Get Mortgage Ready: Your Roadmap to Understanding Borrowing Power in Metro Detroit
When contemplating the purchase of a home in Metropolitan Detroit, one of the primary considerations should be assessing your borrowing power. In other words, how much house can you afford? This holds great importance for several reasons: it prevents you from exploring homes that are beyond your financial means, it ensures you’re not limiting/overextending…
Read MoreI’m Getting Divorced – What About My Mortgage?
Keeping the House in a Detroit Divorce? Your Guide to Equity Buyouts & Refinancing
When going through a divorce and one spouse wishes to buy out the marital equity of a jointly owned property, there are typically two primary mortgage financing options: a limited cash-out refinance and a cash-out refinance. Each has its own advantages and considerations, and the choice between them depends on your specific circumstances. Here’s an…
Read MoreGot a Lump Sum? The Ultimate Guide to Mortgage Recasting in Michigan
When it comes to reducing your monthly mortgage payments, there’s no shortage of options. Refinancing, a popular choice, allows you to lower your interest rate, extend the mortgage term, or eliminate mortgage insurance. However, refinancing often involves fees and can be a complex process. Another common approach involves having your home’s taxes reassessed, which has…
Read MoreRenting vs. Owning: Why Your Mortgage Payment is a Sound Investment (Even With High Prices)
In recent years, the housing market has witnessed unprecedented home value appreciation. We’ve seen national appreciation rates of 12% in 2022 and 16% in 2021, preceded by several years of increasing prices, starting in 2012. However, starting in 2019, we started to really see the craziness, that continues in some instances today. Massive over bids,…
Read MoreWhat to Know When You Apply for a Mortgage
Paula Christine has seen many people make financial mistakes when buying a home. Just because you’ve been approved for a $350,000 mortgage doesn’t mean you can afford it! Our guest today is Marc Edelstein, mortgage broker with Ross Mortgage. We cover all things mortgage, including: First steps when applying for a mortgage What happens when property values are re-assessed…
Read MoreDon’t Guess Your Loan: A Comprehensive Guide to (Most) Every Mortgage Option in Metro Detroit
When it comes to obtaining a mortgage for your dream home in Michigan and Metropolitan Detroit, it’s essential to understand the various mortgage options available to cater to your specific financial needs. Each homebuyer’s circumstances are unique, and certain loan programs may be better suited for one individual than another. Let’s take a closer look…
Read MoreBeyond Zillow: A Metro Detroit Lender’s Guide to the Best Home Search Apps & Websites
Searching for your dream home in Michigan and Metropolitan Detroit can be a challenging task, especially in a competitive market. Fortunately, there are several real estate apps and websites that can make your home search easier and more efficient. Whether you’re a first-time homebuyer or looking to move again, these tools will help you find…
Read MoreFinding the Perfect Fit: How to Choose a Realtor for Your Metro Detroit Home Search
Whether you’re buying or selling a home in Michigan or Metropolitan Detroit, having an experienced Realtor by your side is crucial. With numerous Realtors available, finding the perfect fit for your unique needs can be challenging. To help you make the right decision, here are some essential questions to ask potential Realtors: How will you…
Read MoreThe Pre-Approval Advantage: Your Competitive Edge When Buying a Home in Metro Detroit
When it comes to securing a home loan in Michigan or Metropolitan Detroit, it’s essential to know the difference between pre-approval and pre-qualification. Each serves a distinct purpose in the home buying process, and understanding their nuances can help you make informed decisions. Pre-Qualification – The Initial Step At the outset, pre-qualification provides a non-committal…
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