HomeMortgage Lender In Grand Rapids, MI

Grand Rapids, MI

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Mistakes First-time Homebuyers in Grand Rapids, Michigan Should Avoid

One of the most exciting and nerve-wracking experiences of your life is buying your first home in Grand Rapids. In addition to finding the right place, you must also find the right mortgage and rely on a trusted Mortgage Broker in Grand Rapids. A lack of inventory in many local markets and rising home prices nationwide can make finding an affordable home difficult.

Before you visit houses and start making offers, your financing must be in order before you start looking for a home. The best Mortgage Lenders in MI will want to see your credit history, credit score, debt to income ratio, and overall financial picture to determine if you are creditworthy enough to borrow money.

Home-buying and mortgage mistakes are common among first-time buyers. Below are some examples of mistakes to avoid.

You’re not monitoring your credit

Before buying a house, no one likes surprises. Your interest rate and terms may be less-than-ideal if you or your spouse have an obvious credit problem, such as a history of late payments, debt collection actions, or significant debt (or your loan may be denied). In either scenario, you may find yourself pushing back your ideal timeline.

Unfortunately, negative items such as late payments or delinquent accounts that are current and accurate cannot be quickly removed. Your credit report will show these items for between seven and ten years. If you pay your bills on time, pay more than the minimum amount to settle your debts, and keep your credit limit below the maximum, you can improve your credit score. Have the patience to improve your credit score. It may take a year or longer to improve your credit score.

You can also see your credit score for free from your bank, credit union, or credit card provider. Low credit scores may make it difficult to get approved for a conventional mortgage. FHA loans require a minimum credit score of 580 to be eligible for maximum financing (3.5% down payment), or 500 with a 10% down payment. Accessed December 22, 2020.

Getting Pre-Approved for a Loan While Searching for Homes

There’s no time to waste on the perfect house once you find it. A number of hot markets have multiple bidders and stiff competition. If a buyer does not have a preapproval letter from their Mortgage Lenders in Grand Rapids, the seller may not consider their offer. A preapproval letter demonstrates to a seller that the lender has done its due diligence to ensure you are able and motivated to repay your debts, based on your credit history and score, income, employment history, and financial assets, among other factors.

Without a pre-approval letter, sellers are unlikely to take you seriously in a competitive market, and you could lose out on the home you really want. The document outlines the loan amount for which you are eligible, your interest rate and loan program, as well as your estimated down payment. Mortgage Lenders in MI may ask for proof of funds for a down payment (especially in high-cost areas or competitive markets). An expiration date is also included in the pre-approval letter, usually within 90 days.

Loan Estimates and Closing Disclosures Should Not Be Compared

A closing disclosure must be provided to you by your lender and Mortgage Broker Grand Rapids three business days before the closing date. The closing costs listed in this document include the down payment, closing costs, loan terms, and other important information. This is a five-page document; make sure you compare it with the initial loan estimate you received to ensure you aren’t being charged extra fees by your lender.

Ask your lender or Mortgage Broker in Grand Rapids why certain fees went up more than expected. You may run into paperwork issues on closing day if basic details, such as your name, aren’t listed correctly. You should inform your lender immediately if you find errors or unexplained extra fees. In some circumstances, closings may have to be postponed so that the documents are updated and corrected, and if there are any issues they are addressed.

In conclusion

Avoid accidentally sabotaging your mortgage and home purchase. While they may seem innocent, these mistakes can create massive headaches and side-track your closing. Ensure the process is smooth from pre-approval to closing by talking to the best and the expert mortgage lender. Try to keep all of your financial documents organized and updated in order to provide documentation if your lender asks for it. These documents include bank statements, W-2 forms, deposit records, tax returns, and pay stubs.

