Mortgage and Refinance Options in Plymouth, Michigan
Looking to Refinance or Purchase a Home in the Plymouth/Canton area? First Commerce Financial will work with you to achieve your home financing goals.
In Detroit’s western suburbs, the Plymouth/Canton area has become one of the region’s fastest growing communities and most desired places to live.
Plymouth’s vibrant downtown shopping area (pictured right), quaint Kellogg Park, highly-rated schools, and a sprawling four-diamond golf resort at the Inn at St. John’s, are some of the amenities attracting new homebuyers. And just south in Canton Michigan you’ll find the fabulous farmer’s market that is full of Michigan grown products!
Michigan mortgage rates are still at or near historic lows, making this a great time to enter the real estate market or take advantage of low rates to refinance. If you are considering a Plymouth Michigan mortgage, here are some ways First Commerce Financial can help.
Plymouth Home Loans: Buying A New Home in Plymouth/Canton Michigan
Home values in Plymouth and Canton are on the upswing. According to Zillow.com, last year alone, median home values grew by 15 percent! For homebuyers looking in this area, Michigan’s rebounding housing market is a good sign that your investment will continue to appreciate in value in the coming years.
It’s also true that a stronger housing market can make the home-buying process more competitive. To put yourself in the best position when the home of your dreams comes along, here are the basic steps to making that dream become a reality:
Get Pre-approved: How much house can you afford? What kind of home loan best fits your needs? Before you start shopping for a house, we can help you answer these questions. Having a mortgage pre-approval on hand gives you more bargaining power when negotiating, and can shorten the time it takes to have your offer accepted.
Work with a Realtor: Real estate agents help you narrow the playing field by showing you homes in your price range that meet your desired needs. Their services are free to you, so use them! If you need help finding a Plymouth/Canton real estate agent, we are happy to make referrals.
Make an Offer: As the metro Detroit housing market heats back up, be prepared for the possibility of making multiple offers before one is accepted. Working with a Realtor can help speed this process up.
Lock in Your Interest Rate: At First Commerce Financial, we work with our clients to make sure they get the lowest rate possible on their home loans. Please note that if a different mortgage company pre-approved your loan, our loan officers can still work with you to obtain a mortgage.
Refinancing Your Plymouth Michigan Mortgage
Rising home values and Michigan mortgage rates remaining near all-time record lows means it’s a great time to refinance. Not sure? Here are some reasons to consider a re-fi on your home mortgage:
Lower monthly payments: If you purchased your Plymouth home in previous years with a less than favorable mortgage rate, locking in at a lower rate can potentially save you thousands of dollars in the years to come. Lock in a low rate today and calculate the savings!
Safety from rising mortgage rates: Mortgage rates in Plymouth are low for now, but eventually rates will begin to rise again. If you have a Michigan mortgage with an adjustable rate, this means your mortgage payment could go up, too, depending on the terms. Refinancing from an adjustable rate to a fixed rate now can give you peace of mind for the future, no matter where rates end up. And pending on when you started your adjustable rate, you may even be able to lock in a fixed rate that is lower than what you already have!
Cash out refinancing: Many homeowners in Plymouth and Canton now find themselves with a surplus of equity in their homes, a complete reversal from only a few years ago when many Michigan mortgages were “underwater.” Is cashing out some of this equity the right decision for you? Our loan officers can look at your situation and help you make the best decision for you and your finances.
It’s Your Move – Make the Right First Step and Give us a Call!
Whether you’re in the market to buy a home or refinance, remember, it is never too early to speak with a loan officer about your needs and options. At First Commerce Financial, this first step does NOT cost you anything. Our local loan officers and mortgage specialists are here to 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 in Plymouth/Canton looking to refinance. We can help you, too! Simply drop us an email, give us a call, or stop on in and we’ll be happy to hear out your current situation!