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Michigan Mortgage News

Offer Accepted!

July 8th, 2021 by Inlanta Staff

One most exciting phrases to hear for homebuyers purchasing during a seller’s market is, “Offer Accepted”.

If you are in the market searching for your next home, vacation home or investment property you know that the mortgage pre-approval is the first and most important step in the process.   The pre-approval process is even more important during a seller’s market to ensure the Seller’s Agent and Seller’s themselves are confident in the strength of your approval. Read the rest of this entry »


Shifting Mortgage Loan Products

July 2nd, 2020 by Inlanta Staff

The Coronavirus (COVID-19) has had many affects on the mortgage lending industry, but these are not unfamiliar adjustments. The industry had experienced similar overnight changes during early 2008. The difference this time is not a housing bubble, but a global health crisis.

COVID-19 caused immediate layoffs and slowing of the economy requiring mortgage lenders to quickly adjust with lending restrictions, additional verifications and even Read the rest of this entry »


Buying a Home During COVID-19

April 22nd, 2020 by Inlanta Staff

We are living through challenging times that will one day be found in history books throughout the world.  In Michigan, the Stay at Home Order was just lifted on June 1st.  This order caused non-essential workers to be home more then ever before and many are realizing their current space is too small, their layout is not functional, there is not enough storage, they are sick of paying their landlord or listening to their neighbors through paper-thin walls to name a few complaints.  So, why not use this extra time to look at buying a house that will bring some joy back to being at home?

There is no better time to start looking at options for purchasing a new home, but is it possible to buy a home right now?

Some general facts you need to know before getting started in the home buying process during the COVID-19 outbreak:

  • You must be willing to embrace technology.
  • Mortgage Lenders are considered essential and are closing mortgage loans every week for purchases as well as refinances.
  • Every individual situation must be evaluated as there is not a one-size-fits-all option.
  • It is OK to get started by creating a home buying plan, but NOT purchase right away if you are uncomfortable with current conditions. Your safety and confidence are of utmost concern when purchasing a home.

Read the rest of this entry »


Real Talk on Mortgage Forbearance

April 10th, 2020 by Inlanta Staff

These are trying times with many Americans facing illness, mental and emotional fears topped off with financial pressures.  It is important to have a clear understanding about Mortgage Forbearance before making decisions.

 Mortgage Forbearance IS NOT Forgiveness

The Care Act has been passed by the government to all for “Federally Backed Mortgages” to request a forbearance on their mortgage payments for up to 6 months, depending on the individual situation.  So what is a forbearance?  A forbearance is an agreement with your mortgage servicer to reduce or delay regular payments for a set period of time.  When the forbearance period ends payments will be due as agreed upon in the forbearance agreement.

For those in a position where you have no ability to pay your mortgage a mortgage forbearance could be exactly what you need to keep your home and manage through this crisis.  It is imperative to explore ALL other alternatives as this IS NOT a handout from the federal government.

The process for which forbear mortgage payments will be made up is going to depend upon the mortgage servicer and their policies.  In some instances once the 6 months are up the next payment will be due as usual as well as ALL 6 payments that were put into the Forbearance.

If you are in a situation where payments will be missed and need help, contact your mortgage servicer because you must request forbearance; it is not automatic.  Make sure to do the following:

Read the rest of this entry »


We’re Here For You

March 19th, 2020 by Inlanta Staff

During these uncertain times, Guild Mortgage Inlanta is here for you.

Like so many of you, we have spent the last several days and weeks learning about COVID-19 and how it is impacting our world. For Guild Mortgage Inlanta, that means understanding how it affects our customers, referral partners, employees and communities, and then making the necessary adjustments to our day-to-day operations.

With the state-mandated shut-down of businesses, we want to assure you that Guild Mortgage Inlanta will remain fully operational and working on your loans as we are included in the list of essential businesses providing banking and financial services.

We have taken proactive steps to put your safety as our highest priority, while maintaining the high productivity of our business operations. We are committed to providing you with the same high level of service, and continuing to close loans as we always have – on time and without surprises.

With that in mind, we have made several adjustments to our business:

  • Our Ada office is closed with employees working from their home offices.
  • We continue to assist clients and partners via phone, email, chat, our IMhome app or an online meeting. We are prepared and able to operate as we always have in order to keep all loans on track.
  • We have canceled all large meetings, as well as our community events and seminars, in an effort to do what we can to help prevent the spread of the illness.
  • We are closely monitoring the situation and will continue to respond as necessary to keep everyone safe.

We are grateful to have some of the best technology available to keep things moving without interruption.

We know this is a difficult time for everyone and we thank you for your trust and continued loyalty.


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For additional information about COVID-19 and actions you can take to help protect yourself, please visit a trusted resource such as the Centers for Disease Control and Prevention at cdc.gov.

 

 


Refinancing Traps to Watch Out For

February 1st, 2020 by Inlanta Staff

Refinancing can be tricky, but a little preparation before starting the process can help you to avoid mishaps along the way. Here are some common traps that you many run into while refinancing your home and tips to avoid falling for them.

