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Loan Michigan is committed to helping you find the right product or advice for your particular needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage or loan simple and straightforward by offering you the latest in financial tools and only the most experienced staff. At Loan Michigan we offer the full spectrum of products and advice for residential, commercial or business financing. Mortgage bond prices fell last week pushing mortgage interest rates higher. Trading was positive for the week through Wednesday’s close. The data generally was benign causing no large mortgage bond market swings. Unfortunately a strong 273-point jump in the DOW Thursday resulted in mortgage rates worsening by about 3/8 of a discount point that afternoon. Fortunately bond prices recovered some Friday, as the stocks were unable to hold those gains. Rates rose by about 1/8 of a discount point for the week. The producer and consumer price index data will be the most important releases this week. If inflation remains tame mortgage interest rates may improve. Expect global economies to continue to factor into trading. |
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. In many cases, accrued late charges can be rolled into the principal. If a Loan Modification is not the best option for you, you should discuss other alternatives such as: A forensic loan audit to determine if your lender committed fraud or any other predatory lending practices. A mortgage refinance into a lower fixed rate that you can afford. A short sale if you can't afford a modified payment or need to relocate.
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Answer these 5 questions to find out if you are eligible for the US Government's Making Home Affordable Program:
- Is your home your primary residence?
- Is the amount you owe on your first mortgage equal to or less than $729,750?
- Are you having trouble paying your mortgage?
- Did you get your current mortgage before Jan. 1, 2009?
- Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowners association dues, if applicable) more than 31% of your current gross income?
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Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. Since your home is probably your largest single investment, it's smart to know more about reverse mortgages, and decide if one is right for you! |
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Buy a new construction home from a Marketplace Homes preferred new homebuilder and Marketplace Homes will agree to lease your home for up to 6 years! Marketplace Homes takes care of the hassle of your old house so you can provide a new home for your family today. It’s as simple as that! It is possible to move to a new home today!
If you already own a home and are looking to move up to a nicer home, FHA can be your loan of choice. It is a common misconception that if you have an FHA mortgage on your current home that you will be unable to buy a new home with an FHA mortgage. Allow us to show you the way to qualify.