Detroit Real Estate

Metro Detroit Michigan first time home buyer advice..... don't use a local credit union to get your mortgage.  I used to be a big fan of getting your mortgage through a credit union.  But for some reason it has become a nightmare to get a mortgage approved through a credit union.  I hate to paint a broad brush to all credit unions but I have had problems with 3 different credit unions and 5 different loans.  Though one I HAVE NOT USED is Dearborn Federal Credit Union.  They have been always good however for some reason I have not had a client that has used them lately. 

I recent deal I just did on a Livonia home with a credit union was a nightmare.  The loan officer usually called at 4:45 on a Friday night asking for something.  I believe he didn't start working the week until Friday afternoon.  After multiple times of sending the same paperwork in that they "couldn't find" my client had her dad talk to the credit union president.  It just so happened that the credit union president golfed in the same league as the father.  The credit union president stepped in and we finally got it closed.  It was only 17 days past the closing date on the purchase agreement.

 I had three deals through another credit union within the past two years and they all have been problems.  This credit union took about 67 days to get one deal done,  then failed to disclose the closing costs properly on another, then messed up the final paperwork on the same one, and then took five weeks to get a pre-approval letter before they denied the borrower on another.

I now have another credit union that the loan officer is having "problems"  so it too has gone beyond the closing date.  The appraisal finally got ordered.  This woman has excellent credit and lots of money, but it is a struggle to get it closed.  And it has been the same with the others except for the denial loan.   The borrowers have had  700 + credit scores, good employment history, and money.... but we have had issues with all of them.

I know the banking regulations are tougher, but do your job in a timely manner, and respond to the borrower, or don't take the loan.  

I have other stories too of credit union mortgages that have gone bad from other agents in my office.  I'm sure there are good stories, but right now I have no good ones to go on.  

So my advice to a Metro Detroit Michigan first time home buyer is to go to a bank or local mortgage company to get your loan.  A priority of a first time home buyeris too learn for now and down the road.  Get educated and talk to a live person so you understand the process.  Use the internet the 2nd time around if you want to.  But learn the process face to face or at least to somebody you can reach out to in your same time zone.

But right now I would advise staying away from credit unions to get a mortgage! 

If you have any questions about the Metro Detroit area home buying process  feel free to send me an email or call me and I will be glad to help you out.

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My quote of the day is:

Going home means getting comfortable being who you are and who your soul really wants to be. There is no strain with that. The strain and tension come when we're not being who our soul wants to be and we're someplace where our soul doesn't feel at home.         

                                                                               Melody Beattie, "Finding your way home"