• Mortgage Brokers Make Buying a Home in Michigan an Easier Process

  • Know What’s Needed To Close On Your New Home

    With mortgage rates at all time lows and housing values on a steady incline, many borrowers are looking to get back in the home buying market. Once you get Pre-Approved and get an offer accepted, it is time to formally apply for your mortgage.

    Getting a home loan today is not the same process it was in the early 2000’s. Since the housing bust in 2007, the fact checking process has increased tremendously as the lender needs to protect themselves from fraudulent and high-risk loans. Before you jump into buying a home, know exactly what to expect in the mortgage process to avoid delays and dead deals.

    How a Michigan Mortgage Broker Can Best Help You Buy A Home

    Buying a home in Michigan is quite different than it once was. Michigan is one of the hardest hit states from the housing crash due to its strong ties with the auto industry and its subsequent collapse. Our housing market has been on a steep roller coaster ride, which saw home values plummet in 2006 and start rising fast in 2013. As you can see from this heat map of Michigan home prices from Trulia, average prices in Oakland, Livingston, and Washtenaw Counties are red hot, topping over $250,000 for average list prices.

    This price increase is not only caused by a rebound in economy and lower unemployment, but a limited stock of homes on the market has made buying a home super competitive. If you want to purchase a home in Michigan in today’s Real Estate market, you better be well prepared for what to expect. That is where we come in. We here are First Commerce Financial have 16 years of experience helping Michigan residents purchase homes and acquire the right financing.

  • As a mortgage broker, we work with multiple lenders to insure you get the lowest mortgage rates possible, thus helping you walk in with a stronger purchasing power and get your offer accepted. We will sit down with you and crunch all the numbers to there are NO SURPRISES when it comes to getting financed and closing on your mortgage on time.

    Here is what you need to be aware of what to expect throughout the entire process to help it go smoothly:

    How To Apply for a Mortgage in Michigan

    Information Needed For Application

    • Legal Name, Birth date, Current Address, Social Security Number (to run credit report)
    • Last 2 paystubs
    • 2011 and 2012 Tax Returns
    • Last 2 bank statements, including retirement accounts
    • Copy of driver’s license or passport (Green card if not US citizen)

    This information will help you obtain a Pre-Approval letter, which is absolutely necessary when buying a home. Read more about obtaining Pre-Approval letters here. Once you have an offer accepted on a home, we can order the appraisal and being the process of getting you approved for a mortgage. Check out the following articles below for more information!

    Be Prepared for the Mortgage Approval Process to Avoid Delays

    Buying a home in Michigan is a very time sensitive operation. Not only do you have the normal mortgage time constraints such as rate lock expiration, you have two parties of people who are moving where they live on their own schedules. You may be selling your current home as you buy your next home and need to make sure everything goes according to schedule to avoid becoming homeless.

    In order to accomplish that, we believe that all parties need to communicate effectively and be fully aware and updated on the status of the loan. Even though most mortgage lenders will expedite the underwriting process for purchase loans, these tend to have the most hiccups as well and deals can go dead in a heartbeat!

    Check out our list of articles which help prepare you for possible problems so you can avoid and hurdle them on your way to home ownership:

    Buying A Home – Understand How To Close The Mortgage

    One of the very first things a prospective home owner needs to understand about getting a mortgage to buy a home is the cash needed to close. This always seems to be the topic that confuses most people and can throw a wrench in the gears. The down payment is just one of the parts that make up the cash you need to bring to closing. You also need to consider the closing costs for the loan (usually about $2,200 to $3,000) as well cash required for pre-paid items. The pre-paid items are certainly the most confusing, as they include property tax pro-rations, populating an escrow account, homeowners insurance, and pre-paid interest.

    We will give you a full break down of all the costs and cash required to close on your loan at the beginning of the process. To see a typical example of all the cash required the close on a purchase loan, check out our blog onUnderstand The Cash Needed To Close.

    Once you get the clear to close on your loan, both your realtor and the seller’s agent will schedule a closing date. The lender will perform a Verbal Verification Of Your Employment Status to insure you are still employed, so make sure you provide adequate contact information to an HR representative to avoid this last hurdle. Finally, know what to expect when you are Preparing For The Closing Table.