Kalamazoo, MI, is a great place to live. This small midwest town, located in southern Michigan, has a diverse labor force, including the automobile industry, pharmaceuticals, paper products, medical, cereals, financial services, and farming. Once known as “ Celery City,” the surrounding farms still grow celery plus fruit and peppermint.
Students in the Kalamazoo school district benefits from several innovative programs. The Education for Employment program provides students with skills, abilities and knowledge needed to succeed in the workplace. The program combines classes at school with hands-on learning and training. The Education for the Arts program enhances student’s art education through dance, literary arts, media arts, music, theater, and visual arts. The Kalamazoo Area Mathematics & Science Center offers accelerated programs in math, science, and technology to public and private high school students.
A variety of spectator sports are based in Kalamazoo including the Kalamazoo Kingdom (soccer), Kalamazoo Kings (minor league baseball), Kalamazoo Wings (hockey), West Michigan Mayhem (women’s football), and Southwest Michigan Punishers (semi-pro football).
If you’re headed to Kalamazoo, or you’ve been there for a while and you’re interested in other home loan products, the process starts with a lender.
What Options Do You Have?
Finding the right people to work with is essential. Your options include using a loan officer who works for a traditional lender, i.e., banks, credit unions, or savings and loans or a mortgage broker who works with multiple lenders. A loan officer uses guidelines that are specific to the traditional lender’s criteria while a mortgage broker negotiates with multiple lenders to find the best loan for your circumstances. Fees are charged by both loan officers and mortgage brokers. The mortgage broker’s fees will save you money as they will perform services which are otherwise performed by the lender’s employees.
Keep in mind exactly what a mortgage broker does:
▪ Considers what the borrower can afford.
▪ Explores a number of options.
▪ Negotiates the mortgage.
▪ Gathers the necessary documents.
▪ Executes a lender application form.
▪ Interprets legal disclosures.
▪ Submits documentation.
Questions to Ask Your Mortgage Broker
If you’ve decided to go with a broker for your initial Kalamazoo mortgage, your refinance loan, or your home equity loan, there are several questions you should ask before you choose the right broker.
What mortgage, refinance, and home equity loan types should I consider? The mortgage broker will be able to explain the various loan types including balloon loans, adjustable fixed rate, interest only, negative amortization, reverse, and graduated. If you’re thinking in terms of a refinance, ask about a cash-out option. If you just want a home equity loan, find out whether a lump sum or a line of credit is the best choice for you.
What is the current interest rate? Interest rates change daily. The mortgage broker will shop for the best rate on a given day. The interest rate will determine your monthly payments and will help you make your final decision regarding your loan. Getting that interest rate in writing as you shop is essential to the process.
What applications or other forms need to be filled out? All necessary forms will be completed by the mortgage broker and submitted to the appropriate party.
What documentation do I need to provide? The mortgage broker will advise you on what documents are needed to apply for a loan.
What do I need to take to closing? Bring your identification, a cashier’s check for your down payment, patience for signing the paperwork, and other items identified by the mortgage broker or lender.
It’s important to find a mortgage broker you trust and are comfortable working with. We know our experienced and knowledgeable mortgage brokers will make the loan process a smooth one for you. Please contact us for an appointment to discuss a new mortgage, refinance loan, or home equity loan. We want to help you with your lending needs.
