Metro Detroit


September 19, 2016

Regulations for conventional government-backed loans have loosened slightly over the past few years, but for those who are self-employed or still find themselves limited by a recession-induced blemish, a portfolio loan might be the quicker route to approval.

Unlike a typical mortgage that is sold after closing, portfolio loans are funded by your lender and (typically) stay in-house for the duration of the mortgage. Instead of conforming to the standard criteria, the lender has an internal process that can work around issues which might otherwise prevent a loan from getting approved.

Traditionally, portfolio loans were difficult to come by and made up a small percentage of banks total loans, but we recently met with a manager at Talmer Bank and it turns out over 30% of their loans are portfolio; for Chemical Bank, who Talmer is about to merge with, it’s over 60%.

Interested?  Connect with us to learn more and we’ll put you in touch with a lender who can make sense of everything you just read.

Lou Bitove & Jeff Bortnick, owners of The New Home Experts®, have more than 30 years combined experience in real estate, much of that with builders like Pulte & Toll Brothers.  They also provide market research for area builders, developers and national firms.  If you’re considering a new home, remember: the builders rep represents the builder, not you.  Work with the only local agents in Metro Detroit to specialize in new homes, and save money in the process – ask us how!

More Articles

Metro Detroit

WHEN OPENDOOR CLOSES IF. WE MEANT "IF" OPENDOOR CLOSES. They say when one door closes another door opens and the...

June 15, 2024
Read More
Metro Detroit

Perhaps you've seen the commercials OpenDoor, offering homeowners the option of selling their home without all the baggage that comes...

June 13, 2024
Read More
Metro Detroit

TOPPING OUT NEXT UP, THE RESIDENCES AT EDITION DETROIT TAKE SHAPE. Late last month, the most prominent addition to the...

May 15, 2024
Read More

Get Expert help finding your new home

Contact An Expert Today

Sign up to receive updates on the latest news