Homeownership
Metro Detroit’s Crazy Housing Market – What It Means To Michigan Homeowners What a ride it has been for those of us who have chosen to “stay” and ride it out here in the great state of Michigan. The double whammy of the automotive collapse and then the housing collapse has left many folks in [...]
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18 Months of Home Value Growth Has Opened Up Refinance Options for Michigan Homeowners It is no surprise that the home values continue to rise here in Southeast Michigan. This trend has been going on for over 18 months now and does not appear to be stopping anytime soon. We have witnessed strong home buyer confidence [...]
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HARP 2.0 is allowing Michigan Residents to Manage their Mortgage There were over one million U.S. homeowners who took advance of the Home Affordable Refinance Program in 2012. In January of this year, close to 100,000 homeowners refinanced their mortgage using HARP to improve their financial situation. It was recently released that the deadline for [...]
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Low Mortgage Rates Allow “Fence-Sitters” to Now Act It has been predicted that mortgage rates would slowly creep back up in the 4s by the end of the year. However, we are experiencing a window of the lowest rates ever. For the fifth consecutive week, mortgage rates have dropped. If you are buying a home, [...]
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How do I know if I am prepared for my Closing? Whether you are preparing to close on a purchase or a refinance transaction, it is always important that you understand the scheduling of the “Close” for the loan. Michigan is a Non-Escrow state, which means documents are dated for a specific date and borrowers [...]
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Mortgage Brokers Bring More to the Table When you are looking to receive a mortgage loan, what is the first thing you ask yourself? Who will offer me the lowest rates? Who will contact me the quickest? Who has the best form of communication? We find that most people call their current lender first because [...]
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With Historic Low Mortgage Rates, Refinance Applications Still Dominate Purchase Applications Since we are currently witnessing historic low mortgage rates, refinances have been booming. Refinances are currently making up 75% of mortgage loans in Michigan. People are chomping at the bit to take advantage of these rates and to lower their monthly mortgage payments. However, [...]
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Is This A Sign That HARP 3.0 May Be Coming? The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to extend the HARP Refinance Program by two years to December 31, 2015. The original expiration date was set for December 31, 2013. We are expecting a breakthrough that would introduce a potential HARP [...]
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Will I Need a Home Appraisal with a HARP 2.0 Refinance? As part of the mortgage approval process, mortgage lenders often verify the value of a home with a home appraisal. However, there are two different types of refinances that usually don’t require an appraisal. Click here to view today’s Michigan Mortgage Rates The recent [...]
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When Looking to Refinance or Sell a Home, Home Equity is Key Home equity is the main reason why so many homeowners are currently underwater. During the housing boom, the popular thing to do was to use your home equity as an ATM to pay for a new car, student tuition, etc… Click here to [...]
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