Real Estate Lending Disclosure



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!

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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

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