• Buying A Home In Michigan – Take These Steps To Get Financed for a New Home

  • Buying a new home is one of the largest decisions you will ever make, especially if this if your first time. We are here to help simplify the process for you and will be with you every step of the way until you get your keys!

    What You Need to be Aware of When Buying A Home In Today’s Housing Market in Michigan

    The Michigan Housing Market sure has been a wild ride the past few years! We saw median home prices in Michigan hit a peak of $142k in 2005 and fall all the way down to 90k in 2011 according toZillow. But as the economy has started to rebound, so has the housing market. Spring 2013 saw Metro Detroit Housing Values Soar 40% over year to year values!

    So what type of Housing Market are we currently in for Michigan? For 2013, we saw the tides quickly turn to a seller’s market. Rising home prices and a shortgage of homes for sale has made buying a home extremely competitive. If you want to buy a home in Michigan, you are going to have to be diligent and well prepared. Follow the steps outlined below and you’ll be on the road to home ownership in no time!

    The Steps You Need To Get A Mortgage And Buy A New Home in Michigan

    Step #1 – Get Pre-Approved For Your Mortgage

    Get Pre-Approved from First Commerce Financial before you shop for a new home to give you more bargaining power and get you offer accepted. With Michigan in a very competitive housing market, you simply cannot enter the housing market without cash or a pre-approval letter for a mortgage. Luckily, getting pre-approved is very fast and pain free. Read more about the Pre-Approval Letter & Why It Is Needed.

    To get your pre-approval letter today, here is what we need to see from you:

    • Basic Information: Full Name, Social Security # (to run your credit), and current address
    • Two recent pay stubs showing year-to-date information.
    • W2′s for the past two years (2010 and 2011).
    • Your recent checking and/or savings account and retirement account statements (401K, IRA, etc.).
  • Step #2 -Start Shopping For Michigan Homes With A Realtor At Your Side

    Start shopping for your new home with you Pre-Approval letter in hand! Many folks as us if they really need to use a realtor when buying a home. Considering using a realtor is FREE when buying a home, it becomes a must have! A realtor’s compensation is paid for by the seller, so there is only good things that can come from picking the right realtor.

    Realtors have many different resources to help you find the home you’re looking for,  including information about homes, schools, and about the area that you can’t easily find on your own. Most importantly, the realtor can assist in negotiations with the seller and give advice to which inspections are required or recommended for the area.

    We work with the best Real Estate agents in Southeast Michigan, those who have decades of experience working in this area and helping Michigan residents like yourself find the perfect home that fits your need. You want to find a realtor that you trust and enjoy working with, so if we can recommend a realtor for you just give us a call!

    Step #3 – Make An Offer On A Home

    Once you find the home you can see yourself living in, it is time to make an offer to the seller to buy it. This is where your realtor really can make their worth. Realtors have expert negotiation skills and can help make sure the offer you are placing is the best you can put forth, giving you the greatest chance of success in getting your offer accepted. In today’s competitive housing market in Metro Detroit, it is not uncommon for buyers to have to put multiple offers on multiple homes, so be proactive in this process.

    Step #4 – Start Your Mortgage Application & Lock Your Interest Rate

    Take a formal mortgage application and lock in your interest rate to begin! The great thing about getting Pre-Approved with us is we already have most of your important information. But you are by no means obligated to get a mortgage with the lender or broker you got your Pre-Approval letter from; this makes no difference to the seller. Find out exactly What Information is Needed to Get Started on a Mortgage Application.

    Please call us now to schedule an appointment for your Pre-Approval so you have a clear understanding of what you can comfortably afford. Our mortgage programs will allow you to buy a home with a minimal down payment or sometimes even no down payment!

    We have been helping homeowner’s since 1996 and live here in Southeast Michigan ourselves so we are very familiar with the nuances in each area.