To many of us, those “free credit score report.com” commercials are catchy and downright cute. In addition to the memorable jingle, each ad promotes a lesson as to why checking your credit score is important. From only having enough credit to purchase a “sub compact” car to needing to work at a local renaissance fair or seafood restaurant, viewers get the idea that not checking your credit score can result in hardship.

Why is our credit score important and what exactly does it mean? Generally, your credit score tells lenders what you’ve been doing financially for an extended period of time. A few components include recent credit activity, if you are delinquent on loans and own or have owned property. The credit bureau assigns you a score that tells the lender your likelihood of paying back a loan. An excellent credit score hover around 800 whereas a terrible score rock bottoms anywhere below 600.

Many Americans fall somewhere in between those scores and there are steps you can take to remedy a failing score. However, do you know which components make up your score?

Stay tuned to our next blog where we’ll discuss those components. Or call one of our AmeriFirst loan professionals to review what you need for a good or excellent credit score at 800-466-5626 or visit our contact us page to send us your information online.

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Back “in the day” completing a loan application meant that a lot of trees lost their life at the hands of the local lumberjack. It was one of the necessary evils of doing business—humans needed to make deals but unfortunately trees had to die.

At AmeriFirst we can’t continue watching the needless slaughter of innocent trees and are doing something about it. In fact, there is a rumor going around on the Internet that killing trees has something to do with global warming…something to ponder.

Your lender is doing our part to save the trees by offering you an electronic application. We offer three ways you can apply for a loan from the comfort of your easy chair:

1. Complete a secure online application form—saves plenty of trees and we’ll follow up with you regarding the additional necessary documentation.
2. Download and print our application—not as nature friendly but just as easy to complete. In fact, we offer you an application that allows you to complete it on your computer, print and deliver to us. No hand writing involved!
3. Online application request form—if you want to chat before completing an application, we want to talk to you! Complete a short electronic information request form and we’ll get right back to you and zip an application over to you ASAP.

Ask us about electronically submitting some of your necessary forms along with your application too. Together we can save the trees. Contact your tree loving friends at AmeriFirst today at 800-466-5626. Or, save another tree by using our online information request form by clicking here.

HUD: http://www.hud.gov/buying/comq.cfm

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At this point you are thinking, “O.K. wise guy, you’ve told me what I need but where am I going to find all of this stuff? I don’t save every piece of paper under the sun and just thinking about how and where I need to get every piece of documentation makes my head feel like it’s going explode.”

Calm down and breathe. We wouldn’t leave you high and dry with a list of marching orders. We’re going to TELL you where you need to go to obtain your information so stop wringing your hands and read:

• Social security numbers for both you and your co-borrower—include this number on your application. For more information about how to obtain a new card: Visit SSA Online
• Copies of your checking and savings statements from the last six months—contact AmeriFirst at 800-466-5626 for account statements or contact your financial institution directly for copies
• Documentation of any bonds or stock holdings—your investment or securities officer will furnish these if you ask
• Recent paycheck stub—obtain from your employer
• A list of credit cards, along with outstanding balances—if you are unsure about the number of cards you have (you may have forgotten about a card and never canceled it), obtain a list from the Federal Trade Commission at Helpful Information from the FTC
• A list of account numbers and outstanding balances (such as an auto loan)—your monthly statement is ample proof
• Copy of the last two years’ income tax statements—don’t have copies of your return? Contact the IRS (Visit the IRS Website) to request a copy. Note, the IRS charges a nominal fee, plus it can take up to 60 days for your copy to arrive
• The name and address of someone who can verify your employment (possibly your employer).

Still not sure? No worries, we are here to help with any aspect of the loan process! Contact one of the professional, friendly officers at AmeriFirst and we’ll walk you through the process. Contact us at 800-466-5626 or, if you are more of an online request kind of person, click here and visit our contact us page today.

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We know you are over it…seems like no matter where you turn these days there is a request for more paperwork. Ever get one of those unreasonable requests to remember the last time you paid a bill in 1979 (maybe that is exaggerating it a bit), but we get it. Let’s be honest, when you are looking for a new home you have to work to find the house, then work to finance the house.

