Category: Mortgage Tips
What Are Warrantable Condo Communities?
In basic terms, a warrantable condo is a condo which belongs to a lower risk condo community. These units must meet specific guidelines to be approved as warrantable, and are eligible for financing through the VA, FHA, or Fannie Mae, based upon which organization has deemed the property warrantable. If a property is not warrantable, […]
So What is a Property Type, Anyway?
It is fairly common knowledge that there are houses, townhouses, and condos, and while the difference between a house and a townhouse or condo is pretty self evident, the differences between condos and townhouses can get pretty muddled. And the difference between what type of property you purchase can impact the rate and terms of […]
The Differences Between FHA and Conventional Mortgages
The two most common types of mortgages customers ask about are the FHA and Conventional mortgages. And at their core, they are both very similar. They are both a type of loan which provides money to purchase a house. They both determine eligibility through debt to income and loan to value ratios, they both use […]
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 […]
Can’t Repay Your Mortgage – Consider Loan Modification or Refinancing
Mortgage and Stress – Loan Modifications for Michigan Home Owners When the Obama administration rolled out the Home Affordable Modification Program (HAMP) in 2009, they estimated that up to 4 million people would try to seek relief from their existing mortgages using the program. This is due mainly to the fact that officials believe we’re […]
Why Can’t I Get the Best Mortgage Rates?
Want to talk about consumer frustration among home buyers? We’re constantly bombarded by media headlines that tell us that mortgage rates are at an all-time low and we’ll never see rates this good. Then, those buyers that want to leverage this period call a lender and find out that the rate being quoted is higher […]