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A LOT IN LIFE page 37
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process within half an hour," Mr.
Glanz says.
Rock Financial just introduced
the "Mortgage in a Box," a user-
friendly kit that explains each
step in the process and elimi-
nates a visit to the lender. Mr.
Gilbert says the forms take about
27 minutes to complete, after
which the prospective buyer
sends them back to Rock Finan-
cial for approval. That normal-
ly takes between five and seven
days.
"The beauty of it is that it re-
ally simplifies the entire home
buying process," he says.
Rock Financial's "Mortgage
First" program allows borrowers
to get mortgage approvals before
negotiating a purchase price
from the seller. ❑
Neighborhood Project, a
program of the Jewish Fed-
e.ration, is co-sponsoring a free
seminar for first-time home
buyers on Tuesday, Feb. 13,
at the Jewish Community
Center-Jimmy Prentis Mor-
ris Building. Some of the top-
ics to be covered at the event,
which goes from 6:45-9 p.m.,
include applying and qualify-
ing for a mortgage, filling out
a purchase agreement and
choosing a lender. Pre-regis-
tration is recommended.
Luxury Condos
Get A Thumbs-Down
JULIE EDGAR STAFF WRITER
Cf)
CC
could put 3 to 5 percent down
only on an FHA or VA loan, a
government transaction. How-
ever, Fannie Mae has now come
out with a 3 percent-down con-
ventional mortgage transaction,
so people with limited funds can
qualify," he says.
People with high credit-card
debt are also finding it easier to
qualify for a mortgage through
other less traditional lending
methods, some of which Capital
offers.
"In the old days, if you didn't
have impeccable credit, you
couldn't get a mortgage, and if
you did get a mortgage, you'd be
paying outrageous interest
rates," Mr. Glanz says.
And, says Mr. Glanz, business
is great for Capital, which is one
of the three-largest indepen-
dently owned mortgage bankers
in Oakland County.
Since the company was found-
ed in 1992, it has closed over
$550 million in transactions, Mr.
Glanz says.
The nuts and bolts of borrow-
ing is simpler, too.
"We can, in a phone conversa-
tion of 10 minutes, get enough
information from a borrower that
they can then fax us current pay-
check stubs, the last two years of
W-2 forms and give us bank-ac-
count information. We could
have a loan in our system and in
Find It All In
The Jewish News
Classifieds
Call 354-5959
I
t's back to the drawing
board for Arco Construc-
tion — again.
The Southfield develop-
er's plan to build a 10-story
condominium-retail complex
in downtown Royal Oak was
recently nixed by the City
Commission in a 4-3 vote.
Since the plan was pre-
liminarily approved by the
city's planning commission
and Downtown Development
Authority, it has faced loud
opposition from residents on
West Street, whose homes
would face the structure.
Their objection to its size has
not been mollified by sever- Walter Cohen of Arco: Heading back to the
drawing board.
al revisions to the plan.
But Walter Cohen, Arco's
property for residential develop-
vice president, believes all is not ment, Mr. Cohen says, there are
lost.
other appropriate sites in the
"I think the city is still in favor downtown area for the develop-
of the development. It's the city's ment Arco envisions.
proposal. I didn't make the pro-
Lafayette Terrace, as it's been
posal. The city has to rethink named, has undergone a series
what it wants to do, and I think of modifications since it was first
then we can re-tailor the build- preliminarily approved by the
ing to conform to really what the city. Arco turned the building
city wants done," he says. If the around, for instance, so West
city scraps the idea of using the Street residents would be fur-