Big Changes Are Coming to Condo Financing in Metro Detroit — Here’s What Buyers, Sellers, and Realtors Need to Know!
If you own a condo in Oakland County, Macomb County, or anywhere in Metro Detroit or you’re planning to buy or sell one, revised guidelines from Fannie Mae and Freddie Mac are about to change how that transaction gets financed. These aren’t small tweaks either. This is one of the most significant overhauls to condominium…
Read MoreThe Little-Known Loan Michigan Real Estate Investors Should Know About: DSCR Mortgages
If you’re investing in rental property in Michigan, whether that’s a duplex in Ferndale, a short-term rental up in Traverse City, or a portfolio of single-family rentals across Metro Detroit there’s a financing tool that flies under the radar for most investors: the Debt Service Coverage Ratio (DSCR) loan. Most people go straight to a…
Read MoreThe Michigan “Contingency Buster”: A Strategic Deep Dive into HomeLight’s Buy Before You Sell Program
In my 25 years as a mortgage lender in Metro Detroit, the “Catch-22” of real estate has remained the same: Do you buy first and risk carrying two mortgages, or sell first and risk having nowhere to live? In today’s market—from the historic streets of Royal Oak to the suburbs of Novi and Clarkston—sellers will…
Read MoreSpecial Refinancing Considerations for Michigan Homeowners
Most people think of refinancing as a simple way to lower their interest rate or get some cash out of their home’s equity. But what happens when your situation is a little more unique? Sometimes, a standard refinance just doesn’t fit the bill. For these special situations, there are unique loan programs and considerations that…
Read MoreTop 5 Things You Need to Know About Refinancing Your Home Loan in Michigan
Refinancing your home loan in Michigan can seem like a big puzzle but understanding a few key things can make the whole process much clearer and easier. With my 25 years of experience helping homeowners in Metro Detroit and across Michigan, I want to share the top 5 things you really need to know before…
Read MoreCommon Refinancing Mistakes to Avoid in Michigan
Refinancing your home in Michigan can be a fantastic way to save money or reach your financial goals. But just like anything important, there are some common mistakes homeowners make that can cost them time and money. Knowing what to watch out for can help you have a smooth and successful refinance experience. Here are…
Read MoreRefinancing Your Michigan Vacation Home or Investment Property
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…
Read MoreRefinancing and Divorce in Michigan: A CDLP’s Perspective
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.…
Read MoreMichigan Home Improvement on a Budget: Leveraging a Smart Cash-Out Refinance
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…
Read MoreCosts of Refinancing in Michigan: What to Expect:
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…
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