Home Buying Guides
Your Guide to Getting Approved: The 5 C’s of Mortgages for First-Time Homebuyers in Michigan
Welcome back to our blog series, “Navigating the Path to Homeownership: A First-Time Buyer’s Guide to Qualifying for a Mortgage in Metropolitan Detroit.” In this installment, we’ll unravel the mystery behind the 5 C’s of mortgages – essential criteria that can significantly impact your home loan approval in this dynamic housing market. Credit Score (C1…
Read MoreThe A-Z of Your Mortgage: 25 Acronyms Every Michigan Homebuyer Needs to Know
Entering the realm of mortgages can often feel like deciphering a secret code. To help you navigate the intricacies of the home financing process, we’ve compiled a list of the 25 most common acronyms and mortgage jargon used in the mortgage industry. Whether you’re a first-time buyer or a seasoned homeowner, understanding these acronyms will…
Read MoreYour First Home in Michigan: A Step-by-Step Guide to Mortgage Qualification
In the heart of Metropolitan Detroit, the dream of homeownership beckons to first-time buyers. As you embark on this exciting journey as Detroit first-time home buyers, understanding the basics of qualifying for a mortgage is paramount. This multi-post guide will take you through key steps, terms, and considerations to ensure a smooth path to securing…
Read MoreReady to Invest in Detroit? The Pros and Cons of Multifamily Properties
Many clients frequently inquire about various aspects of the mortgage industry and homeownership, including property investment. These discussions often revolve around the potential of real estate as an investment. While I typically express my belief that property ownership is a wise choice, there is a unique consideration when it comes to multifamily properties, particularly in…
Read MoreGet 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 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…
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