Farmington Hills Michigan Mortgage Seeing Stronger Local Home Market
Looking to Refinance or Purchase a home in Farmington Hills Michigan? We will work with you and your specific situation to solve all your financial needs and get you the lowest rates possible!
With its thriving downtown shopping area, top-rated public schools, and community-centered feel, it’s little surprise that the real estate market in Farmington, Michigan has bounced back in 2013.
According to data gathered by Zillow.com, home values in the outlying Detroit suburb are now 8 percent higher than where they stood just a year ago, with signs pointing to continued growth. In Farmington Hills, the rise in home values has been even more dramatic, with home values up by 10 percent from 2012-2013. The median cost of a home in Farmington Hills now stands at $181,000, which is only $10,000 less than the median cost of a home in pre-recession 2008.
What does all this mean for the average homebuyer, or current homeowner in the Farmington area? At First Commerce Financial, we carefully watch the local housing market as part of our mission to make taking out a mortgage or refinancing an existing home mortgage a financially sound and satisfying experience for everyone we help. We are excited about these positive market changes because — for both buyers and sellers — it means more opportunity ahead.
Whether you interested in buying your first home, or own a home and are wondering how a stronger market can benefit you, current opportunities in the Farmington, Michigan Mortgage market include:
Getting a Mortgage for Your New Home in Farmington Hills
If you have been waiting to enter the Farmington real estate market, don’t miss your chance! From 2009-2011, median home values in Farmington Hills stayed flat, with median home values hovering just below $160,000 for the duration of this three-year period. However, over the past two years, median home values have risen over $20,000 to now stand at $180,000.
For homebuyers, this means it is probably time to snap up that bargain home before it’s not so bargain-priced anymore! If you are at the point of considering becoming a first time homebuyer, that means you have already given it plenty of thought and are ready to understand the next steps in the home buying process. Get Started and get Pre-Approved Today to know exactly just how much home you can afford and start shopping in Farmington Hills today!
Farmington Hills Mortgage: Refinance For Lower Monthly Payments
If you purchased your home in previous years with a less than favorable mortgage rate, or your current mortgage contains an adjustable rate APR, it’s probably time to consider refinancing. Mortgage rates on fixed-rate 30-year mortgages continue to be near historic lows, and with values rising, many owners may now find themselves with greater equity in their homes.
Whether you are looking to lower your monthly payment or save interest by reducing the term, it is worth taking the time to look at your options. Our mortgage professionals at Farmington Hills Michigan Mortgage can help you assess your current mortgage and decide whether a refinance could be a benefit to you and your finances, even if you find yourself still stuck with an underwater mortgage or a second mortgage. Remember, refinancing is not a failure but a savings! Get Started with a Free Mortgage Rate Quote to calculate just how much money you could start saving today!
It’s Your Move – Start Off Right and Give Us a Call!
Whether you wish to buy or refinance, remember, it is never too early to speak with a loan officer about your needs and options. At Farmington Hills Michigan Mortgage, this first step does NOT cost you anything. Our loan officers and mortgage specialists are here to help provide guidance on monthly payments, loan amounts, as well as review your credit report with you. We have helped hundred of first time homebuyers acquire financing for their ideal first home as well as current homeowners looking to refinance. We can help you, too, just Contact Us today!