Metropolitan Detroit Real Estate Blog

Mostly, the answer is: wait. Once you have completed your mortgage application, it will be processed by the loan underwriting department. Your application will be thoroughly reviewed by underwriters in order to assess whether or not you qualify for the loan. This process can take up to twenty full business days so that the underwriters can carefully assess all the provided documents.

mortgage application processWhen underwriters are puring over the details of your application, they may find red flags that need further exploration. For example, non-payroll bank account deposits from that are more than 10% of your income must have a source so it can be verified that the funds weren’t borrowed.


If the underwriter finds anything in your application that needs to be elaborated on,

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fha versus conventionalWhat's the difference between conventional and government loans? The main answer is simple, but the program disparities can be radical. In short, a conventional loan is not insured by the government, and a government loan is insured by the government. Both types of loans have their distinct advantages and disadvantages:

Conventional

Conventional loans (including jumbo loans) offer both adjustable and fixed rates to borrowers, and the loans can be non-conforming or conforming. The rates are usually low, and only have a private mortgage insurance (PMI) requirement if there is less than a 20% down payment on the home.  Conventional loans are known for having a speedier loan process, so taking out a conventional loan is a good bet if you need to have

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If you own a home or are trying to own a home, you’ve probably heard the term “escrow” thrown around. So what is it? Let’s delve right in:

What is Escrow?

Escrow is an account that lets a borrower gradually accumulate money for property taxes and policy premiums.  Many first time home buyers with less than a twenty percent down payment are required to have an escrow account so it reduces the risk of missed payments or foreclosure.

escrow accountsHow Does Escrow Operate?

Essentially, an escrow account is a savings account.  The only difference between a savings account and an escrow account is that you have to deposit a set amount into the escrow account each month, whereas with a regular savings account, you don’t have to.  These monthly escrow payments

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Happy Father's Day!  On Father's Day, we want to show Dad how much we love him. Fathers are constantly doing great things for us all year long. We should take some time out on Father's Day to really show dad how much we love and appreciate him. I would be remissed if I didn't mention how Dad grills those awesome steaks for us every summer. Dads are the best!  June 15th is the day to show Dad how much we appreciate his pep talks when we can't seem to get our lives together. Why not show Dad how much we love him by buying him an awesome gift? Of course, Dad will tell us that we don't need to buy him anything because it is more than enough that we have some place to live, and we are living independently from him. Nevertheless, our love for Dad trumps his

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Summer is almost here. It is time to host those terrific summer parties in your own backyard. Unfortunately, your backyard may not be summer ready because the long, messy winter has ruined your yard. Do not fret my friend. You can still have the best summer soiree ever! Here's what you can do to prepare for your party.

1. You must first bring your lawn back to life. If your lawn is dead or dying, you must water it a little longer than usual and add a lawn fertilizer to the soil. You should also get a spreader for the lawn seed that must go into the soil in order to get that beautiful green grass that you desire.

2. You must choose your summertime colors. You should choose the colors that represent you. Your goal is to beautify your backyard so you

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annual percentage rateWhen you are looking for a mortgage, your lender is required to inform you of the APR and the interest rate.  Your APR is a crucial factor regarding what loan is the best loan for you.

What is APR?

APR stands for Annual Percentage Rate, which is the number used to compare loans to other loans.  Essentially, the APR is a common denominator amongst all loans.  In more technical terms, the APR is the actual measurement of borrowing’s net effective cost.

APR is a calculation made up of mortgage insurance, points, and fees.  The lender can round this calculation up or down to the closest 1/8 of a percentage point. 

Why Choose Low or High APR?

As a general rule of thumb, you would choose a low APR to have a better deal in the long run, and you

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Albert Kahn was a great architect in his day. In fact, he was often referred to as the architect of Detroit. Albert Kahn built a lot of beautiful homes and buildings in the Metropolitan Detroit area. His houses were very beautiful and unique. These homes still have their appeal because of the intricate designs in his architectural work. Most historical homes, even the ones that were built by someone else, have a great architectural design.

There are many benefits to purchasing a historic home here in the Metropolitan Detroit area. Besides the charm and the old world appeal, people gravitate towards these homes for a variety of reasons. What are the benefits of owning a historic home?

Tax Credit

One of the many perks of buying a historic home

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Do you know your home's IQ? In today's world, it should come as no surprise that we have technology that can turn our dumb homes into smart homes. Technology is infiltrating every aspect of our lives and everything in our lives. If you want your home to get a Mensa membership, you must invest in the latest technology. You may not know what a smart home is so let me enlighten you. It is simply home automation. "Smart Home" is the term used to define a residence that has appliances, lighting, heating, air conditioning, TVs, computers, entertainment audio and video systems, security systems, and camera systems that are capable of communicating with one another and can be controlled remotely by a time schedule, from any room in the home, as well as remotely

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The Fastest Growing Church In America

There is a great church in your community. If you have been looking for a church home or thinking about going to church for a visit, I implore you to check out Triumph Church. Triumph Church is a Christian, non-denominational church located in multiple sites in the Greater Detroit area. The church was named the fastest growing church in America by Outreach Magazine in 2013. When the city of Detroit filed for bankruptcy protection after massive debt, mismanagement, and population flight, which plagued the city, Triumph Church swelled in numbers.  During trials and tribulations in tough times, people flock to Jesus and, in turn, flock to the church. Triumph Church has been a place of hope, help, and healing in the

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