If you’re trying to figure out if getting a mortgage in Michigan is a smart idea right now based on your income limitations and debt obligations, there’s some good news for you right now – the weight of the monthly mortgage bill has never been lighter.  That means buying one of the many houses for sale in Oakland County or purchasing property in Wayne County, MI could be closer than you think.

For example:  Putting 20% down on a fair-priced house for sale in Oakland County, let’s say $154,400, and your payment would come in at around $616 each month.  That’s only about 12% of the average income for families in the United States.

What else does this new drop in mortgages in Michigan mean?  That it’s actually cheaper to buy a home than rent one.  In fact, this is true for 98 of the top 100 Metro areas around the United States.  The only two metro areas bucking this trend are Honolulu and San Francisco.

No worries for us Michiganders.

Get With Your Oakland County, MI Mortgage Banker

Now is the best time to buy.  For those with good credit, especially first time buyers, this is the best time to buy a home in southeast Michigan whether you’re talking Oakland, Washtenaw or Wayne County.  That sentiment is echoed by HIS Global Insight economist Patrick Newport who states “This is the best time in 40 years to buy”.

Even if you currently own a home, this is great time to consider trading up.  The buyer of your current home might be getting a big steal with down home values market wide but imagine the deal you’ll be getting on the next house.

You could potentially trade up to a much nicer home, in a better neighborhood, closer to work,  just by speaking with an Oakland County mortgage banker.  Of course, if Oakland county isn’t your style you can still work with us to find another home throughout Southeast Michigan.

Changes in Housing Around Southeast Michigan

While we have seen some increases in the value of bottom-tier properties throughout the metro-detroit area and southeast Michigan, top-tier prices continue to drop since 2011 according to Zillow.com  For those who want to do investment property and need financing on their new home, a mortgage is still possible.

Regardless of your game plan, in order to get the best rate you should aim for putting down at least 25% down on the property.  There are other ways to get a better interest rate if you have credit issues, and with a skilled mortgage banker in Michigan it’s easy to get pre-approval on a great mortgage and get you into a position to take advantage of falling home values.