Riverbank Finance LLC provides tips on comparing the options to buy vs rent in Michigan. Decide for yourself what is best for your situation.

Riverbank specializes in land loans in Michigan for buying land, vacant land or hunting land. They offer mortgage terms up to a 30 year fixed with current land loan rates around 5.00 to 6.00 percent. Many clients decide to pay off their land mortgage within 5 years or 60 payments can take advantage of a 5/1 ARM which is fixed for 5 years with some of the lowest land loan rates available. The rule of thumb is the shorter the length, the lower the interest rates so choose what is best for you.

Today is an fantabulous time to purchase land in Michigan. There has not been a period of time in our lifetimes better to purchase hunting land or to acquire farm land. Property values have dropped significantly over the past a couple of years and land loan rates are also very attractive. While there are few land loan lenders in Michigan, they are able to offer outstanding funding programs. We recommend a Michigan Land Loan for financing.

Top 3 Problems for borrowers Purchasing Land

Loans on land are inherently more risky for lenders because there is less demand for these properties. As long as new home construction is slow, many people are not looking to buy land that they can build on. If a land lender has to foreclose on a property then they may have a difficult time selling the land to recover their money. Land typically takes longer to sell than land with homes therefore many lenders do not offer land loan options.

At Riverbank Finance LLC or minimum credit score is a 660 credit score to buy land or get a land mortgage but typically our investors would like to see higher credit scores. Credit score requirements to purchase land may can be an issue if you have recent late payments on other loan obligations or lower credit scores. If your credit score is under a 660 and considered low you should do what you can to improve your credit score before attempting to purchase land in Michigan. This will help you to have lower land loan rates and lower payments when you do buy land.

Down payments may be another issue for those interested in purchasing land in Michigan. Most land lenders require 20% for your down payment. For example, if you are buying 20 acres of vacant land for $100,000, you would need a down payment of $20,000 in addition to the costs associated with closing.

An accomplishment that you can pass down through the generations of your family tree is owning land. We will eventually run out of land and it will become our most valuable resources and the price to buy property will rise. Once you buy land it can be passed down for generations for your grandchildren to hunt or grow farm crops.

For those that want to purchase land in Michigan give Riverbank a phone call at 800-555-2098 and get pre-approved for a vacant land loan now!

While taking out a mortgage, the lower the interest rate on the mortgage, the better and easier to will be for you to manage the mortgage payments. Now, you will be able to get a low interest rate mortgage and a longer loan term with other affordable terms and conditions only if you have a good credit score. Now, you may ask what a good credit score is.

Credit score for home mortgage

A minimum of 500 in credit score is required in order to get a mortgage. But, if you really want to get a home loan with much better offers, it is important for you to have a credit score above 730. The more your credit score, the better it is for you to have low interest rate mortgage.

However, it is not only the credit score that is important but it is also important for you to have a clean and good credit history and report.

Getting the right home mortgage

Purchasing a new home with the help of a mortgage is in itself a confusing and complex task. There are various things that is important for you to understand in order to get the right mortgage. The most important thing that you need to know is the credit score that you should have
in order to get a mortgage with affordable terms and conditions.

Whenever you apply for a new loan, the lenders check with your credit report and your credit score. Depending n your credit report and
score, the lenders determine whether or not you are a high risk borrower or a low risk borrower. The higher your credit score and the better your credit report, the low is the risk of borrowing you money. There is some assurance that you are a responsible person and that you will be making regular payments against the mortgage that you are going to borrow. Thus, the lender offers you the home loan at a considerably low interest rate.

A low interest rate on your home loan helps you save money against you mortgage payments. It becomes easier for you to manage the payments and thus you are able to make the timely payments. This again helps you in improving your credit all the more. So, the best thing to do is to check with your credit score before applying for a mortgage in order to finance your home.

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Grand Rapids Home for Sale – $234,900

Boardwalk Condos in Grand Rapids, Mi is the perfect location for your new home. Board walk condos offer free parking, Hot Tub, Swimming pool and more. If yourae looking to own your own home in Grand Rapids check out this condo for sale.

• Bedrooms: 2
• Bathrooms: 2
• Amenities: Hot Tub,Parking,Patio/Deck,Pool
• Price: $234,900
• Square Feet: 1626

Visit Grand Rapids Condo for Sale for more information or see http://www.boardwalkgr.com/ for other Grand Rapids Condos.

There is a new way to search for Grand rapids homes for sale and Grand Rapids real estate listings.  Visit Grand Rapids Homes For Sale to browse property listings that fit your needs.  You can search by foreclosures, condos, for sale by owner and more!

Check out our new real estate tool. You can search Michigan properties and homes for sale.  Narrow down your search by zip code or search by property type (foreclosure, land for sale, condos etc).
Click the link below.
Michigan homes for sale
Let us know what you think!

Our job at Riverbank Mortgage is to help save you money; this doesn’t always have to be on mortgage payment.  With Black Friday Sales just around the corner on November 26th 2010, we want all of our clients to know how to get the best deals!

Of course everyone knows you can browse the local ads for deals the day before however taking advantage of the sales may not be that easy.  If you want to get Black Friday Deals plan on being in line at the stores HOURS before they open!

If this doesn’t work try a different idea; Price Matching.  Most major stores have price match guarantees where they will match or Beat their competition.  If you know there is a deal on something you want and others will be in line for that item, find a store that price matches and carries the same products.

Dealnews.com offers some advice and examples on price matching.

 ”Overall, the best deals can be found at Home Depot and Lowe’s, where they will take an additional 10% off the competitor’s lower price. Office Depot will honor the price match after the original sale, as long as the customer presents the ad within 14 days of purchase. Walmart honors the new slogan, “Save money. Live better,” by requiring store managers to check the competitor’s ads weekly so that they can help customers find the lowest prices; however, it is still a good idea to bring in the ad, just in case the manager is unaware of certain offers.”

For more information from Dealnews.com visit: http://dealnews.com/features/Price-Matching-Policies-Change-for-Black-Friday-2010/404923.html

Have you been waiting to lock in the rate on your mortgage by refinancing but are holding out to get an extra 1/8 of one percent lower?  If this sounds familiar then yesterday’s mortgage market is proof why locking in now is a smart idea.

The instability in foreign markets have tipped the bucket on mortgage rates.  Investors are pulling their money from riskier investments and we are seeing a flood of money being invested into government securities and commodities.  Gold had reached another all time high at nearly $1400 and ticking upward. Oil is back to $87 a barrel and analysts predict it going even higher.

If you have a mortgage over 5.5% and are one of the lucky people that are able to refinance, then do all you can to lock in your mortgage rate now while they are in the mid to low 4% range.

Michigan residents can get qualified by contacting their local mortgage company and requesting a preapproval.  Be sure to ask about the government programs available such as fannie Mae’s du refi plus, Freddie macs open access and fha’s streamline programs which may help you qualify even if your how’s value has dropped below what you owe.