It can all seem like such a hassle, and with recent tightening in the credit markets paperwork is even more important today than ever - there’s no denying it. HOWEVER, we don’t make the process detail centric because we are sadists. Actually, we want the details to PROTECT you and your loan.

How does asking for things such as detailed copies of your income tax statements and outstanding loan balances protect you? Think back three to five years ago when a new crop of “lenders” joined the mortgage scene.

These “medicine men” peddled some magical loans that didn’t require a lot of due diligence and just about anyone qualified for a mortgage – even when some really should have continued renting. It was easy (or so they thought)! No more having to provide proof of employment or other loan balances to obtain a mortgage—you want it, you got it!

Well…flash forward to today and the majority of those “get a loan quick and easy” borrowers are in foreclosure. Their “lender” didn’t protect their best interests by not asking for necessary documentation, analyzing their situation and making recommendations for the best loan to make their needs. It’s not that we like saying “no” to borrowers, but we don’t want to put you in a loan you cannot afford – that’s not good for either of us long-term.

So while you are fishing out paperwork and perhaps cursing our name under your breath, keep in mind we do this to keep you safe and in your home. We want both of us to look back at this transaction a year or two down the road and make sure that we’re both still happy we did it.

Want to know more about what we do to keep you and your loan safe? Call us at 800-466-5626 or you can contact AmeriFirst online. Either way, we look forward to hearing from you soon.

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When people see “the mortgage process” or “completing an application” it makes some people consider whether they’d rather “go through the process” or spend the day shoving paperclips under their fingernails.

Truthfully, filling out an application and locating information you’ve probably forgotten about is no day at the beach. However, we can offer a few tips to make the process less painful (and save your paperclips for organizing your papers).

Once you’ve finished an application, gather a few handy documents and bring them along with you for your appointment with one of our loan officers. You’ll need:

• Social security numbers for both you and your co-borrower
• Copies of your checking and savings statements from the last six months
• Documentation of any bonds or stock holdings
• Recent paycheck stub
• A list of credit cards, along with outstanding balances
• A list of account numbers and outstanding balances (such as an auto loan)
• Copy of the last two years’ income tax statements
• The name and address of someone who can verify your employment (possibly your employer).

Once you’ve got all this “ronded up”, hustle down to AmeriFirst with your competed loan application and the above mentioned documentation and we’ll get you on your way to home ownership in a jiffy! Or, you can use our handy online mortgage application to get the process started online. You’ll still need to have all this information, but by going online you get the ball rolling that much faster.

Don’t have an appointment yet? Let’s fix that! Call us today at 800-466-5626 or contact AmeriFirst online and we'll get right back with you.

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You don’t have to be BFFs with the high school football team and own a fleet of pick up trucks to make a do-it-yourself move happen. Many people prefer to move items themselves to reduce cost and some of the possible problems associated with hiring a moving company (as we alluded to in an earlier blog).

However, no one will sugar coat the drudgery of moving—it stinks on many levels. It’s backbreaking, time consuming and may even push you close to a divorce. However, if you plan correctly and conjure a pile of patience you can make a DIY move happen successfully.

One of our handy moving checklists from our earlier blog will certainly help. Preparation is number one to making a DIY move run smoothly. You should also consider what you can lose before you move. When you are the one moving these items you may be more inclined to look closer at what you can get rid of and not take. During any move, but especially one you are doing yourself, clearly mark each box with an appropriate label so you can quickly deliver the box to the intended destination.

One huge advantage to moving items yourself is that you can stagger your move. Once you have the keys in your hot little hand, you can begin to move items slowly to the new pad if it’s a local move. Moving things little by little will give you time to organize your new home and not be left with an overwhelming number of boxes in need of a destination.

For example, begin with the kitchen and bring pots, pans and dishes over. Give yourself time to organize and shelve everything before moving items for another room. Clothing can easily be moved in car trips too.

