Michigan First Mortgage Blog

Good Debt vs. Bad Debt

By Stacy Willison, Mortgage Loan Officer

When looking at debt, you might think that all debt is bad. However, there are certain types of debt that can be good for you.

Good Debt

Good debt is debt that has the potential to increase in value and/or is an investment in your future. For example, mortgages and student loans are good debt. A home’s value usually appreciates over time and student loans are considered an investment in your future. You are not alone in thinking that student loans are bad; most people dislike them. However, getting a college degree gives you the potential to …

Turning Point Loans Explained

By Tina Manshum, Okemos Branch Manager

What is our Turning Point loan you might ask? This type of loan is for the member that may not fit the typical mortgage guidelines of Fannie Mae and Freddie Mac. These are loans that are underwritten, approved, and serviced by Michigan First Mortgage and our parent, Michigan First Credit Union for the life of the loan. This allows Michigan First Mortgage to set guidelines and qualifications for all loans in this program to meet.

These loans also offer flexibility that might not otherwise be an option. This could be to accommodate unwarrantable condos, property improvements, …

Listing Techniques that Help Sell Homes

By Ryan Mennemeier, Mortgage Loan Officer

At some point, we have all read an online listing for a home or property. Think about the last time you checked out a property online and just wished you could conduct a walkthrough right after reading the listing. What was it about that particular listing that grabbed your attention over the others? Aside from pictures (which make a difference as well), here are some key factors that will stand out and help a listing appeal to buyers.

Use Your Vocabulary

There are many words that can be used to increase the effectiveness of an online listing. …

Home Organization Tips

By Kristian Jorgensen, Mortgage Loan Officer

A little bit of organization can go a long way to maintain stability and peace in a household. While organizing your entire house can be an overwhelming undertaking, with a good plan and some great tips, the execution can be smooth and efficient.

Getting Started

Set aside time to complete your organization project. Writing down a schedule helps keep you on track to meet your goals.
Focus on certain areas that will have the biggest impact and list them based on priority. Maybe a high traffic area like the kitchen, an office where you work from …

What Happens When a Mortgage is Sold?

By Justin Hooker, Loan Officer

Some homeowners may be caught by surprise when they receive notification that their mortgage has been sold only a short period of time after they closed. In most situations, this refers to a transfer of servicing rights, meaning the lender that originated the loan will no longer be collecting the payments. This is totally legal and in fact, it’s quite a common practice for lenders. The financial obligation does not change and loan terms remain the same as outlined on the original mortgage note. Once sold, the loan may appear under a different name on a …

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