Ann Arbor mortgage rates have been down for 8 weeks now. They moved up about .25% 2 weeks ago and just came back down the last few days. We should have rates in this range through most of the 4th quarter. What a great time to make an Ann Arbor home purchase and take advantage of these low rates! We are matching the lows of the year right now. Your buying power is worth $10,000 to $50,000 more in your purchase price with these rates. You can also buy FHA with as little as 3.5% down and we have several conforming programs with 10% down.
*Rates are based on a mortgage of $200,000, 80% LTV, no points and a credit score of 740 or higher.
Paradise or The Pits?
You’ve narrowed down the area and found the perfect Ann Arbor home. But have you really gotten to know the neighborhood? What seems like a utopia at first glance, may be the opposite once you do a little research. Here are a few tips for getting to know your prospective neighborhood and find your paradise.
- Make Multiple Visits. See the neighborhood at different times of day and on different days of the week. What seems like a quiet place during the day, may be filled with barking dogs and highway noise at night.
- Drive the Surrounding Area. Is there a power station or landfill nearby that you weren’t aware of? If you aren’t already familiar with the surrounding area, you may discover hidden aversions.
- Points of Interest. Find out where the nearest grocery stores, banks, and restaurants you frequent are located in relation to your subdivision. If you like to run to the store often, you may want your favorite close by. Where is the nearest hospital and fire station? Are there parks nearby? These are important things to consider in relation to your lifestyle.