Category: FHA mortgages in Michigan
Benefits of Home Ownership: Cheaper Than Renting
As we discussed earlier this week, there are both short and long-term factors to consider when deciding to buy a new home. But at the heart of most of these factors is a simple question: is buying this house cheaper than renting? And to answer that question, you need to ask yourself if your concern […]
Benefits of Home Ownership: Borrowing Power
The decision to buy a house should not be taken lightly. If you own it, you are responsible for it. Now, that’s not to say you shouldn’t go for it, but it is to say that you need to look at both the short and long term effects of home ownership. Most of the benefits […]
Benefits of Home Ownership: Stability
While less tangible than building equity or saving money through tax incentives, the benefits of a stable home are still an important consideration, especially for families with children or which are planning to have children. Home ownership creates confidence in where your family will live into the foreseeable future; should you decide to move, it […]
Benefits of Home Ownership: Tax Incentives
As we covered last week, one of the biggest benefits of home ownership is building equity. But besides the equity aspect, the next most important benefit of owning a home for many Americans is the tax write off. Now, I’m not an accountant, and I can’t guarantee that everything I say will apply to everyone […]
Benefits of Home Ownership: Building Equity
There are, of course, many benefits to home ownership. These benefits are the reason why people buy a house. But over the weekend, I read an article which stated the benefits of renting, and I realized that the true benefits of home ownership may need to be explained. So, I’m going to be posting a […]
Do I Need a Preapproval to Buy a House?
Preapproval letters, also called prequalification letters, are an important part of the modern home buying process. Many of my clients who have been down the home buying path before get upset when asked for a preapproval letter by a realtor before the realtor will even take them to see houses. I have been told by […]
How Much House Can I Afford
This is, of course, one of the first questions most of my clients ask when we first talk. Understanding how much house you can afford helps to determine what houses you should even look at. I find that first time home buyers generally underestimate how much house they can afford and veteran homeowners overestimate how […]
Ways to Improve Your Credit
Credit is one of the most important factors in anyone’s ability to qualify for a mortgage. For this reason, it is important to always strive to protect your credit if at all possible. Unfortunately life happens, and it may be necessary to do something which can damage your credit. Last month, I had a customer […]
What is the Difference Between an Investment Home, a Second Home, and a Primary Residence?
When purchasing a home, you have to determine if the house will be a Primary Residence, Second Home, or Investment Home. This determination affects the underwriting guidelines, and can impact the rate and terms of an approved loan. For this reason, it is important to understand the differences between these three property types. The easiest […]
Should I Refinance my House?
With interest rates steadily declining over the last two years, and finally hitting all time lows recently, it is no wonder so much attention is being paid to refinancing. Refinancing is, basically, just trading your existing mortgage in for a new one with a different rate and term in an effort to lower your costs. […]