If you don’t own a truck or have a friend willing to loan you a truck, visit the local U-Haul store. Use the U-Haul to move only the large items so that you pay for the smallest vehicle.

Even if you plan to move out of town, you can still conduct your own move through U-Haul or another truck rental company.

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We’ve already thrown a checklist at you along with some of the pitfalls of moving, however you still may be in a quandary about what should even travel with you to the new location. Believe it or not, moving is one of the best times to free yourself of unwanted items and “things” you no longer need.

One way to determine what to eliminate from your life and what to take depends upon your destination. If you are downsizing from a large home to a small condo, unloading some rooms of furniture is a logical choice.

Consider who is moving. Parents who decide to move once the children have grown and flown the coop could consider giving some of the child’s old bedroom furniture or juvenile toys away.

Another consideration is storage and space. If you own more cookware or linens than cabinet space you may want to decrease your collection. Holiday items can be stored in the basement or garage, however if you are moving to an apartment, plan accordingly.

Once you’ve decided to purge, do what’s best for you. During these tough economic times, donation is one of the best ways to give back to the community—it’s also tax deductable. Otherwise, consignment or upscale second hand stores often take gently used items. Garage sales continue to be popular with American dumpster divers so if you have the time and patience advertise one or two sales.

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Hostage situations and injuries don’t only happen during police standoffs or a banging episode of Law and Order. These hazardous circumstances are possible during your next move. We all see the ads for commercial movers grinning away; moving pianos and heavy dressers, but what we don’t see is what really can happen if you hire the wrong mover.

They’ll be grinning alright…while they are breaking your treasured items and possibly trying to renegotiate your move contract while your items are being held hostage on the moving truck.

Unfortunately, like many professions, moving has a few bad apples that can ruin a happy occasion for your family. Not doing your homework and checking the company’s background can cost you more money in the long run and add stress to your move.

How do you distinguish who are the bad guys and are there signs that you can look for when hiring a moving company?

According to Smart Money Magazine, ask about company experience, licensing, who exactly will deliver your items and how long it will take. Ask for a signed, in-house price estimate and ask if prices are based on the total weight or cubic feet. Ask about additional fees up front so you won’t be surprised upon delivery.

The Federal Motor Carrier Safety Administration (ww.protectyourmove.gov) has a heap of information about how to protect yourself against evil movers and what you need to know about valuation and insurance options.

10 Things a Moving Company Won’t Say (Smart Money Magazine)

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Let’s be honest—moving can be painful. No matter how you look at it, you have to pack up everything you own into cardboard boxes then UNPACK those same boxes and try to decide where to house these items in your new home. Plus, good luck trying to find something in a box that’s been packed when you really need it.

Wouldn’t it be easier if Disney Pixar created a special “moving fairy” to come to your home instead of the local movie theater? A cute little pixie that would sprinkle stardust in your eyes while you slept, waved a wand and packed everything one magical night?

If we could hire this fairy for all our customers we would…trust me. However, Pixar hasn’t quite caught up to our imaginarium visions so we’ll have to make due with a checklist.

I hear a groan…no, it’s not a checklist that says, “put all knick knacks in a box and wrap with newspaper” in a monotone robotic voice, it’s a checklist that will actually be helpful before, during and after you move. We liked this website because it helps with just about every kind of move—from apartment and office moves to home moves. Navigate through the site to obtain information on nearly every aspect of moving.

Check out the list…we’ll keep pushing for that fairy.

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By now you are more pumped than a Detroit Lions fan on a day when the team actually won one. You know why refinancing your loan could be advantageous, how equity in your home can make your life easier and that the time is right to refinance.

However, do you know what you need to make that refinance happen? AmeriFirst has a handy dandy refinance checklist available online that can help you gather what you need.

