About Maximum Mortgage - Macomb County, Michigan

Introducing Maxximum, a company which prides itself in putting customers first. Our goal is to build a mortgage business where we work as mortgage consultants, not salespeople, and where 100% of our business is created by referral. In order to do this, we will need your help. Unlike your stereotypical lenders who spend more than 80% of their time "hustling" for new business from the general public.

We dedicate 110% of our time and energy to existing clients, and to those that have been referred to us. We at Maximum Mortgage and Financial Services would rather be working with you and people just like you, providing competitive rates, programs nd the most professional service available.

The Maximum Mortgage & Financial Services commitment to you is stronger than ever and we hope you are pleased with our efforts to provide better service, as we want to be your mortgage consultant for life. Since our company only generates new business by your referrals, we would appreciate you passing along our contact information to anyone that you know who is looking for a mortgage loan.

Maximum Mortgage & Financial Services is a PA licensed first and secondary mortgage broker specializing in home purchases, debt consolidation refinances and home equity lines of credit.

Closing on a new home should be an exciting time. But to some, it ends with the unwelcome surprise of cost increases. Understanding the costs involved at closing will help prevent unexpected surprises.

Closing costs are one of the least understood aspects of the home buying process. However, a good lender will take the time to answer questions and walk you through the process. Closing costs tend to vary from lender to lender, but are generally considered to be the highest costs associated with the purchase of the new home. Today, these costs range between 2 and 7 percent of the homes purchase price and include three basic categories:

Out of Pocket Expenses

Out-of-pocket expenses are fees for appraisals, attorneys, credit reports, deed recording, tax services and other miscellaneous expenses. These fees are for services usually performed by a third party and directly charged to the borrower. Most out-of-pocket fees are necessary and legitimate. However, when the borrower sees a fee which they don't understand, they should ask about it.

Prepaid Expenses

Homeowner's insurance, mortgage insurance and costs to set up an escrow account are considered prepaid expenses. Escrow accounts are a service provided by the lender through which they will pay annual insurance premiums nd various taxes on the borrower's behalf. The amount that goes into these accounts is based on the first year's premiums, plus an additional amount to help build the account for future premiums. Prepaid expenses are difficult to determine because they depend on the type of property and the time of closing.

Mortgage Points

A mortgage point is equal to 1 percent of the mortgage loan amount and actually helps reduce the loan's interest rate. For example, depending on prevailing rates, a $100,000.00 mortgage might be obtained at 7.75 percent with 2 points or at 8.25 percent with no points. Obtaining the lower interest rate would cut the mortgage payment by about $35.00 a month, but would require $2,000.00-or 2 points-up front at closing.