Oakland County Mortgage Broker – Refinance and Purchase Loan Information
If you are looking to refinance your mortgage or purchase a new home in Oakland County, let us guide you throughout the journey.
Oakland County is one of the most desired locations in Metro Detroit. Stated to be in the top ten counties in the United States for resident’s income, it is one of the most sought after locations for successful families to settle in and live. It is also the hub for the one of the largest employment areas for engineering jobs as the economy has stabilized and become less reliant on automotive manufacturing. Many Michigan residents who work for GM, Ford or Chrysler find themselves able to work and live comfortably in this area.
We think Oakland County is the perfect area to settle in and raise a family. Not only did both owners Ken Turkington and Kirk Chivas decided to settle in themselves here, but we thought it was the perfect place for First Commerce Financial to be located as well! First Commerce Financial is located in Wixom, Michigan just off the I-96 Beck Road exit. No matter where you are coming from in the Metro Detroit area, we are easily in reach!
If you live in or plan to live in Oakland County, or anywhere in Michigan for that matter, we are fully licensed to help you with all your mortgage needs. None the less, here are the top cities in Oakland County that most of our clientele is located:
With it’s close ties to the automotive industry, Oakland County was no stranger to the Michigan housing crises and ensuing recession. Fortunately, home values have been gaining considerable strength in 2013. At the start of the buying season in May 2013, we saw home values skyrocket 19.7% from an average price of $137,900 in 2012 to $165,000 in 2013 according to Realcomp II LTD.
With the drastic turn around in the Oakland County housing market, people have been flocking out here to buy new homes. Yet a lack of inventory of homes for sale has held back overall sales numbers to a year-over-year gain of only 0.9% in May 2013. This has created a super competitive market, with homes getting multiple offers placed very soon after the open house – many well over asking price. If you are looking to buy a home in Oakland County, get prepared for the house hunt right by following these tips:
Check your Credit Report First: This is something you have to take care of right away before you even think of buying a home. You can obtain an annual copy of your credit report for free from the federal site www.annualcreditreport.com. Take a look at your report yearly as it is not uncommon to have mistakes on there that you can dispute and correct. Continue to pay all your bills on time and keep your debt at reasonable levels. A good credit profile is critical to finding the home you want and can afford in Oakland County.
Save Up Money For Your Down Payment: There are a variety of loan options available to purchase homes in Oakland County, ranging from the typical 20% down payment all the way down to 3.5% or even 0% down. You’ll know more about which option makes sense as you start looking for homes, but it is never too early to start saving. Set aside a set amount of money each month towards your down payment. This will also help your budget prepare for that monthly mortgage payment. Keep in mind with the competitive housing market in Oakland County, larger down payments may be required to get your offer accepted.
Consider How Much You Can Afford: In order to make the house hunt a successful, dedicated process, you need to have an idea of what type of house you can afford. Oakland county has many different areas with different housing options, from more affordable homes to high-end locations. Talk to your local mortgage broker to Get Pre-Approved for your mortgage. This step is very quick and simple and will show you exactly which home and mortgage payment you can qualify for. Plus, you simply cannot get an offer accepted on a home without this Pre-Approval Letter.
Refinancing Your Mortgage in Oakland County
Rising home vales mean you have more refinancing options in Oakland County. Many people refinance their mortgage to a longer term and a lower interest rate to free up monthly cash flow to pay for other large financial burdens such as tuition. Would you rather save more money over the life of the loan and pay the mortgage off faster? Then maybe a 15 year mortgage would be right for you, as a very low rate could save you tens of thousands of dollars in interest payments. If you are considering refinancing your mortgage, here are a few questions you should ask yourself.
What is the Refinance Break-Even Period? We get asked this question all the time. Most people know that there are costs associated with refinancing your mortgage, and it will take some time for the savings to make up those costs. While the general rule of thumb is you should be fine as long as you plan to stay in your home the next 5 years, we recommend simply calculation. Take the costs associated with the loan and divide it by your projected monthly savings to determine how long before you break even on the mortgage. If you take a zero closing cost refinance option, then your break even point is zero months!
What Makes Up the Cost to Refinance My Mortgage? There are a lot of different fees and costs that make up the total closing costs on your mortgage. We will make sure this is clear and estimated accurate at the start of the process so you can see the full breakdown of the anticipated costs. One thing that you will have to make a decision on is the interest rate you choose. We will have multiple different rate options and the costs to get that rate. The lower the interest rate, the higher the closing costs will be and vice versa.
My Home Value is Rising – What Refinance Options Do I Have? Depending on your homes value and if you still owe more than it is worth, we will have a variety of refinance loan programs you can choose from. If you are underwater on your home, you may qualify for the HARP 2.0 Refinance Program and lower your mortgage payments. If you have gained equity, you’ll have more options available to you including a cash-out refinance. We’ll help break down each option and benefits that you qualify for.
No matter if you plan to purchase a new home in Oakland County or refinance your existing mortgage, we are here to help you make these tough financial decisions. Our large network of lenders we work with allow us to get you the most competitive rates in the market today. Give us a call and tell us your unique situation, and we’ll advise you on your options available to you.