Recommended Mortgage Brokers in Michigan...?

I am a first time home buyer, not looking to put any money down (because I don%26#039;t have much). But I do have good salary, minimal debt (aside from law school loans) and average credit. I want a really good company that will allow me to take advantage of my first time buyer status. I hear that Rock Financial is good. But my nerves are really wrecked right now and I want %26quot;good%26quot; over %26quot;popular name.%26quot; If they are good, then I will try them. What about Lending Tree? Or my credit union? Just too many choices!!

And what do I look for in a good broker?

Please let me me know any recommendations that you may have in the metro Detroit area. Thanks!

Recommended Mortgage Brokers in Michigan...?

Well considering the market these days, you definitely will have a lot to choose from and should be able to crack a deal on your terms.

As for who to use, my mortgage guy was great and was recommended by a family member who use to sell real estate. His name is Mark Bowers and he works for Community Bank of Dearborn, which is located in Dearborn on Michigan Ave. He spent time educating us and encouraged us to not fall for a gimmick like %26quot;get a $200000.00 loan for $500.00 a month%26quot;. Alot of my friends fell for gimmicks, spent more than they could afford and now are filing bankruptcy because of the market and job loss. ARM loans are tricky because eventually the terms change.

Also don%26#039;t believe the adage that a house is an investment that you will be able to profit from - that type of housing market is non-existent right now and it will take 5 to 10 years before the local economy starts to bounce back.

Owning a house is expensive, underbuy so that you can afford to live on less than you make. Plus you will be amazed how much money a house will consume and most of that you will never make back in a return.

Be careful you will be approved for a lot more than you can spend, don%26#039;t get caught up in bigger is better. Also I would encourage you to see a budget specialist who will help you figure out how much you can truly afford. If you belong to a credit union like DFCU they offer that service for free.

Good luck to you.

Recommended Mortgage Brokers in Michigan...?

I would recommend a bank or credit union over a mortgage broker. Many states do not regulate mortgage brokers, and brokers recently took a lot of heat in the press over some of their practices. Most brokers are honest people, but there are enough bad ones out there to make me pause before using one.

As a closing attorney, I often saw brokers steer buyers to the mortgage that will earn the broker the best commission, not the mortgage that is best for the buyer. Buyers ended up paying higher interest than they would have if they had used their local banks. Another common practice was switching a fixed rate mortgage for an adjustable rate mortgage at closing. The buyers applied for and were approved for a fixed mortgage. However, when they sat at the closing table, the buyers were asked to sign a rider that changed the mortgage from a fixed rate to an adjustable rate. If the buyers refused to sign, then the mortgage company refused to fund the purchase. This type of scam always resulted with a mortgage broker; I never witnessed same when someone used their local bank.

Ask any closing agents or real estate attorneys you know about who is easy to work with in your area. Generally, brokers or lenders who the title professionals found difficult to work with were the same ones who ripped-off their clients. Additionally, those who were easy to get along with usually took care of their clients. The same held true for real estate brokers and agents, as well as surveyors and appraisers.

Another thing to consider is the trend of home prices in Detroit. If prices are falling, then buying now could be a bad idea. You could end up with a house and mortgage worth less than what you paid, or even less than what you owe. That will make it even harder for you to sell the house when that time comes because you - not the buyer - will have to pay the difference between the sales price and what you owe.

Also, since your only debt is law school loans, I assume you are an attorney or will be soon. If you see anything suspicious, then report it to the proper regulatory body. I did that for years and was always ignored. However, the FBI, the IRS, and several Florida agencies are now investigating all the fraud that took place in Florida. Anyone connected to the real estate industry is now under investigation. I was informed I was cleared early due to my reporting the fraud I witnessed. The investigators are especially targetting attorneys. Since we cannot claim that we were unaware of the law, we make easy targets. One attonrey is now in federal prison and another is waiting trial The investigations just began.

Finally, some general advice:

- Insist upon having the appraiser certify the appraisal to you. That way, if the appraisal is over valued, you can sue the appraiser.

- Have a %26quot;mail out closing%26quot; - one where the closing agent sends you the documents to sign. Insist you have court/a deposition/anything to avoid physically appearing to close. This will give you time to read everything and allow you to spot if someone has inserted documents that fundamentally change the terms of your deal. Trust me, you will need the time.

- If possible, get a %26quot;non-recourse loan.%26quot; If you are foreclosed upon, the lender generally cannot go after you for the difference in the house%26#039;s value and the amount owed on the mortgage.

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Recommended Mortgage Brokers in Michigan...?

I would suggest Flagstar Bank. They are pretty fair and really helped me and my wife with our first home.

Recommended Mortgage Brokers in Michigan...?

I work for Quicken Loans and Rock Financial, so I guess my answer will be a bit biased. Rock Financial didn%26#039;t get to be Michigan%26#039;s largest mortgage company by just having a popular name. We are good at we do and we take care of our customers.

That said, I%26#039;m going to tell you what I tell most people I talk to about mortgages. Whether you go with a broker, a mortgage company or a credit union isn%26#039;t really all that important. What is important is that you trust the person you are working with and they are reputable. Get referrals from friends, family, coworkers, etc. If someone was did a good job with people you know, chances are they%26#039;ll do a good job with you.

That%26#039;s one of the main reasons Rock Financial and Quicken Loans are doing so well. We thrive on referrals. Most of our mortgage professionals get a substantial part of their business from referrals. It%26#039;s the simple and time-tested tradition of word of mouth. If you like someone, you tell your friends and they use that person.

To answer your question about what to look for in a good broker, that%26#039;s easy. Honesty. Make sure whoever you choose goes over every possible option you have as a first-time home buyer. And make sure they are upfront and honest about any fees, closing costs, points etc.

A good mortgage professional will present different scenarios based on loan types (fixed rate vs. adjustable rate), how much down payment you have, etc. Make sure you go over how much taxes will be, whether or not you%26#039;ll have to pay private mortgage insurance, whether buying points on your loan makes sense. In other words, a good mortgage professional should be your partner, not just a vendor selling you something.

Since you are a first-time home buyer, I%26#039;ve included a link to Quicken Loans First-Time Home Buyer%26#039;s Guide. It contains a lot of great information that will help you make the best decisions when buying your first home, regardless of who you choose to get a mortgage with.

And just in case you are wondering, Quicken Loans and Rock Financial are basically the same company. We are just known locally in Michigan as Rock Financial and nationally as Quicken Loans.

And I%26#039;m not so sure I would take the other answerers%26#039; advice and wait too long to buy a home based on dropping prices. Prices are pretty low right now in the Detroit metro area and you can a lot of house for the money. I%26#039;m planning to move this year, I can tell you that.

Good luck with your first home!

Recommended Mortgage Brokers in Michigan...?

Stay away from Ameriquest

I used Rock Financial

the free gifts after closing for one year left overwhelmed and the service was unbeleivable

Dellorso, Chris [Edit]

ChristopherDellorso@rockfinancial.com

they are honest and upfront and straightened out my life with student loans

Recommended Mortgage Brokers in Michigan...?

You really need to stick to a reputable company There are institutions like Rock that push short arms pay as you go, These practices are PREDATORY! all the people that are here in yahoo that blend into the askers question that claim to be expert should be taken at face value. I myself use flag star because they are affiliated with major banking another good choice is Lasalle or any other major bane mortgage affiliation is my belief the only way to go.

Recommended Mortgage Brokers in Michigan...?

I recommend CitiFinancial or People%26#039;s Trust Credit Union. They are both friendly and gve you plenty of time to pay your loans. Also, there bot a cooperative group of Mortgage officers.