New House Savings with New Construction

If you’re trying to decide between a brand new home or one that’s new to you, think about this: New homes are livable and lovable from the start. When you purchase new, you can select the design, style, and finishes you love. Your home will reflect your personality on move-in day, no changes needed. A new home is likely to “live” bigger than older homes of similar size. Modern designs Read More…

Monday’s Mortgage Myth | Pre-qualification vs. Pre-approval

HAPPY MONDAY! Many assume a PRE-QUALIFICATION is the same or as good as a PRE-APPROVAL. This is a mortgage myth.  Fact:  A pre-qualification means a lender has verbally taken your information and calculated some payments to see how much of a mortgage you would qualify for. This is merely a skin and bones approach to see if a borrower may be in line to obtain a mortgage. However, no merit wRead More…

Forbearance may Hurt Millions of home owners – COVID-19 Guidance Update 05/06/2020

Good afternoon, I wanted to take a moment and update everyone on the new mortgage guidelines that go into effect today 5-6-2020.  As I have predicted, the mortgage forbearance program is going to hurt millions of homeowners across the country. New Agency Guidelines were handed down last night on how lenders will treat forbearance.  In April 3.5 Million homeowners took advantage of skipping a Read More…

Realtors back to work May 7th!

May 7th Realtors are back to work for their buyers and sellers! We are here to serve you and your clients ensuring a smooth and satisfying transaction. For your information regarding our current mortgage rates: In the last 7 days, interest rates have leveled out. Currently, a buyer looking at a 30 year fixed Conventional home loan interest rate can expect anything from 3.25%-3.75%. 15 year fRead More…

Monday Mortgage Myth – Applying for a Loan Hurts Credit

Hello and Happy Monday! A common misperception in the mortgage process; Applying for a home loan will hurt your Credit. This is a Mortgage Myth. Many fear to have their credit pulled for when applying for a home loan. Note; a consumer credit pulls vs. mortgage credit pulls. When one has their credit pulled for a car, department store, etc the score will drop significantly more than a mortgage Read More…

A Take on Mortgage Forbearance

As we are coming up on the sixth week of quarantine here in Michigan, it is taking a toll on the Real Estate and Mortgage industry.  Where does it end?  Last week Chase Bank announced it will require any borrower to have a minimum of a 700 credit score and will require a 20% down payment to purchase a home.  Today I read a report that Chase will also suspend its HELOC or  (Home Equity Lines ofRead More…

Mortgage Mess COVID-19 Update

The mortgage world continues to tumble with no end in sight.  Lenders are eliminating loan programs, raising interest rates, and making borrowing even more difficult. COVID 19 is not only having an effect on our health but now begins to take a toll on our prosperity.  Interest rates on conventional type lending continue to raise then drop-in pockets.  Some days we get some very low rates, we caRead More…

Mortgage Crisis and Fed Unintended Consequences

The Coronavirus Meltdown  The current Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison.  The pressing issue centers around capital that’s required by Mortgage Lenders to be able to function and meet covenants that are required for them to continue to lend.  Here’s How The Mortgage Market WorkRead More…

Vic’s Forecast of our Market with the Virus

I wanted to take a moment to share my opinions, forecast, and insight on the effect of the Coronavirus on the Mortgage and Real Estate industry. I will try to put this in an easily understandable sequence and offer some explanations to the Mortgage and Real Estate industry in recent weeks. As the virus takes hold of the world, economy, and our way of life, we will all feel the pinch. It appearsRead More…