Dan's Michigan Mortgage Blog

As a mortgage lender since 1991, I have had to learn the technical skills essential to do my job.  You see back then there was no automated underwriting.  The borrower had to have a down payment, income and show an acceptable credit history that indicated their likeliness to repay.  All of this h...

At this time we only offer construction loans in Michigan, Indiana, Ohio, Kentucky, Maryland and Virginia While most lenders have ran for the exits when it comes to construction lending, First Place Bank continues to make construction permanent loans.  Here are some of the highlights of the First...

If your tired of dealing with all of the added hurdles associated with an FHA mortgage?  Did you know that a conventional 3% down loan option is still available for some borrowers!  That is right, finally a solid conventional alternative to an FHA loan.   Not all borrowers will qualify for this p...

Your probably thinking who is still building a home in today's world. Truth is as we head into spring we have seen a sharp increase in those looking to build a new home. What we have discovered is many lenders have abandoned the market or have raised down payment requirements significantly. In th...

Some of your clients who have been thinking they need to sell, but can't because they are upside down and do have the ability to repay their mortgage may benefit from the HARP-Home Affordable Refinance Program. Don't confuse this with the HAMP-Home Affordable Modification Program. They are two se...

If there is one thing that I hear over and over again from agents is that lenders just don't communicate with them what is going on with a deal.  As a lender since 1991, one thing I learned quickly is you communicate information, good or bad, as quickly as possible. So why won't lenders communica...

Ok, I have to admit, it has been far too long since I have updated my blog.  I do a lot of freelance writing for www.mortgagecurrentcy.com and that is where I havd dedicated most of my time.  Not to mention, they actually pay me for my articles :) If your like me, you are sick and tired of lender...

For those of you who market new condo projects you may have noticed that it is becoming ever increasingly difficult to obtain financing for those clients who need a mortgage.  So why the sudden change or difficulty in obtaining financing?  With market conditions being unfavorable Fannie Mae and F...

I have recently run into a string of borrowers who have been turned down by lender after lender for the purchase of investment property.  These borrowers are generally investors who have accumulated multiple properties (many within the last couple of years).  So what is the common problem these b...

Wow! What a week in the mortgage market. We have seen a tremendous amount of volatility over the past 7 days. Tuesdays surprise rate cut by the fed led to a substantial drop in mortgage rates. 30 year fixed rate mortgage's saw rates in the low 5's. What a difference a day can make, on Wednesday, ...