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    Reviews

    They helped me a lot by giving me an instant home loan. I’m very happy with their services and would like to recommend them to everyone who is looking for the same kind of help.
    Stacy Flores
    Stacy Flores
    09:36 03 Dec 21
    I’m very happy with the service of this company. I got a home loan from them, and they provided me with so much help and support that there is no need to say how grateful I am. Now my life has changed a lot thanks to them. Thanks guys, keep up your good work!
    Edna Ramirez
    Edna Ramirez
    08:45 02 Dec 21
    I was searching for a home loan to purchase my first home, and after talking with multiple mortgage brokers, I decided to go with them. They were able to help me get very competitive rates and they even helped me negotiate my appraisal value down. Their team was always available if I had questions or concerns throughout the process. I would definitely recommend them to anyone looking for a mortgage broker!
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    Ethel Lowe
    06:33 26 Nov 21
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    Minnie Wright
    06:32 24 Nov 21
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    Eva Owens
    07:13 23 Nov 21
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    delora milton
    07:50 22 Nov 21
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    Patrick Bell
    06:03 28 Oct 21
    I had a lot of questions and they answered quickly. However, the service I received at first contact put my mind at ease. The team explained the entire process clearly and listened to my concerns. They made me feel comfortable about applying for a home loan online, so I decided to go ahead with the application.
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    Harry Burke
    05:55 18 Oct 21
    Their team is highly professional and efficient. I received a jumbo mortgage loan for my new house with their assistance throughout the entire process. This is definitely a company I would recommend.
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    Dorothy Rosato
    07:55 14 Oct 21
    I received a reverse mortgage from this company. My treatment costs are now covered by them, so I am grateful. Thank you very much.
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    Marion Duckworth
    11:33 27 Sep 21
    The VA loan was processed in less time thanks to you guys. They are a good option for people looking for mortgages. You should choose them!
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    Timothy Torres
    07:14 24 Sep 21
    All the information I gathered needed to close the reverse mortgage process without issues was provided clearly by the staff. We were greatly helped by them.
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    Mary C. Hill
    04:58 16 Sep 21
    Our FHA loan experience provided us with exceptional service, and we appreciate their assistance. They are highly recommended.
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    Elena Robinson
    10:45 30 Aug 21
    We have always been able to get the money we needed from them, and we have always had a very positive experience with them. The VA loan experience I had with them was excellent.
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    Denise P. Ford
    12:19 27 Aug 21
    Getting a loan at a low-interest rate is very important to me, so I contacted this mortgage company for help. Their staff was very helpful and cleared all my doubts concerning the loan, and the interest rates were very reasonable. Thank you for making things possible for me.
    Ana M. Pagan
    Ana M. Pagan
    04:21 18 Aug 21
    This lender would be a good choice for anyone who is looking for a home loan. In just three days, I received approval for my loan, and I only had to provide a minimal amount of documentation.
    Renaud Masquelier
    Renaud Masquelier
    10:51 11 Aug 21
    Their outstanding customer service and professionalism make me feel confident about recommending them. Best mortgage broker in the city!
    Mandy Owens
    Mandy Owens
    05:02 06 Aug 21
    The process went very smoothly, and these mortgage brokers kept me informed about the loan's progress on a regular basis. My loan was approved in a timely manner as well. Without a doubt, I would recommend their services to others.
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    Nasir hossain
    09:50 28 Jul 21
    They made the loan approval process easy by finding the best possible home loan options for me. They are a great one-stop solution for anyone looking for a loan!!
    Jesse Nilson
    Jesse Nilson
    07:43 21 Jul 21
    I contacted them at the end of the year, during the holiday season. Even on the last working day of the year, they were extremely helpful and cooperative in providing me with prompt assistance.
    Ellis Friedman
    Ellis Friedman
    10:06 17 Jul 21
    I'm impressed by what a great company you are. All of your applications are thoroughly reviewed and you are taken into account as an individual. They will do their best to help you. Everything was so nice and they helped me so much with the conventional loan.
    Aydan Mcdaniel
    Aydan Mcdaniel
    06:57 15 Jul 21
    They are very friendly and helpful. There are many options for home loans. I would highly recommend them to anyone looking for a jumbo loan!
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    Vaught Peachey
    16:17 07 Jul 21
    They helped me more than I could imagine and gave excellent advice, great service all round and would highly recommend it to anyone and everyone who needs a VA loan.
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    Wendy Odom
    19:49 28 Jun 21
    Company helped my refinance my home, and I am extremely pleased with the service. Fast and excellent service. 100% of the time, I recommend them.
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    Jaeden Andres
    20:07 24 Jun 21
    Having applied to this company for a conventional loan in Dearborn, these guys saved me a great deal of money. An FHA loan was recommended after reviewing my documents. My thanks to the people at PierPoint Mortgage who helped me get the loan.
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    Hannah Lillya
    20:47 17 Jun 21
    They made the process as streamlined and stress-free as it could be. Thanks, heaps for helping me with the refinancing of our house!
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    Buttler Pentecost
    13:15 20 May 21
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    Maria Garcia
    22:35 05 Apr 21
    The team was extremely helpful in our home buying process! With this being our first home, we had tons of questions and the staff was extremely patient with us. They were also very responsive and professional. We love my experience at PierPoint Mortgage!
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    Wanetta Alarcon
    23:07 24 Mar 21
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    Fletcher Belen
    16:17 22 Mar 21
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    David Finn
    17:50 16 Mar 21
    Pierpoint Mortgage helped in the refinancing of my house. They gave the best quotes for my house and did a really nice job. Thanks!
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    Rebecca Avery
    10:04 11 Feb 21
    I am suffering from cancer and wanted some money for my treatment. I wanted a reverse mortgage of my house so that I can use this money for my treatment. Thank you, PierPoint Mortgage for making things possible for me and doing the reverse mortgage of my house. Now, I can use this money for my treatment.
    Kathleen Campos
    Kathleen Campos
    11:04 09 Feb 21
    In Auburn, I wanted to buy a residential property but I needed a home loan because I had some financial issues. I shared everything with these guys and they told me to apply for the USDA loan. I applied for the same loan with their guidance and luckily, I got the loan approval in a few days. Thanks!
    Ansalis Soacter
    Ansalis Soacter
    10:39 19 Jan 21
    Got a conventional loan at a good interest rate and all thanks to this company. My experience with this mortgage company was very very nice.
    Megan Laokc
    Megan Laokc
    07:57 15 Jan 21

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