Purchase or Refinance Mortgages in West Bloomfield, Michigan
Know as the “Lake Township” of Oakland County, West Bloomfield is as good as it gets in Southeast Michigan.
Well known for it’s high-end, large sized homes and rolling hills, West Bloomfield Charter Township is a prime location for Southeast Michigan. It holds one of the more successful high schools in the area, as it was ranked in the top 6% of public schools in the country by Newsweek! Don’t forget to check out the numerous small and medium sized lakes in the areas. I personally remember growing up learning how to fish out on Cass lake, so I highly recommend the area!
Despite West Bloomfield being known as a wealthier area to live, it still suffered the wrath of the Michigan housing burst. Home Values dropped from an average of $317,000 in 2006 all the way down to $171k in 2010. You can find more data on West Bloomfield home values via the Zillow application here.
Purchase Homes in Hartland with a 0% Down Payment
The one major positive to come out of this crash is that now that the economy is strengthening and home values are on the rise again, homes in the area have become more affordable for some people. If you are interested in shopping for homes in West Bloomfield, you have to come to the table well prepared and knowledgeable about your situation to make the house hunting efficient and successful. Here is the steps you should take to get off to the right start:
Get Pre-Approved with a Mortgage Broker: This step is a absolute necessity in today’s current purchase market, you simply cannot buy a home without this piece of information! The realtor listing the home you want to buy will not consider your offer without it. More importantly, it gives you an exact reference to how much home you can afford and an idea of the monthly payments to help better understand your home buying budget. Find out what information you need to Get Pre-Approved today.
Hire a Realtor To Shop For Homes With You: West Bloomfield has a vast variety of homes for sale at all kinds of different values. A Realtor is going to have the local expertise and negotiating skills to help you find the home you’re looking for and get an offer accepted in a competitive market. Most importantly, their compensation is totally free as it is paid for by the seller! Ask a friend or your mortgage lender for a referral and find one you trust and feel comfortable working with.
Make an Offer and Start your Application: While it very well may take multiple offers on multiple homes to get one accepted in West Bloomfield due to the high competition, when you are ready to rock, so are we! We’ll get your mortgage application started and get the process started quickly as soon you can provide us with all your financial documents (if you got Pre-Approved with us, we already have it!) As a Mortgage broker, we have access to multiple different lenders so we can help you lock in the lowest rate for your new mortgage and order the appraisal. We’ll be in constant communication with you and all related parties to help get you closed on your mortgage and into your new home as fast as possible.
Refinance Your Mortgage in West Bloomfield to Pay Off Your Loan Faster
With home values in West Bloomfield one of the highest on average in Southeast Michigan, many people call us looking to save as much money as they can on their mortgage. Many folks simply look to pay extra on their mortgage each month as their only option to save money; and consider refinancing your mortgage as more of a failure. Let’s take a look at an example to debunk this theory:
25 Years left on Mortgage
Balance of $175,000 left
Interest Rate = 4.875%
Monthly Payment = $1,154.66
Suppose you decide you wish to pay an extra $100 a month on your mortgage payment in order to pay down the balance faster. As it turns out, by doing so you pay off the mortgage in just over 17 years. That is almost 8 years of mortgage free payments you just saved. Sounds great right? Well, let’s consider your option options. Suppose you also are considering refinancing your mortgage at the following terms:
15 Year Fixed Rate Refinance
$175,000 Loan Amount
Interest Rate = 3.5%
Monthly Payment = $1,251.04
The new monthly mortgage payment comes in almost exactly what your old payment was with the additional payment. And you pay off the mortgage in 15 years, slightly faster than your previous plan. Shaving off 2 more years on your mortgage may not seem like enough. But due to the lower interest rate, you end up saving over $34,000 over the life of the loan in interest payments. That number is no number to laugh at!
Paying extra on your mortgage is not a bad thing. That money goes right towards knocking down the principal of the loan. But the moral of the story is you need to look at all your options and consider refinancing to see which fits into your budget best. You can run similar comparisons like the one above by using our easy to use excelAmortization Schedule .
Talk to First Commerce Financial For Anything Related To Your Mortgage
No matter if you need to get Pre-Approved to buy a home in West Bloomfield or crunch the numbers to see if refinancing makes sense for you, we are here to help. Give us a call and we’ll be ready to listen to your unique situation and spell out all the options availbe to you.