Livingston County Mortgages: Refinance and Purchase Loan Information
Whether you are interested in buying a new home or refinance your existing mortgage, we can help you meet your financial needs.
Just on the edge of what is Considered Metro Detroit lies Livingston County, a great area to get away from the congested suburbs while still being close to all the major cities. While Livingston County has its fair share of larger cities with suburban amenities, you also have the option to get a more rural feel living in the Michigan countryside. Whichever your preference, you know you’ll be able to find it in Livingston County.
Top Cities Served in Livingston County
We are a Mortgage Broker fully licensed to assist people with getting a mortgage in all of Michigan. If you are looking for a home in Livingston County, find more information on our top served cities here:
Livingston County actually has the highest median home price in all the metro detroit counties, coming in a $181,450 in May 2013. This is a 21.4% gain over that time in 2012, according to RealComp II LTD. If you are looking to purchase your next new home here, do you research and avoid the following pitfalls:
“I need to put 20% Down on a new Home.” Many people this putting 20% down is the only way you can buy a home in today’s market. While a larger down payment makes a more competitive offer, there are plenty of loan programs available that let you put less down. Conventional financing allows you to put only 5% down while FHA has an even lower limit of 3.5% down. A great thing about buying a home in Livingston County is the entire area is eligible for the USDA Rural Development Program. This great program allows you to buy a home with 0% down payment! Talk to your realtor and local mortgage broker to find out which program works best for you.
“My bank will give me the best deal on my mortgage.” When you need a mortgage, not many people know where to turn so they call their bank first. They think having their savings or checking accounts there will allow them to get the best deal on a mortgage. While some banks can offer small discounts, it is far from a guarantee that they have the best rates available. Call your bank and other Mortgage Lenders and brokers to compare rates and closing costs and find the institution you trust to work with. We often find here in Michigan that big banks have half a percent higher rate than mortgage brokers, so do your homework!
“I have to close with the Lender I got Pre-Approved with.” This could not be farther from the truth. Any Lender or bank can get you a Pre-Approval letter stating your initial qualifications as a borrower so you can start making offers. Once you get an offer accepted, you can work with any Lender that you wish. We’re assuming you did your homework stated above and found a Mortgage Lender you trust, right?
3 Steps to Refinancing Your Mortgage in Livingston County
As home values begin to rise in Livingston County and people find themselves gaining equity, many start to wonder if refinancing their mortgage is a smart decision. Mortgage rates have been all over the news recently, from being at record lows in 2012 and starting to inch up in 2013. Time is of the essence as rates won’t stay low forever, so follow these 3 simple steps to determine if you should Refinance your mortgage.
Research Lender’s Rates and Loan Programs Available: Chances are you already have received some marketing materials from your current bank, outlining their so called “easy refinance”. If you only look at your current bank for refinance options, you have no idea if you are really getting a “deal” or not. In today’s digital world you can shop mortgage lenders right from your chair. Make sure to not only look at the rate but to compare costs for the loan as well (the ARP will give you a good idea on this). Remember, a good lender doesn’t just have a good rate. Sit down with them and discuss the pros and cons of each loan option to find the best fit for your personal financial situation.
Calculate New Monthly Payments: In order to justify refinancing your mortgage, simply look at the numbers and understand the goal you are trying to accomplish. A 30 year mortgage will yield the lowest monthly payment, thus maximizing your month to month savings. If you are more interested in paying off the mortgage faster and saving money over the life of the loan, consider 15 year and 10 year options. You can see our current rates at the right side of this page along with a simple mortgage calculate. See if the new payment fits your budget! You can also use an Amortization Schedule to help compare the numbers and calculate the savings.
Get Accurate Rate Quotes and Closing Cost Breakdowns: Advertised rates are generalizations. The actual rate you can lock in and refinance with will depend on a number of factors. Some factors are in your control such as how much money you wish to bring to the closing table. Others are not that easy to control such as your credit score and home’s value. When actually trying to pick a lender based off your online rate research, you need to get a personalized rate quote so you are aware of all the details. We can provide you with loan options that detail all your rate options and associated closing costs. Click the link below to get started!
Thanks for taking the time to look into your purchase and refinance loan options for a home in Livingston County. We are more than happy to sit down with you and discuss all the options available to you. We believe in preparing you for all aspects of the transaction so there are no surprises along the way. Simply contact us today to get started!