Real Estate Lending Disclosure - Mortgage 1 Inc.
Real Estate Lending Disclosure
Our mission is to always be on the cutting edge and provide innovative mortgage loan products with exceptional service beyond our customers’ expectations.
Our customers are the life-blood of the company, and by providing exceptional service with integrity, we will create
Customers for Life!
[pic]
Mortgage 1 Incorporated (Mortgage 1) is an Equal Housing Lender, and complies with all applicable Federal and State Laws and Regulations. Mortgage 1 reserves the right to stop making any and all loans described in this pamphlet or to change credit criteria, terms and types of loans available without notice for any time period as determined by company management or as dictated by current economic conditions.
Mortgage 1 is dedicated to giving borrowers the highest level of service at the lowest cost. We offer a wide range of loan programs for all credit levels.
This brochure has been prepared in conformity with the Michigan Mortgage Lending Practices Act; Public Act No. 135 of 1977 to explain in general terms what Mortgage 1’s criteria for the approval or denial of a mortgage loan application and home improvement application.
Mortgage loans and home improvement loans are made to owners or purchasers of improved real estate located primarily in the State of Michigan without regard to an applicant’s race, color, religion, national origin, sex, marital status, familial status, handicap, age (provided an applicant has the legal capacity to enter into a binding contract), or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act or the fact that all or part of the applicant’s income derives from any public assistance program.
Mortgage 1 wants you to know that with respect to mortgage loans and home improvement loans this law guarantees any person the right to make a loan inquiry and file a written application and receive a written response to the application.
For purposes of the statement, the term mortgage loan means a loan secured by a mortgage on real property designed for occupancy for four or fewer families, including individual units of condominiums, a refinancing of an existing mortgage loan on real property designed for occupancy by four or fewer families involving an increase in the outstanding balance of the principal due, or a loan secured by a junior lien on real property designed for occupancy by four or fewer families undertaken for any purpose. A “home improvement loan” means a secured or unsecured loan for the purpose of repairing, rehabilitating, or remodeling an existing residential dwelling for use by four or fewer families.
The law, commonly referred to as the Anti-Redlining Law, does not guarantee loan approval. It is designed to prohibit lenders from denying a mortgage loan or home improvement loan based on the geographic location of a home.
Mortgage 1 has no minimum loan amount for any mortgage loan or home improvement loan. Mortgage 1 will review each loan application for credit worthiness and capacity to repay the loan. All applications will be reviewed for compliance with agency and investor underwriting criteria which may vary based upon the loan program applied for. Mortgage 1 will also consider the market value of the real estate proposed as security and the probable remaining useful life of the dwelling located thereon. Mortgage loans and home improvement loans all require the applicant have equity in the property compared to the value of the property. Most mortgage programs offered by Mortgage 1 require an investment by the applicant through down payment or closing costs. These requirements vary based on the mortgage program.
Some of the documentation requirements may include, but are not limited to, verification of employment, verification of deposits and other assets, credit report, property appraisal, title policy commitments or searches and surveys. Fees for the different services may be paid by you at application and closing. The property must be insurable and if the property which secures the loan is in a special flood hazard area, you will be required to obtain flood insurance. Interest rate quoted at the time of application may change prior to closing. Self employed applicants may be required to submit the last two years individual tax returns (form 1040 and all schedules) and profit and loss statement, and balance sheet statement for the past two years. In certain cases additional financial data may be requested.
Open Monday – Friday
8:30 am – 5:00 pm
Weekend Appointments Also Available
BRANCH LOCATIONS
43456 Mound Rd.
Sterling Heights, MI 48314
43599 Schoenherr
Sterling Heights, MI 48314
47745 Van Dyke
Shelby Twp., MI 48317
15501 Metropolitan Pkwy, Ste 104
Clinton Twp, MI 48036
dba – Liberty Mortgage
13854 Lakeside Circle
Sterling Hgts, MI 48313
45816 Schoenherr
Shelby Twp., MI 48315
46637 N. Gratiot Ave.
Clinton Twp, MI 48038
7500 Allen Road
Allen Park, MI 48101
129 River Street
Alpena, MI 49707
5820 N. Canton Road, Ste 125
Canton, MI 48187
108 E. Grand River, Ste 200
Brighton, MI 48116
1538 Plett Road
Cadillac, MI 49601
33004 Grand River
Farmington, MI 48336
3243 East Paris Ave SE
Kentwood, MI 49512
100 S. Jackson, Ste 206
Jackson, MI 49201
6540 Millennium Drive, Ste 180
Lansing, MI 48917
700 S. Main Street
Lapeer, MI 48446
47100 Schoenherr Rd, Ste C
Utica, MI 48315
37771 Seven Mile Rd, Ste B
Livonia, MI 48152
9388 Lilley Rd
Plymouth, MI 48170
415 S. Lafayette St
South Lyon, MI 48178
2200 Green Road, Ste E
Ann Arbor, MI 48105
dba – Ann Arbor Mortgage
72 Macomb Place
Mt. Clemens, MI 48043
dba – Apex Funding
44004 Woodward Ave., Ste 107
Bloomfield Hills, MI 48302
dba – Best Choice Lending
218 Huron Avenue
Port Huron, MI 48060
dba - Blue Water Home Loans
36358 Garfield, Ste 8
Clinton Twp., MI 48038
dba – Countywide Mortgage Funding
2851 High Meadow Circle, Ste 150
Auburn Hills, MI 48152
dba – First National Mortgage Bankers
36139 Schoolcraft
Livonia, MI 48154
dba - Home Loan Specialists
45679 Village Blvd.
Shelby Twp., MI 48315
dba – Keystone Mortgage Lending
221 E. Exchange St
Owosso, MI 48867
dba - Metro Mortgage Group
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- fmha instruction 1927 b rural development
- u s department of agriculture fmha instruction 426 1
- mortgage lenders and mortgage loans
- mortgage subordination agreement freddie mac
- commercial loan review acuia
- real estate lending disclosure mortgage 1 inc
- 4235 hud u s department of housing and
- hud u s department of housing and urban
- new jersey housing mortgage finance agency