Demystifying the Lending Process

Selling your Southeast Michigan home? Get a home value report.

Buying a Southeast Michigan home? Get full MLS access. 

Today, Ramzi Faraj of Prime Lending joins us once again to help demystify the lending process!

Back in the day, when you called someone for a mortgage, it used to be a very simple, straightforward process. Now, things are a bit more involved, and you need to do the work necessary to ensure you can get the loan you need.

When you call a loan officer, you want to make sure you're dealing with a professional who knows what they're doing and really has your best interests at heart. You will know the loan officer cares about you if they don't simply ask questions about your credit. Questions like:

• How long do you plan to stay in the home?
• What kind of investments do you have outside of the home?
• What kind of down payment do you want to do?
• Are you open to other options?

Ramzi prefers to get basic information over the phone first, before sitting down for a serious consultation. This information includes name, date of birth, social security number, address, where you work, what you make, what kind of assets you have, and other information along those lines. 

Once Ramzi has this information, he will have something to show you when you meet in person. This will save you a lot of time when you begin the borrowing process. Prime Lending offers just about every type of loan imaginable: conventional, FHA, VA, and USDA loans are just a handful of the options!

If you want to get a hold of Ramzi you can text or call him at (248) 613-9044 or email him at RFaraj@PrimeLending.com. He would love to hear from you! 

What Do Historically Low Rates Mean for You?

Selling your Southeast Michigan home? Get a home value report.

Buying a Southeast Michigan home? Get full MLS access. 

Today, Ramzi Faraj of Prime Lending joins us to discuss current rates in the mortgage industry! 

The one thing that is constant about rates is they are always going to come and go in cycles; they go up and they go down like a roller coaster, they never stay the same. Right now, rates are historically low! The worst thing you can do when rates are low is wait for rates to get even better - because it's not going to happen! 

At the moment, rates are in the high 3's, which is very, very low. A great thing that Prime Lending offers is a Free Float Down. Because no one knows what's going to happen with rates on a day-to-day basis, a Free Float Down lets you take advantage of the lowest rate that occurs in the 20 days before the closing date. Most lenders won't allow you to do this, and it's great because it allows you to lock-in a rate without having to second-guess whether rates will drop before closing. 

If you plan on buying anytime soon, getting pre-approved is key. Often times, people go out looking for homes and end up wasting a bunch of time because they're unaware of what they can afford. Loans are more challenging to get now than they were 10 years ago, so the earlier in the process you talk to a lender, the better. 

If you have any questions about mortgage rates, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you in any way possible and look forward to hearing from you soon!