Review Mortgage Lenders

All in One Mortgage Lenders

Eddy Fernandez president of All In One Mortgage Lenders give back to the community

Detroit's mortgages return to pre-recession levels, still face obstacles

— Nearly 1,300 home buyers took out mortgages   in the city in 2018, a number not seen here since before the Great Recession. 

The milestone signals a strengthening housing market in a city that once boasted one of the largest homeownership rates among African-Americans. But by 2012, the number of new mortgages had dwindled to just 244, a marker of economic distress.

More than six years later, most home sales still are all-cash, and many Detroiters cannot obtain a loan. But mortgages are appearing in more neighborhoods, home values are up and the city is attracting financial industry investment.

Chemical Bank, which recently moved its headquarters from Midland to Detroit's downtown, said last month it intends to merge with Wayzata, Minnesota-based TCF Bank. The new TCF Bank, potentially one of the largest banks in the nation, would be headquartered in the $60 million tower Chemical is planning at Elizabeth Street and Woodward Avenue.

Mortgage rates fall for most home buyers in January

Home buyers have faced challenges over the last year because of rising mortgage rates, but those rates have dipped in the last month -- at least for buyers with the best credit.

According to the latest monthly report from LendingTree , buyers with the best credit profiles were offered 30-year fixed-rate mortgage rates that averaged 4.19 percent, down from 4.35 percent in December.

The difference of 16 basis points on a $200,000 mortgage lowers the monthly payment by $18.75.

There was a bigger drop for consumers refinancing their mortgage. The average offer to refinance an existing loan fell from 4.34 percent to 4.14 percent.

Credit scores a major factor

LendingTree is a mortgage marketplace. It allows homebuyers to enter their information, and then participating mortgage lenders try to offer the most competitive terms. The company says while credit scores are a major factor in getting a low interest rate, other factors are also considered, such as the type of property, the borrower’s income, and the loan-to-value ratio.

Will all mortgage lenders need 2 years of work history?

A lender who, at the beginning of the process, told us that our one year work history would be enough, is now telling us that he needs documentation for the last two years.

You do not need pay stubs, your income tax return that you submitted to the IRS will suffice.

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