Key Takeaways: As mortgage rates continue hovering near historic lows, many potential buyers are eager to make a move—but it can be hard to know which type of loan is best. There are dozens of different mortgage options available today, and some even have low down payment or credit score requirements. This can help a […]
A 20% down payment is a significant chunk of change. But with enough time to prepare and a little bit of creative budgeting, you’ll be able to save up for your new home sooner than you think. Follow these helpful budgeting tips to get started! Break Down Your Budget While it’s never a bad idea […]
For many first-time home buyers, the idea of a 20% down payment is terrifying. It’s one of the biggest obstacles to homeownership. Maybe you want to own a home some day, but the thought of saving up thousands of dollars for a home purchase has deterred you from seriously considering it. Believe it or not, […]
Mortgage Acronyms – OMG! Completing the mortgage process can be a daunting experience, especially for first time home buyers. Banks seem to use an entirely different language than the rest of us. Chances are you are already familiar with some common banking acronyms – DDA, ATM, ACH. We’ve described some others below that you may […]
As more millennials are preparing to buy a home, one issue is making it difficult for many — student loans. The Project on Student Debt calculated that just about 7 in 10 college graduates in the Class of 2014 had student loan debt, and on average each student had about $29,000 in loans. With mortgages often amounting […]
If you’re a home buyer, there have been recent changes to the closing process that you should know about. New regulations went into effect October 3rd, providing new loan disclosure forms that are designed to help you better understand the terms of your home mortgage before you close on your new home. That means if you […]
Before you start your home search, you want to know how much you can afford, right? There are two ways to do this: with a mortgage pre-qualification and a mortgage pre-approval. As a home buyer, the pre-approval is more valuable to you during your home search. How Pre-Approval Helps You as a Home Buyer One of […]
Mortgage Lender vs. Mortgage Broker So you’ve decided to purchase a new Ann Arbor home and have been researching the home buying process on the web. While reading through the many sites, blogs, and pages of information, you may notice the terms ‘Mortgage Lender’ and ‘Mortgage Broker’. While they are the same in many ways, […]
Do you know? You should! What’s on your credit report is more important than ever. It is reviewed when you apply for a loan to purchase a home or condo, submit an application to rent an apartment or home, or apply for credit or insurance. A prospective employer may even look at it when you […]
Ann Arbor Homeowners Beware! Mortgage scams are at an all-time, record high. According to FinCEN (Financial Crimes Enforcement Network), suspicious activity reports were up 31% from the first quarter of 2010. Although this sharp rise is in part attributed to cases going back several years that are just now being uncovered, there is a new […]
