Mortgage Matt Blog

Michigan Rural Development Loans: Interest Rate Update  Just a note for you and your clients, if you think those FHA or Conventional rates are good, how would they feel about 5.00% with no...yes NO MORTGAGE INSURANCE.  If you are thinking we need a large down payment to deliver such financing, y...

I find that the first hurdle a First Time Buyer faces is getting their paperwork together. I am not sure why, but honestly this simple task dissuades many people when they start to apply. Perhaps following this list and having it ready at the outset will help the process seem smoother.  Last two ...

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 a great overview.  Purchasing anything, will cost yo...

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 of a big stack of paperwork and it is rarely read ...

You've probably met me face to face and don't even realize it. If not, you've certainly seen my cards pass through your office in the last six years. I'm the guy that was in your office with a smile, a free pen, and a Rural Development (RD) loan flyer. I'm here again to tell you why you need to f...

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 transact...

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 insurance bills come due...

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, you p...

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 to go through the numbers, but...

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 people in the nation right now because he is the Sec...