How Mortgage Investors Group Can Help Borrowers in Their Loan

Key Takeaways:

-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.

What Does Mortgage Investors Group About and Pros and Cons

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.

Mortgage Investors Group Pros and Cons

Now, let’s cover what you can take as the good and bad things about the company. Here is a summary of it:

Pros

• Ready to operate with poor credit. If the company sees negative credit, loan officers will ask for a written explanation. This is your opportunity to explain your financial situation and why the issues were temporary if that is the case.
• Loan choice. The company offers an above-average number of home loans to experienced and first-time homebuyers, including a variety of low-income buyer programs.

Cons

• No quick prequalification. MIG doesn’t have an online prequalification process like other mortgage lenders. Instead, you have to fill out a long application and wait up to 24 hours for a rate quote.
• Rates and fees are not recorded. Their website does not provide current interest rates or fees. For more information, fill out an online application or contact them by phone.
• Restricted state accessibility. The company is only available to operate in AL, AR, FL, GA, KY, MO, MS, NC, SC, and TN.

How to Apply with Mortgage Investors Group

Mortgage Investors Group’s application process is quite simple and direct to the point. Just follow these steps to make a claim:

1. Check their website and see if you are eligible for the loan.
2. Gather all your necessary documents.
3. Submit your application online or through one of their 26 branches.
4. A loan officer will call you to discuss your options and give you a rate quote.
5. If you’re happy with the terms, sign the loan documents and get your funding.

What are the Requirements for Applying for a Loan in Mortgage Investors Group?

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:

• At least two years of service as an employee
• There has never been bankruptcy for at least two years
• Must be a resident of the states that they are operating

As for the documentation, here is the list of required documents if you will borrow from the company:

• W-2s and tax returns from the previous two years
• The last 30 days of paycheck stubs
• Last two years of employment history
• Your driver’s license and Social Security card
• Copy of your recent investment account statements for the last 6 months
• The last two months of bank statements for both checking and savings accounts
• A sales contract that has both your name and the client’s name, if available
• List your residences for the past two years, including landlord contact information if applicable
• Information on refinancing includes a copy of the note, deed of trust, settlement statement, survey, and insurance documents

What are the Available Loan Programs in Mortgage Investors Group?

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.

Conventional Mortgage

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.

Veterans Affairs Loan

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.

Federal Housing Administration

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.

U.S. Department of Agriculture

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.

Jumbo Loans

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.

Other Mortgage Products that Mortgage Investors Group offers

Mortgage Investors Group also offers several other types of mortgage products, including:

• Home Court Advantage Loan: On first mortgages, customers may borrow up to 97% of the value and receive additional financing for up to 105%of the value.
• Tennessee Housing Development Agency Loan: This organization provides financial assistance to low-income individuals in Tennessee who are buying a home for the first time.
• Mortgage Refinancing: This can help you in a number of ways- from reducing your interest rate to lowering monthly mortgage payments, or getting rid of PMI.
• FHA Streamline Loan: With minimal documentation requirements, you may refinance your mortgage using the FHA loan refinancing service.
• Georgia Dream Loan: Offers more reasonable financing choices and down-fee support to eligible customers in Georgia.

Final Thoughts

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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