Category: First Time Home Buyers
What is an FHA 203k Mortgage?
So we’ve discussed conventional and FHA mortgages, but an important type of FHA mortgage is the FHA 203k mortgage. The FHA 203k mortgage was created to help people buy houses which need repairs. Prior to the 203k loans, lenders were becoming increasingly strict when it came to lending on a house which needed work. But with the […]
What is An FHA Mortgage?
In my last post, I discussed what a conventional loan is. But for many customers who do not qualify for a conventional mortgage, or who do not want to put as much money down on a house, going with an FHA mortgage might make more sense. An FHA loan is a government backed loan with […]
What is a Conventional Mortgage?
One of the first questions I am asked by my customers is: “what type of mortgage is best for me?” And to answer that question, I will usually ask them a series of questions to get a better understanding of their needs. After we go through this exercise, I will lay out several options, and […]
Mortgage Basics
The most important first step in buying a house is determining what you can afford and what type of mortgage makes the most sense for you. So, it seemed a good idea to explain what is involved in qualifying for a mortgage and what some of the basic terms mean. For starters, it is important […]
Welcome Back
I started this blog last January to be a place where people could come for market updates, local mortgage related news, and tips to help them through the home buying and mortgage process. I recently took a brief break from the blog, but am back and ready to help. I hope to continue helping local […]
Buying a Home in Northville – How Much Home Can I Afford?
It’s time to buy a home – but how much can you afford? When a first-time buyer or family starts looking to buy a home in Northville, Novi, Canton or even cities in Oakland county, this question comes up fairly early on. While many would love to have a big, beautiful home with less than […]
Michigan First-Time Buyers – Three Problems to Watch Out For with Your New Home
Getting approved for a mortgage in Michigan is an exciting time. Equally exciting is being a first-time buyer. There’s a lot of excitement, energy and emotion tied into that first purchase. First-time buyers often go all in on a home and have a tendency to overpay just to get the home they fell in with. […]
5 Tips for First-Time Home Buyers in Michigan
When you’re buying your first home in the Metro-Detroit area, you don’t need to leave everything your Michigan mortgage lender and your Metro-Detroit real estate agent. Truth be told, you shouldn’t anyway. You should be doing your fair share of research and homework to ensure that you’re happy with the home you buy. Once you […]
First-Time Buyers Fueling Surge in Home Sales
We’re continuing to see a slow and very steady recovery in the housing market, with a 2% climb in home buying through to the beginning of August. It’s the current combination of low mortgage rates and much lower home prices – especially in the Detroit area – that’s fueling home sales. First-Time Buyers Are Driving […]
Buy a Home in Metro-Detroit – Do You Need to Put 20 Percent Down?
People still seem to fall into the stigma that you have to put at least 20% down on a property in order to buy a home in Metro Detroit. While putting a larger amount down up front can save you on the back end of your mortgage, it’s not necessary (and certainly not required) to […]