“FINDING YOUR REALTOR”- FTHB SERIES

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We are moving right along with the FTHB series! Last week we talked about getting Pre-Approved. If you missed it, check it out right here. But now that you have your Pre-Approval it is time to find your realtor! For the sake of this post, it is important to note that we are going to include those selling […]

“THE MORTGAGE TIMELINE”- THE FTHB SERIES

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Welcome back to the first time homebuyer series! We took some time off to launch or new website and blog! With the launch our website will strictly be used as a tool for establishing connection between our clients and us. The blog is a separate entity and will allow us to focus on putting out […]

“YOUR MORTGAGE OPTIONS”- FTHB SERIES

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Continuing down the “First Time Home Buyer” series checklist it is now time to apply for a mortgage. If you missed our last topic detailing the mortgage timeline you can find it right right here. What many people do not know is that there are several mortgage options and every new homebuyer’s situation determines what option […]

“EVERYTHING YOU NEED TO KNOW ABOUT CONVENTIONAL LOANS”- FTHB SERIES

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Now that we have identified all of the different mortgage options and their general differences, we will start breaking down each option in more detail. In this post we will be covering “Everything you need to know about Conventional Loans”.  If you missed our last post, Click Here to check it out. Mortgages can fall in one of […]

DIVORCE LENDING SERIES – PART FIVE – WHO’S ON TITLE?

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Title vesting is the manner in which ownership, aka title, is held on a property. Various states have various ways of holding title. For this posts purpose, we are going to concentrate on the State of Michigan. Here are the most common forms of title vesting in Michigan. Tenancy By The Entirety  – Only a married […]

DIVORCE LENDING SERIES – PART THREE – HOW TO VALUE THE HOME

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One of the first steps in working through real estate issues in a divorce, is to determine the value of the marital real estate. If you and your spouse are unable to agree on the current market value(s), there are several valuation methods that can be used. Tax Assessed Value The tax assessed value is […]

DIVORCE LENDING SERIES – PART FOUR – MORTGAGE GUIDELINES THAT MATTER IN DIVORCE

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For a Certified Divorce Lender, one of the most important, if not the most important goal, is ensuring our clients housing goals are met, post-decree. In order to do so, a Certified Divorce Lender must be educated in the mortgage lending guidelines impacted by divorce. There are several impacted, but the three most common are: Contingent Liability A jointly obligated debt in which the […]

DIVORCE LENDING SERIES – PART ONE – TIMING OF FILING THE DIVORCE PETITION

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The timing of filing a for divorce with the court has a direct impact on mortgage financing. When a divorce is filed, most mortgage lenders will require either a temporary settlement agreement or final divorce settlement agreement, also known as the final decree of divorce, in order to complete and close a new mortgage application and/or loan. […]

MAINTAINING CREDIT DURING DIVORCE

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Maintaining your credit during divorce can sometimes be a challenge. However, understanding what impacts your credit score ahead of time can be very beneficial. Here are a few suggestions to help maintain your credit during the divorce. Communication between both parties can help avoid any miscommunication as to who is paying what bill Ask each […]

DIVORCE LENDING SERIES – PART SIX – DOCUMENTATION NEEDED

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Each divorce is unique and the documentation needed will vary based on the circumstances. In addition to the standard mortgage financing documents like, tax returns, W2’s/1099’s, pay stubs, and bank statements, the most common documents needed in a divorce lending situation include, but are certainly not limited to: Understanding The Divorce Decree Executed copy of the […]