Milford Township Morgtages Heating up With Rising Home Values in Michigan
Home values have been on the rise, allowing Michigan residents to take advantage of great refinancing options and even 0% down payment options available in Milford Township.
Located in central Oakland County, Milford Township is a popular place for Michigan residents to settle in outside the city yet still be centrally located in Southeast Michigan. Milford is a great place to get that peaceful, country atmosphere with plenty of shops, stores and attractions near by. There is almost always some sort of festival going on, so make sure to head on down to the Village to see what is happening!
Mortgage rates have been at very low levels for quite some time now, and more than a few Milford residents have come to us to Refinance their mortgage and save money on their house payments. However, we tend to get a lot of clients who are interested in buying homes in Milford due to options that allow a 0% down payment on a new home. Whatever your home finance needs are, here is how First Commerce Financial can help.
Buy a Home in Milford Township With No Money Down
Home values in Milford Township have been skyrocketing in 2013 as the housing market in Michigan continues its recovery. In July, the median home price in Milford was up 8.3% compared to this time last year. That is a great sign that your new home will continue gain value after your purchase it. You can find more data on Milford Township Mortgages and Home Values on Zillow here.
Milford Township is currently a competitive housing market, so you are going to have to be well prepared to be able to find the perfect home for you at the right cost. We can help you get Pre-Approved for FHA or Conventional financing fast an easy to help you get your offer accepted. Before you being the house hunt, we recommend you do the following:
Start saving for your down payment immediately: We’ll help you determine what you should save, but start putting it aside immediately so you don’t spend it.
Check Your Credit Report: You need to check your credit to make sure you will qualify for the mortgage and loan program you are interested in. Get a free credit report from www.annualcreditreport.com and make sure there are no mistakes on there that could hurt you. You’d be surprised how often a mistake is made!
Figure out how much home you can afford. You need to know exactly what type of monthly mortgage payment you can fit into your budget to help make educated offers on homes you are interested in. We will make sure you have Pre-Approval letters that genuinely reflect this information.
Find a Realtor to work with you. With Milford being in a very competitive buying market, you will need an experience Realtor with expert negotiation skills to help you get an offer accepted. Plus, their compensation is completely paid for by the seller! We have a large network of Realtor partners we work with in Milford, so let us know if we can recommend one for you.
The USDA Rural Development (RD) Loan Program allows homeowners to buy a new home with putting absolutely zero money down. All of Milford Township qualifies for this program as it is considered a rural area. You are even allowed unlimited use of gift funds and seller concessions to help offset the closing costs on the mortgage. For those of you who have steady income but do not have enough savings to put down on a home, this is a great program that must be looked into!
Low Mortgage Rates Means Lower Monthly Payments in Milford Township
Many Michigan homeowners who bought higher end homes in Milford Township saw their equity vanish and found themselves underwater when the housing market crashed. However, Reaching a median value of $227,000 in 2013, home values in Milford are actually higher than they were in July 2008 when the housing bubble was first bursting. Folks who owed more than their home was worth and thought they were stuck now have plenty of refinancing options available to them.
Mortgage rates are still much lower than they have ever been the past few years. Dropping your rate as little as 1% could mean hundreds of dollars worth of savings in your monthly payment and thousands over the life of the loan. Your home may now have more equity than you think, making a cash-out refinance also a viable option. Whatever your financial goals may be, we will sit down with you and assist you in determine if Refinancing is right for you. Remember, the numbers do not lie!
Call First Commerce Financial For All Your Mortgage Needs
Whether you are looking to buy you dream home, take advantage of zero down loan options, or refinance your mortgage in Milford Township, First Commerce Financial has you covered. We personally have all lived in Southeast Michigan all our lives, and have decades of experience helping Michigan residents with all their mortgage needs. We strive over listening to our clients and helping them make smart financial decisions. So if you need help getting ready to buy a home in Milford Township, or need to crunch the numbers when thinking of Refinancing, give us a call today and we’ll be with you every step of the way.