Metro Detroit

PORTFOLIO LOANS

September 19, 2016
NHE

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

NHE
Metro Detroit
VIDEO: ZILLOW DUMPS iBUYING

A couple weeks ago, Zillow® announced it was ending Zillow Offers, their iBuying platform; in the video below, Jeff discusses...

November 26, 2021
Read More
NHE
Metro Detroit
NEWSLETTER: NOVEMBER 2021

NEW HOME EXPERTS® SARASOTA NEW MARKET, NEW WEBSITE... SAME OLD EXPERTING If the assumption is that we are projecting our...

November 16, 2021
Read More
NHE
Metro Detroit
NEWSLETTER: OCTOBER 2021

HOW WE DO AND OTHER THINGS THE KIDS ARE SAYING It’s come to our attention that some of you just...

October 15, 2021
Read More

Get Expert help finding your new home

Contact An Expert Today

Sign up to receive updates on the latest news