Gathering this paperwork and submitting it along with your application will expedite the refinance process and get you on your way. Don’t forget about items such as:

• A copy of your title and insurance
• Paycheck stubs
• Proof of income letter from your social security office
• Paperwork regarding bankruptcy, divorce and child support

Review the complete list online and call us if you have any questions at 800-466-5626. If you’d like to submit your questions online, simply visit our Contact Us page and complete the quick and easy online form. Don’t forget to tell us how you’d like us to respond—phone or e-mail.

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In prior posts we threw out a few reasons why refinancing now might be a good idea and how a home improvement cash out loan can make life a little sunnier. But in this blog post, we are taking a more serious tone. A few posts back, we touched on the fact that rates are at historical lows. These lows are so low, the next time you will see them again may be when the blue moon shows up next time on New Year’s Eve.

Seriously folks, we don’t want to you miss this train in hopes they may eek down a little further. Carpe diem—call one of our loan professionals TODAY to learn more about how refinancing your mortgage can lock you in at one of the lowest rates ever AND save you a bundle of money each month.

While rates continue to hover around 5%, they may start to increase, but we don’t know when! Time to have a heart to heart talk with one of our loan experts to see how refinancing can save you money.

Contact AmeriFirst today at 800-466-5626 to discuss how refinancing your loan can save you money or contact us using our easy online mortgage application.

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How does that hideous kitchen have a connection to mortgage refinance? If those unrestrained orange and “baby poop” brown kitchen cabinets aren’t doing it for you anymore, the best way to eradicate the nightmare is to cash in on your home’s value and REPLACE them!

A home improvement cash out refinance is one of the best ways to accomplish a myriad of tasks:

• General home improvement
• Pay down high credit card bills
• Finance college or a wedding
• Get rid of the clunker and buy a new car

A mentioned in the previous blog post, a cash out refinance can also be tax deductible—always a nice bonus around April 15th!

You can do a quick calculation of how much cash you can extract from your home by determining your loan’s current balance compared to your home’s value. We apply a percentage amount to determine your exact loan amount.

So if you are ready to exorcise those disco-era decoration demons, we have the right program for you! Start your mortgage application online now or call us today at 800-466-5626!

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With rates continuing to be at historic lows, there’s absolutely no reason NOT to refinance. Take advantage of these incredible rates—we may not see them again anytime soon!

We created a quick list of five good reasons why you should refinance your mortgage:

1. Decrease your monthly payment. More money in your pocket each month is vital during this aggressive recession. The easiest way to pay yourself more money is to lower your monthly payment by refinancing at a lower rate.
2. “Fix” your mortgage rate. Still on the adjustable bandwagon from years ago? You may want to consider locking in at one of the lowest rates ever right now, before rates begin to rise. Talk to one of our loan officers about changing your adjustable rate to a fixed rate today.
3. Don’t be a “balloon boy.” Just like the balloon boy’s father, Richard Heene, you don’t want to get into trouble because of a balloon. Balloon programs on your mortgage work well when you want to artificially lower your rate (and payments), however if you still own the property by the end of the term the entire balance of the loan is still due to the lender.
4. Kick PMI to the curb. Although PMI may sound like the latest text message code the kids are using to throw off parents, PMI is actually Private Mortgage Insurance. PMI is something homeowners have to obtain if their cash down payment is less than the standard 20%. This insurance protects the lender in case of loan default. However, as your loan balance lowers and your home value increases, you may be able to remove the insurance by refinancing, which can save you money every month.
5. Increase your home’s value using its equity. If you want to increase your home’s appeal for a future sale or if you’ve had it with the mossy green carpet in the rec room, cash in on your home’s equity and make changes. Ask about a tax deductable cash-out mortgage refinance transaction to get started!

We make refinancing simple at AmeriFirst! Click here to begin the mortgage application process or contact one of our loan professionals who can answer your refinance questions at 800-466-5626 today!

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The journey to home ownership is 10% financial and 90% emotional. Once you’ve found your dream home you want to hurry through the financial process so you can move in and begin your life as a homeowner.

What some potential homeowners forget during this emotional process is to include property taxes and insurance calculations in their financial monthly payment. All too often homeowners see the bottom line number for their mortgage, think they can squeak by with that payment and then find themselves in financial turmoil when the total bill comes due during the first month.

