-Mortgage Investors Group is a direct mortgage lender that offers a variety of loan products and services to help borrowers in the home loan process.
-To apply for a loan with Mortgage Investors Group, you can fill out an online application or contact an officer directly.
-The company offers a variety of programs and requirements, including down payment assistance, closing cost assistance, and more.
You’ve been renting a house for a few years, but now you’re finally ready to buy your first home. You start shopping for a home loan that you can use and hear about Mortgage Investors Group on the news. You decide to look more into it to know if it is a good company for you to take a loan.
In this article, we will discuss what the Mortgage Investors Group is. Also, we will let you know how it can help you and help you decide whether it is good for you.
Mortgage Investors Group (MIG) provides mortgages directly to consumers who are based in Knoxville, Tennessee. The company’s founders are Chuck Tonkin II and Chrissi Rhea with their other five members and they started the business way back in 1989.
As of today, they are significantly larger than when it first started, with 26 branch locations and 450 employees. They have also facilitated more than $20 billion in closed loans since their company began.
In addition, MIG offers in-house processing and is ready to work with bad credit. However, unless you are living in select states in the Southeast or Midwest, you are not capable to make a claim.
Now, let’s cover what you can take as the good and bad things about the company. Here is a summary of it:
Mortgage Investors Group’s application process is quite simple and direct to the point. Just follow these steps to make a claim:
You may contact the firm or fill in an online application on their website to apply for a loan. Here are the necessary requirements before applying for a loan:
As for the documentation, here is the list of required documents if you will borrow from the company:
Whether you’re a first-time home buyer or a seasoned homeowner, it’s important to understand the different types of mortgages available in order to choose the one that best suits your needs. The Mortgage Investors Group offers a wide variety of mortgage products.
A conventional mortgage is a type of home loan that is not backed by the government. Instead, it is issued by a private lender, such as a bank or credit union. Because conventional mortgages are not backed by the government, they typically come with higher interest rates than other types of home loans.
However, they also tend to offer more flexible terms and lower down payment requirements. As a result, they are a popular choice for home buyers who do not want to deal with the added costs and restrictions of government-backed loans.
If you are thinking about applying for a conventional mortgage, be sure to compare offers from multiple lenders to find the best rate and terms for your needs.
The Department of Veterans Affairs offers a unique loan program to help eligible veterans purchase their own homes. Under this program, qualified veterans can borrow up to 100% of the purchase price of a home with no down payment required.
In addition, the VA does not require borrowers to pay private mortgage insurance (PMI), making this an excellent option for those looking to buy a home with limited funds. Moreover, the VA imposes no limits on the amount of money that can be borrowed, making it possible for veterans to finance even the most expensive homes.
Finally, the interest rates on VA loans are typically lower than those for conventional mortgages, making this an affordable option for veteran homebuyers. For all of these reasons, the VA loan program is an excellent way for eligible veterans to finance their dream homes.
The Federal Housing Administration (FHA) insures home mortgages that are issued by banks and other approved lenders. FHA loans have a lower minimum down payment than most conventional loans, and people with weaker credit scores may still qualify.
This product is designed to help low-income to moderate-income families become homeowners, especially those who are buying a house for the first time.
The USDA’s Home Loans Program offers low-income folks in rural communities who can’t obtain a typical mortgage one more option. And if you live in a rural location and can’t get a regular loan, you may be eligible for either a USDA guaranteed loan or a USDA direct loan.
The home loans program is designed to help people living in poverty-ridden or dicey rural areas obtain a livable home with updated utilities and enough space.
Moreover, a low-interest federal loan is available to any qualified applicant who meets the program’s requirements. A commercial bank mortgage guarantee or a direct government loan are two alternatives that may offer based on their circumstances. Both come with no down payment and zero percent interest rates.
A jumbo loan, also known as a non-conforming loan, is a mortgage loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are used to purchase luxury homes or investment properties that are not eligible for conventional financing.
In most cases, borrowers must have a credit score of 700 or higher and a debt-to-income ratio of 43% or less in order to qualify for a jumbo loan. It typically comes with higher interest rates and stricter underwriting standards than conventional loans. Therefore, borrowers should carefully consider all their options before deciding whether to apply for one.
Mortgage Investors Group also offers several other types of mortgage products, including:
Mortgage Investors Group is a full-service mortgage company that offers a wide range of products and services to borrowers. The company has a long history of helping people finance their homes, and its various programs can be very helpful to those in need of assistance.
For anyone looking to buy a home, it is worth considering this company as an option. The company’s wide range of products and services can help make the process easier and more affordable.
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