If you have tried and failed to get a loan from one of the big banks (Bank of America, Chase, etc) don’t despair, you still may be able to get what is called a non-conforming loan from a local bank or credit union.
A non-conforming loan is a loan where the borrower does not meet the [...]
This is a tough question that I’ve been pondering ever since I graduated from undergrad in 2000. On the one hand, student loans give you the best interest rates by far. My student interest rates were only 3.5% and I was pretty sure I could do better than that with other investments elsewhere so I [...]
My wife and I recently closed on our second house since we became students at the University of Michigan. With the prices of housing dropping so much recently, I couldn’t pass up an opportunity to buy. That said, not having a job made getting loans a little bit trickier although not impossible. I’m going to [...]
Today my wife and I bought the following property:
892 Maplewood Ave.
Ypsilanti, MI 48108
Here are the specifics of the deal:
Sale Price: 54,000
Down Payment: 15,000
Type of financing: Land Contract
Loan amount: 39,000
Interest Rate: 7.5%
Loan Specifics: 15 year amortization, balloon payment after 3 years (expendable to 5 if necessary)
Monthly Payments: $361.53 Principle and Interest + $280.00 Tax and Insurance
We [...]