The automatic payment trap

Did you know it can take up to two weeks to have automatic payments canceled? If your payments are made this way, be sure to turn it off before closing. You don’t want to pay for the same month twice!

The missed or late payment trap

Believe it or not, lots of people think they don’t have to keep making payments once they apply to refinance. Missing a payment could damage your credit and even preclude closing. Just be careful regarding your very last payment, as it should be made in time to assure it’s credited toward your payoff balance.

The tax escrow trap

The funds in any existing escrow account will typically be held until after the current loan is paid off. Since this money will not be available at closing, you need to be able to establish a new escrow account and/or pay any upcoming taxes from savings or the new loan proceeds.

The insufficient funds trap

The tax escrow trap can contribute to this, and so, too, can many other factors. For example, a low appraised value could limit your loan amount. As many loans are set up to cover all closing and escrow funds, it’s important to know that any necessary or unexpected adjustment could change the cash to close requirements accordingly.

We want you to be aware of these potential pitfalls before they have a chance to occur. Of course, we will work with you and on your behalf to prevent and avoid them. If you’re looking to refinance, or are already going through the process, feel free to Contact Us! We’re always happy to help.

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    5 Questions to Ask your Bank BEFORE applying for a mortgage

    September 9th, 2018 by Ima Admin

    Make sure to ask your bank these 5 questions before applying for a mortgage.  We know the many great services they offer, but we specialize ONLY in mortgages, which gives you an upper hand.

    #1: Will I be pre-approved or pre-qualified?

    As we’ve stated in this previous article, being pre-approved and pre-qualified are two different things and the latter doesn’t have any value when the rubber hits the road. The purpose of a pre-qualification is to give a general idea of what to expect, but nothing is concrete until the more in-depth analysis of the pre-approval process. At Inlanta, we do a lot of the legwork during this step to give you more buying power when it comes time to make an offer.

    #2: What does your loan process look like from beginning to end?

    Since we are doing an in-depth analysis of your financials upfront the loan process moves smoother and quicker.  With your income and assets evaluated from the beginning we are able to streamline the mortgage process and get your loan into our processor right away and on to underwriting.  During the underwriting stage you will most likely be requested for a few clarifying documents to complete the process.  The underwriter may also request some updates to the appraisal report and purchase agreement.  This is done just to make sure everything matches exactly.

    You are looking for a mortgage loan process that is smooth and flows cohesively.  Many times the person you originally speak to has no control on what the process looks like or what is happening.  That can be frustrating for all involved.

    Learn More About Inlanta’s Loan Process

    #3: How long does it take to close my loan?

    This is a much bigger question than it appears.  We will start of with the standard answer; most mortgage transactions take 30-45 days.  There are an overwhelming number of variables that can cut this time frame down to 10 days but also as many that could extend the loan to more than 45 days.

    Generally speaking, Inlanta closes mortgage transactions in 20 days.  The reason why we are able to close faster is because of our upfront work to truly pre-approve our clients as well as Inlanta’s commitment to work off of your purchase contract date.  We will try to do what is needed to get you to the closing table on your agreed upon date.  This does take your cooperation to provide all the documentation and paperwork that is requested by the deadlines given to keep everything on track.

    #4: Do you use an appraisal management company?

    This seems like a small detail in the grand scheme of things, but it’s an important question to ask.  All appraisals are not created equal.  An appraisal management company is a third party who has a large number of appraisers signed up to work for them as contractors to insure they are not unduly influenced by the mortgage lender.  These appraisers have to do more appraisals to earn the same amount of money and many times will accept orders outside of their area of familiarity.

    There is an additional option to have a separate internal appraisal desk that manages the ordering of appraisals to ensure the appraisers are local and complete a thorough report. The biggest benefit of using a local appraiser rather than an outsourced one is that he or she will have first-hand knowledge about the area and neighborhood.  Additionally, the appraisers can be vetted more thoroughly.

    If you want to get a better idea on what an appraisal management company is and how it came about; read this from NAR:  NAR Issue Brief: Appraisal Management Company Q&A

    #5: How and when will I be communicated with?

    You will be communicated with every step of the way. The mortgage process is complicated, but having all parties involved work together as a team will keep it from being difficult. Keeping everyone in the loop, whether it’s by phone, email, or text, is key to achieving this, and rest assured that Inlanta Mortgage Grand Rapids will do our part to make sure everyone involved is on the same page.

     

    Already have a pre-approval?  Take a minute to check your quote.



    3 Tips for Choosing the Right REALTOR and Best Mortgage Lender

    August 16th, 2018 by Inlanta Staff

    Purchasing a home is one of the largest financial decisions of most people’s lives.  When the right REALTOR and Best Mortgage Lender are chosen the process becomes much smoother and you experience a “dream team”.  This team will be one you can trust with not only your financial information but more importantly, they will educate and guide you through the ins and outs of the home buying process.

    The mission of the Guild Mortgage Inlanta is to be the Best Mortgage Lender that you trust to not only take care of your home financing but also your family, friends, and community.  Our Ada, MI team prides themselves on being well connected with many REALTORs across Michigan to provide seamless service to all involved.

