Refinancing Archives | Marc Edelstein - Ross Mortgage Corporation

Prior posts have addressed refinancing your primary home – the place you live in every day. But what if you own another property in Michigan, like a cozy cabin up north in Kalkaska, a lakeside cottage Lewiston, or a rental property in Melvindale? Can you refinance those too? The answer is usually yes, but it’s…

Going through a divorce is one of the toughest things anyone can face, and when a home and a mortgage are involved, it adds another layer of complexity. As a Certified Divorce Lending Professional (CDLP), I spend a lot of time helping people in Michigan figure out their home loan options during this challenging time.…

Dreaming of a brand-new kitchen, an updated bathroom, or finally finishing that basement in your Michigan home? Many homeowners want to upgrade or update spaces in their homes, but are unsure how to pay for them. That’s where a cash-out refinance can become your smart budget partner! As we talked about before, a cash-out refinance…

You’ve got your eye on a refinance, and that’s smart! Just like when you bought your home, refinancing isn’t free. There are certain costs that get incurred, often called “closing costs,” that either you or the lender, or ca combination of both, will need to pay. Don’t worry, though – understanding these costs upfront helps…

When you’re looking to refinance your home in Michigan, you’ll hear two important terms a lot: Loan-to-Value (LTV) and Home Equity. These two terms are super important because they often decide if you can refinance, what kind of loan you can get, and even the interest rate you’ll pay. Let’s break them down simply. What…

When you’re thinking about refinancing your home here in Michigan, you’re probably focused on getting a better interest rate. And guess what? One of the biggest things that affects the interest rate you’ll be offered is your credit score. Think of your credit score like a financial report card. It’s a number that lenders use…

So, you’re thinking about refinancing your Michigan home? That’s great! Now, let’s talk about the different ways you can do it. There are two main types of refinancing that most homeowners in Michigan choose: Rate & Term Refinance and Cash-Out Refinance. Understanding the difference can help you decide which one best fits your goals. 1.…

A mortgage assumption allows one spouse to take over the existing mortgage without changing the loan terms. This means the interest rate, loan balance, and monthly payment stay the same—only the responsibility for the loan changes. However, not all mortgages are assumable, and there are two types of assumptions to consider in divorce cases: Qualified…

Divorce among seniors, often referred to as “gray divorce,” is on the rise. For couples over 55, dividing assets often involves unique challenges, especially when it comes to real estate. A reverse mortgage can provide a flexible solution, allowing one spouse to retain the marital home while ensuring the other receives their share of equity.…

Divorce is challenging for any couple, but military families face unique complexities, especially when it comes to real estate and VA loans. Whether you’re an active-duty service member/veteran or the spouse of one, understanding how VA loan entitlements and property division work is essential for a smooth transition. Key Challenges in Military Divorces Handling VA…