A good lender (like AmeriFirst) always secures your possible tax and insurance rates and includes them in the final payment number before you purchase the home. In fact, you should know this number before you begin the house hunt. This will help you avoid falling in love with a home that is financially out of reach.

A few years ago, this scenario happened all too often and many families turned to the subprime lending market to “make their dream happen.” Unfortunately most of these families are now up to their elbows in debt, collection agencies are calling or worse, had to relinquish their dream home to foreclosure—all because they didn’t consider every aspect of home ownership.

At AmeriFirst we won’t let that happen to you. We will work with you using current tax and insurance rates to assist you before you begin the search, so once you’ve found the perfect home, you will know that you can afford to build a life there.

Talk to us about your home ownership goals. We will run the numbers to arrive at the best home ownership scenario that meets your current and future needs. Our loan professionals are extremely well versed in property tax and insurance requirements and are ready to assist you.

Ready to begin your life as a home owner? Contact AmeriFirst today at 800-466-5646 or contact us online to request additional information about our customizable loan programs.

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From reading previous blog posts you have probably gathered that owning is better than renting and that the customizable loan programs at AmeriFirst can help you on the path to home ownership. We’ve also mentioned the word, “equity” quite a bit and you may be wondering how exactly do you build equity by being a homeowner…and what exactly do we mean when we use the term “equity?”

Simply defined, your home equity is the portion of the home you own. Your equity in the home rises as you make monthly mortgage payments toward completely owning your home. The more payments you make, the closer you get to owning the home outright. In basic terms, your equity is the difference between the property value and any outstanding loan balances.

Building home equity can be compared to having a savings account. You are virtually paying yourself PLUS enjoying the benefits of a homeownership lifestyle such as creating and decorating your space without limitations imposed on you by a landlord.

Benefits of building equity abound for the individual homeowner. Let us review your financial situation to determine how you can get the most equity from your home. Our loan programs are fully customizable to your individual needs so call us today to arrange for a one-on-one consultation.

Call AmeriFirst today at 800-466-5646 or contact us online today!

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We discussed why you should own your own home but sometimes that’s more easily said than done. You need cash to use as a down payment and not everyone has the traditional 20% needed for a down payment in their savings account.

Even if you don’t have a bevy of cash to put towards a mortgage down payment (or a treasure chest full of gold coins in your basement), you can still obtain a loan that works for you. At AmeriFirst we customize loan solutions to fit your needs and our programs aren’t one size fits all.

That being said, we still continue to adhere to strict lending standards. We won’t put you in a loan unless we are completely confident that it meets your financial needs (and is something that you can afford). Even during the mortgage hype when lenders were extending loans to families who clearly couldn’t afford the home, AmeriFirst is proud to be the lender that has never fallen victim to that type of greed and always has our customers’ interests front and center.

Home ownership is only a phone call away! When you call one of our mortgage professionals we will scrutinize your current financial data and your goals to arrive at the perfect loan scenario. If the time isn’t right for you to own a home, we will create a customized plan that will put you on the path to future home ownership.

Contact your home loan partner at 800-466-5626 or click here to send us an e-mail request.

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When I was younger, I remember my dad telling me that it was better to own than rent. “When you rent, you are just throwing your money away,” he’d say with a scowl. “Own your home and you can build equity and credit!”

“Equity? Credit? What’s that and why would I possibly want that?” a younger version of me would ponder. Renting is great because you can just stay in a home without having to deal with the maintenance (in many cases) or commit to that property forever.

Today, the older, wiser, educated “me” will tell you why owning is smarter than renting: When you own your home you are paying yourself and not the mortgage on someone else’s property.

