Michigan mortgage banker offers useful tips for daily living. She explains different loan programs, translates mortgage guidelines into understandable language and helps Realtors get their deals to the closing table with the least amount of hassle.
You have worked so hard to get to this day and now you're here! At the closing, you meet with a title company representative and sign a LOT of paperwork. 
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