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Blog Image: Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

When you are in the market for a mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals. Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - loan with a fixed interest rate, a rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly payment, as well as your inte...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Adjustable Rate Mortgages, Refinancing a Home, Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

Blog Image: Should I Pay Mortgage Points?

Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

Blog Image: 4 Things Every Borrower Needs to Know About Mortgage Brokers

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Michigan, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

Blog image: MI Home Loan - Down Payment Assistance

MI Home Loan - Down Payment Assistance

  MI Home Loan Program Description & Requirements For many potential homebuyers, especially First-time buyers, the down payment can be difficult. The MI Home Loan—combined with the Michigan Down Payment loan is designed to make it a little easier for qualified homebuyers. This combination provides up to $7500 Down Payment Assistance to first time buyers to help them achieve homeownership. MI First Home Loan Program Description Up to $7500 Down Payment Assistance (0% interest, no payment loan) $224,500 Purchase Price limit Available to First Time Hom...

February 20th, 2018 | Down Payment Assistance, First Time Home Buyers, MI Home Loan - Down Payment Assistance

Blog image: How to Win in a Multiple Offer Situation

How to Win in a Multiple Offer Situation

  How to Navigate Multiple Offer Situations You have toured your dream home. Before you have a chance to make an offer, you are notified that the Seller is expecting multiple offers. What’s next? How can you increase your chances of getting your offer accepted? This situation is one, that if properly navigated can turn out fruitful for the buyer. It is a perfect example of how the human aspect of the transaction comes into play; and moreover, why it is important to have the right team behind you and your offer.  Any great agent will tell you the first step in ma...

February 9th, 2018 | Real Estate, Michigan Real Estate, Buy A Home Michigan, Multiple Offers, How to Win in a Multiple Offer Situation

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Michigan First Time Home Buyers

Michiganfirsttimehomebuyers.com is a team of brokers operating under Fagin Enterprises Inc. brokerage and is not a bank or mortgage lender.