Perhaps if my father simply said it like that, the light bulb would have popped into the “on” position and I would have understood why owning is smarter. Other reasons to consider being a homeowner (that your dad may or may not have told you):

• You can pay virtually the same (and sometimes less) making your mortgage payment less than renting.
• Paying mortgage interest has some tax advantages, which may mean less money paid during tax time (be sure to check with a professional tax advisor for more details).
• You can build security owning your home—you never have to worry about surprise spikes in rent or being evicted at your landlord’s whim.
• Owning a home is investing in you and your family’s future. Your home is considered as part of your savings and investments, making it one of the most valuable assets you can own.

Want more reasons to be a homeowner and stop paying your landlord’s rent? We can give help you weigh your options and determine what it will take to become an owner instead of a renter! Rates are at historical lows and it’s a buyer’s market now, so what are you waiting for?

Contact AmeriFirst today at 800-466-5626 or send us an e-mail and ask about the myriad of home loan programs, that we can customize to fit your life!

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What do you do if your appraisal comes back considerably lower than you thought? Do you have recourse or can you have the appraisal changed? Unfortunately lower than imagined appraisals are common these days. A few years ago your home was worth considerably more and now that you need to sell, you want to make money.

If you believe that the current appraisal is way off base you can order another appraisal. Every now and then an appraiser can get it wrong. However, before you go through the appraisal process again, take a close look at current home prices in your area and the comparables to determine if a new appraisal is in your best interest. Ordering another appraisal will delay the sale or purchase of the home, leaving the door open to the possibilities of falling values (which could be a good or bad thing depending on which side of the game you are playing). Additionally, you will also need to pay full price for the subsequent appraisal.

In some cases, actual facts are written incorrectly on the report. That is why it’s important to scrutinize the report not only for the overall value but also each detail. Review the report immediately and bring any error to the appraiser’s attention. Back up your findings with documentation and facts to remove the element of bias.

The professionals at AmeriFirst are trained experts at helping you with the appraisal process and working with appraisal reporting. Please contact us today with your questions about how to obtain the most accurate appraisal for your property at 800-466-5626. Contact us online - we are here to answer your questions today!

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You have a general idea of how the appraisal process works and how prices today differ from the appraised prices from the past. Today’s post deals with many of the frequently asked questions homebuyers have when it comes to appraisals:

• Do you really need an appraisal? Yes, the appraiser provides an impartial third-party report of the property’s value. The appraiser uses education, training and experience to arrive at a non-biased value that is used by both the client and lender to determine the loan.
• How long will the appraisal take? Depending upon the size and condition of the property, the actual appraisal inspection can last from 15 minutes up to several hours. Post inspection the appraiser analyzes and reviews all inspection findings and will generate a report. The reporting process can take a few weeks to several months depending upon the detail in the inspection.
• What does the appraiser look for during the inspection? A few items that include the home and property’s square footage, permanent fixtures, overall condition property (inside and out) and the quality of the overall construction.
• How can I hasten the appraisal inspection process? One way to help the process is to provide a survey of the house and property, a deed or title, a recent tax bill, copy of the original plans and specifications and a list of personal property you plan to include in the price of the home. These documents will help achieve a more accurate and quicker appraisal inspection.

Need more information? Contact AmeriFirst today at 800-466-5626 or contact us online to send us an e-mail request.

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Remember a few years ago when the real estate bubble inflated the value of everyone’s home? Unfortunately once that bubble burst, so did the value of our homes. According to a recent article in The Maryland Gazette, home prices have plummeted 20% since 2006.

Michigan Realtors say that although home prices have suffered a significant drop, the exact percentage amount varies from county to county. One agent in Northern Michigan contends that home prices have stabilized in the lower priced market and drops of 10% in higher priced homes (over $400,000). However, quite a few Michigan Realtors say that they’ve seen home prices decrease up to 30% since 2006.

Get an idea of where your home’s appraised value right now! Click on Zillow right now to view your home’s current appraised value along with your home’s square footage and year built but also area comparables. You’ll also see an aerial photo of your home along with estimated appraised value of surrounding homes in your neighborhood.

Want to know more about how market conditions influence the rise and fall of appraised home values? We can help! Contact a loan representative at AmeriFirst at 800-466-5626 or visit our Contact Us page to send us your inquiry today.

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