Entries by Rob Garrison

The Pros and Cons of a Cash-Out Refinance

These are certainly crazy times. The COVID-19 Pandemic has the markets in turmoil. Many states, including Michigan, have issued stay home orders, and people are generally anxious about the future. People are looking for options and smart decisions. One of the options many people have so that they feel more secure, is to do a […]

Analyzing Your Current Financial Situation

Long before you make an offer on your dream home, it is important to honestly look at your current financial situation. Variables such as your credit score, employment history and how much you have saved for a down payment can greatly influence the type of loan that you qualify for. Equally as important, the type […]

Tax Tips for Michigan Residents

It’s that time of year again! No, I am not talking about March Madness or the finale of “The Bachelor” … It’s tax time! For some (like self-employed people) that have not been paying quarterly taxes, it is a time to pay the piper. But for the vast majority of us, it is the time […]

Cash-Out Refi vs. HELOC: Which Should You Choose?

Many homeowners, at some point in their lives, need extra cash. The reasons people need a quick cash infusion could be one of many: Major home improvement New vehicle Wedding College Vacation Unforeseen emergency And who hasn’t heard the story of a now-successful billionaire entrepreneur who put it all on the line to fund a […]

What is debt-to-income ratio?

Your debt-to-income (DTI) ratio is the percentage of your income that goes toward paying your monthly debts. DTI can often be overlooked as many people assume that a good credit score and a high income are the only two factors needed to be taken into consideration when seeking to purchase a home. However, for many […]

How to Eliminate Mortgage Insurance

Most buyers have heard of Mortgage Insurance and know that it is insurance that does not protect them but rather the lender against them defaulting on the home loan. What most buyers don’t know is how they can avoid or when it can removed from their mortgage. Mortgage insurance (MI) comes in the form of […]

Finding it hard to save for a down payment?

Making small changes to your habits can make a big difference in your ability to save. Saving takes some pre-planning and discipline and a well-executed strategy. Here are a few ideas to help you save. Take it right out of your paycheck and transfer a fixed amount into a special savings account. This is probably […]

Can you get a mortgage with no credit?

Sometimes young clients who have not established credit are interested in getting home financing. Other times, clients who have never taken out any credit and pay cash for everything decide it is time to buy but don’t have enough cash. How did those folks get into a home loan? With most sub-prime loans going by […]

HELOC vs. Cash-Out Refinance

The mortgage industry has one flaw: There is no built-in way to access equity. For many home owners who want to use their equity to pay off debt, start a business, invest in the market, or just use the money for purchases, they cannot unless they take out another loan. The two most popular ways […]

How to Buy Your Dream Home When You Have Student Debt

Many people new to the workforce are strapped with student loan debt. Some are eager to purchase a home but believe that they cannot because they have not saved for a down payment or they will not qualify because of the debt. Fortunately, there are loans and programs that are designed to help. Below are […]