Hartland Michigan Mortgage Information: Refinance and Purchase Loans
Hartland, Michigan is a nice rural city in Livingston County that could house the home that fits all of your needs.
Located in Livingston County, Hartland is a great place for Michigan residents to settle into a somewhat rural feel outside the city, while still being close to major interstates and a great schooling system. In addition to weekly farmer’s markets at the Old Hartland High school, make sure to check out their popular Memorial Day parade at “The Village”!
Hartland unfortunately was not immune to the housing crisis that has plagued Michigan over the last few years. But as home values are staring to return to normality, so is the interest to purchase and refinance homes in the area. Whichever path you are interested in, we are here to help you meet your finance goals!
Purchase Homes in Hartland with a 0% Down Payment
Livingston County has the highest median home prices between all the counties in the Tri-County area. Hartland is no exception as their median home prices average around $178,000 in July 2013. Hard to believe this is still down from a high of $240,000 in 2005 isn’t it? None the less, values have been rising back to normalcy in Hartland and many people are hopeful they can find a wonderful home out in this area. You can find more data on Hartland home values on Zillow here.
Did you know you could purchase a home with putting absolutely zero money down by taking advantage of the USDA Rural Development (RD) Loan Program. Hartland does qualify for this program as it is considered a rural area, so take a look at the benefits of this program:
No Down Payment Required.
No Limits on Seller Concessions to help cover closing costs and any other pre-paid items that are needed for the mortgage.
Gift Funds also can be used to cover these costs.
All of Livingston County is covered!
There are however some income limitations and other guidelines you must adhere to in order to qualify for this great program, so please give us a call to see if you qualify.
Determining if you Should Refinance Your Mortgage
Now that home values have turned the corner in Hartland, many folks are seeing more refinancing opportunities open up for them. The problem is that after getting dragged through the mud for so many year, many are simply hesitant to do anything with their mortgage. Unfortunately, holding on to a higher mortgage rate may be costing you thousands of dollars in extra interest paid.
If you are considering refinancing your mortgage in Hartland, ask yourself the following questions:
Why do I want to Refinance? Determine ahead of time if you are interested in lowering your monthly payment to free up cash flow, or pay off the mortgage faster and save money of the life of the loan.
What is my home worth? Talk to your local mortgage broker to get help with assessing your home’s value. This will help determine your options available to see if you have cash-out options. Even if you owe more than your home is worth, you may be able to refinance through the HARP 2.0 Refinance Program.
Does the savings outweigh the costs? There are costs associated with refinance your mortgage, including the costs for the loan, appraisal, etc. You need to make sure you plan to be in the home long enough to recuperate these costs in your monthly savings. You can compare the savings on a new loan with your current mortgage by using our easy to use excelAmortization Schedule.
Call First Commerce Financial For All Your Mortgage Needs
If you are considering taking advantage of available options to buy a great home or refinance your mortgage in Hartland, First Commerce Financial has you covered. We will help you understand which programs you qualify for and discuss all loan and rate options available to help you decide your best course of action. Give us a call and we’ll be ready to help you make smart home financing decisions.