Are you looking to buy or refinance a residential property? Are you having a hard time getting loan approval?
Well, look no further than The Prime Financial Group. Its purchase programs specialize in helping people buy homes with little or no money down mortgages.
“The amazing volumes that lenders experienced during the refinance boom have declined,” notes Sean Chamberlain, branch manager of Lake Orion’s The Prime Financial Group.
“They are looking at ways to replace that volume with new purchase programs,” he adds.
“I’m even able to help people buy a home who have had a recent bankruptcy that’s been discharged (period of time is over), even one day after it’s over.
“Michigan leads the country in bankruptcies. People are losing jobs. They can’t pay their medical bills. Homes can be financed sooner than guidelines would normally allow if we can prove there were extenuating circumstances, if it was just an unfortunate thing that happened (such as a heart attack or a plant shutting down).”
The approval process can take as little as two weeks.
As well as helping people who have had prior bankruptcies purchase homes, Chamberlain has been able to help homeowners in currently filed active chapter 13 bankruptcies refinance their homes.
“Chapter 13 is a reorganization plan primarily filed by homeowners looking to avoid foreclosure,” Chamberlain says. ” These homeowners quite often have high rate adjustable mortgages.”
If the borrower has paid the trustee on time for 12 months, Chamberlain can often refinance their mortgage to a lower rate as well as pay off the balance of their chapter 13 plan.
“One recent homeowner paid off a chapter 13 and lowered his adjustable rate mortgage from 12 % to a 30 year fixed of 7%, as well as pay off the remaining balance of his account with the trustee,” Chamberlain says. “He saved over $1,000 per month.”
“If you know of anyone who is a homeowner currently in a chapter 13 repayment plan, you should have them call me or apply on line immediately at www.MyNewLoan.biz.”
Prime Financial can also make it easy for those busy couples who find it hard to make time to set up an appointment to discuss finance programs.
“Thanks to technology, they don’t ever have to set foot in my office,” Chamberlain says, “They can apply online on a secure website.”
“We’re high tech, but still high touch. I am accountable and I show up at the closing.
“It’s also important that people who are thinking about buying a home do it soon; rates are expected to increase,” he says.
Prime Financial now has 40 locations in 15 different states across the country. The main office is in Bingham Farms and the branch office in Lake Orion has been open since July of 2004.
Chamberlain chose the Lake Orion area to open his office because “it’s a great area and it has lots of diversity in housing. It has high end homes, but buyers can still find their first time homes.”
So far Chamberlain has not been disappointed with what he’s seen in the area.
He says his biggest thrill comes when he is able to help someone.
“They’re told they can’t buy a home and then I’m helping them close on one a month later,” he says.
“I take the time to listen to them,” Chamberlain adds. “I’m honest, I’ll tell them they’re not ready (to buy) today, but I’ll explain what they have to do to be able to buy one in six months.
Technology is helping Chamberlain make the loan process more efficient. Home buyers will soon be able to go online and track their own loan process.
Chamberlain says he’s excited about the new opportunities that the internet provides and is in the process of continuing his online expansion.
The Prime Financial Group, Inc. is conveniently located at 292 South Broadway, Suite 2.
The office is open Monday through Friday from 8:30 a.m. to 5 p.m.
The phone number is 248-693-0200 and Chamberlain also uses the website www.MyNewLoan.Biz.