    When choosing your “Dream Team” consider the following 3 Tips:

    1. Experience is invaluable, but not everything.  You want to have a team that works with you as much as for you.  Choose a team that is real and that you can relate to.  You will be spending quite a bit of time with your REALTOR and your Mortgage Lender must be relatable with your best interest at heart.
    2. Passion will make the difference.  Passion for not only real estate, but also you as their client can be the difference between your transaction being successful or not.  You want your REALTOR to tell you honestly what their professional opinion is with your long-term goals top of mind.  Furthermore, you want a Mortgage Lender that will go out of their way to assist in getting your offer accepted and communicate consistently with all parties.  You want to hear the passion in their voices!
    3.  Support makes for a seamless process.  Everyone will tell you that there is nothing simple about buying a home.  Once you find the perfect house and get your offer accepted, it will feel like the mortgage company wants everything short of a blood test 🙂 But, if you are working with a REALTOR and Mortgage Lender who have adequate support and knowledge the process can move along without anyone missing a beat.  In the best situation, each member is focused on what they do best and control of your transaction is in the hands of your Loan Originator to ensure you close on time without issues.

    Let us Help You Put Together Your Dream Team.  Who can we connect you with?


      REALTOR to Purchase a HomeREALTOR to Sell my HomeInsurance AgentFinancial Advisor

       


      Tax Time Down Payment

      February 5th, 2018 by Inlanta Staff

      Should you be using your Tax Refund for your Down Payment on a new Home?

      In preparation for purchasing a home saving for the down payment can be the most challenging piece to the puzzle. Typically there is some sort of down payment or out of pocket expense for the home buyer. The average down payment is 3.5% – 5% of the purchase price of the home.  This makes tax time the perfect opportunity to maximize available funds for the down payment on a new home.

      An IRS tax refund is a great, acceptable source for a down payment on a new home.  Even a small refund may be enough to provide you with an ideal amount toward a down payment.  The first step would be to begin the mortgage pre-approval process by either applying online, downloading our phone app to apply or simply give us a call: (616) 918-6564.  You can begin with the pre-approval right away, even before your tax return has been filed.

      Being pre-approved will give you the insight to how much home you can afford as well as how much of a down payment will be required based on the best mortgage product for you.  There is not a “one-size fits all” solution, your personal situation must be taken in to account to be provided with the most suitable options.

      Yes, NOW is the best time to use your Tax Refund towards a Down Payment.

      Monthly mortgage payments can cost less than renting an apartment or house and your payments, as well as any improvements to the home, are building your equity, not your landlord’s.  More importantly, it is ideal to purchase a home now because there is less competition, sellers are motivated to sell, interest rates are still low (though interest rates are projected to increase throughout the year) and you can close quickly, before the spring market.


      Guild Mortgage Inlanta – #1 Independent Mortgage Broker in WI

      January 18th, 2018 by Ima Admin

      number 1 mortgage lender grand rapids mi depicted by charts and world

      The Inlanta Grand Rapids Mortgage team is proud to share the news that its parent company, Guild Mortgage Inlanta WI, has been named the #1 Independent Mortgage broker in Wisconsin, where the company is headquartered.

      “Our team is delighted to celebrate Inlanta’s 25th Anniversary with the news that our parent company closed the highest number of loans in its home state,” said Grand Rapids Guild Mortgage Inlanta branch manager Jonathan Arnold. “The news comes amidst our local growth in the Grand Rapids market as a premier independent mortgage company. It’s my personal mission to become the go-to lender for Michiganders.”

      As an independent mortgage banker, Inlanta offers a larger variety of loan options such as VA, USDA, and FHA, than is typically offered by most lenders. The Grand Rapids Inlanta team is also able to serve the entire state of Michigan, including underserved rural markets whereas many lenders only focus on the larger loan amounts in bigger metro areas.

      About Guild Mortgage Inlanta

      Headquartered in Pewaukee, WI, Guild Mortgage Inlanta was established in 1993. The company has grown to over 40 branches in 20 states and over 250 employees. Guild Mortgage Inlanta’s mission is to be the home financing partner that you trust to serve your family, friends, and community. Their team of dedicated mortgage professionals is committed to delivering an exceptional experience using honest and ethical lending practices.
      Guild Mortgage Inlanta was named a Milwaukee Journal Sentinel Top Workplace in 2014, 2015, and 2016. Inlanta has been consistently recognized as one of the “50 Best Mortgage Companies to Work For” by Mortgage Executive Magazine and one of the country’s “Top Mortgage Employers” by National Mortgage Professional.

      Grand Rapids Mortgage Branch

      Locally, Inlanta branch manager Jonathan Arnold has been recognized as a “Rising Star” by the Michigan Mortgage Lenders Association and was named top producer of all Inlanta branches for the third year in a row last year. Arnold’s teammate, Katrina Cole, was also acknowledged as a “40 Under 40” to watch by the MMLA, for which she serves as President of the West Chapter. Arnold is regularly called upon to share his expertise in the Grand Rapids residential real estate market for investors and homeowners who want to navigate the burgeoning real estate market.

      For a jump on the spring market, download this Grand Rapids Real Estate Buyers Guide:

      Get the 5 Secrets to Winning in a Tight Real Estate Market

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