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Metro Detroit Real Estate Blog

This article will answer the most common questions about buyers closing costs, including some ideas for minimizing paying closing costs upfront.

"Will There Always Be Closing Costs?"

Yes, there are always closing costs. Whether you're the buyer or the seller or even refinancing, you're going to have closing costs. If you're the buyer, your mortgage closing costs account for about 2%-5% of the purchase price. If you're the seller, about 6% of the sales price will go toward paying realtor fees.

"Can I Roll Closing Costs into the Loan?"

 Typically, the only loan that allows you to include the closing costs into the mortgage is a USDA loan.

Home loans have a loan-to-value ratio (LTV ratios) that puts a cap on how much you can include

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When you're a first-time homebuyer, the first thing on your mind is probably, "how much homecan I afford?" and rightfully so! Knowing how much you qualify for is the first step to buying a home.

But here's another crucial detail to consider: should you buy a starter home or a forever home? 

STARTER HOME VS FOREVER HOME: WHAT'S THE DIFFERENCE?

You can think of a starter home as a jumping off point in homeownership. When you buy a starter home, you probably don't intend to live there for more than a few years. 

However, with a forever home, you'll likely plan on living there for many years --maybe even for the rest of your life! So when comparing the two options, have in mind how time you intend to live in the home and how that fits into your

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Your credit score is one of your most powerful tools for planning your financial future --mostly because it determines the terms of loans like mortgages.

Unfortunately, there’s a lot of misunderstandings about FICO scores, and it can lead you to miss out on the benefits of your credit.

Don’t miss out! Read on to find out the truth about what affects your credit score, and to start reaping the benefits of your credit, contact us!

We’ll match you with the perfect mortgage that will set you up for financial freedom in a place you finally call home.

Myth #1 Checking Your Credit Lowers Your Score

There's a difference between you checking your credit and a creditor checking your credit. When you apply for credit, the creditor conducts "a hard

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As a quick refresher, a HUD home is a foreclosed home that was previously financed by a government-backed home loan. However, most foreclosed homes on the market are bank-owned, not government-owned.

In some ways, the process of buying a foreclosed home is similar to other home purchases. For instance, you’ll want to know a few things before you start home shopping, like where your credit stands and how much home you can afford. Our team can easily help you with those details.

You’ll also want to partner up with a savvy realtor who can negotiate a great deal on your behalf. Call our office for local recommendations.

 

STEPS TO BUYING A FORECLOSED HOME

Step One: Get Pre-Approved

Foreclosed homes, sometimes called REO which is short for

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Saving for making improvements to your home is often the least expensive route, but it’s not always possible. Thankfully, you have other options for financing! Our business is in home loans, so you might already guess, that’s the option we recommend, but you don’t have to take our word for it.

Read about all your home improvement financing options --from traditional home improvement loans to peer-to-peer loans to cash out refinancing --and decide which is best for you!

Traditional Home Improvement Loans

These loans are financed by banks, credit unions, and a few online lenders. You’ll get a lump sum to pay for all the labor and materials for your home improvements, such as replacing your HVAC system or putting in a new pool.

Though the name

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Summer is almost here!  The weather isn’t the only thing that is heating up -- so is the competition for buying a home! Warmer months are a favorite time for home buying so don’t be surprised if you find yourself in a bidding war with other home buying hopefuls.

Afraid you’ll be outbid unless you offer more?

You don’t have to go over your budget to win in a home buying bidding war! There are other (lesser known) tricks for competing with other buyers.

But remember that it all starts with the right financing! Making an offer that’s backed-up by an approval letter is the number one way to compete with other home buyers. Get started with your home loan by clicking on the link at the top of this page.

BEST TIPS FOR COMPETING WITH OTHER HOME BUYERS

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Looking buy your first home? We're excited for you! We're sure that you have a lot of questions too, beginning with, "should my first home be a traditional house or a condo?"

That's an excellent question and one that our office has heard many times from other first-time home buyers just like you.

This article will help you understand the pros and cons of purchasing a house or condo as your first home. It'll help you weigh the difference so that you can feel good about your decision.

Remember, shopping for a home begins with applying for a mortgage! Get the process started now, and when you see your home or condo of your dreams, you'll be ready to purchase.

DECIDING BETWEEN A HOUSE OR CONDO FOR YOUR FIRST HOME

Pros of a Condo

Some condo

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exp-realty-novi-michigan-mark-z-real-estate-expertsIt's been 30 days now since I have left Keller Williams Realty in Novi, Michigan. There isn't a day that goes by now that I don't get multiple calls and emails from Realtors asking why I left Keller Williams after 12 years and a lot of success. Why did me and my team of 30+ Realtors and staff just pick up and leave? I have sold over 5,000 homes in my career and the last two years were the best years of my entire career selling over $200 MILLION DOLLARS consisting of over 900 transactions. Why in the world would I walk away from this right? I loved Keller Williams and always told myself if I left I would never do another franchise again. So why didn't I just do my own brokerage and keep 100% of the income instead of working for another brokerage? Both are

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Your Guide to Closing CostsIt's not uncommon for new homebuyers to forget that there additional costs on top of the listing price when it comes to home sales. Closing costs is a term that buyers will frequently hear as they tour each potential prospect and compare amenities, but they may not realize that closing costs can vary significantly from home to home. They may not even realize that they have a certain degree of power when it comes to who pays for them. For a better chance at being able to afford it all, see how closing costs breakdown.

Total Costs

Closing costs are usually between 2 – 5% of the original purchase price of the home, and include everything from real estate agent fees to property taxes. That's a big spread to work with—especially if the buyer

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If you have a large 401 (k) plan but aren't quite near retiring age, you may be considering using part of it to pay off your mortgage.

Seems like a good idea, but is it?

There is no "right" answer. Factors like how much you owe on your mortgage and your ability to pay back the amount you "borrowed" can affect your outcome. Just like any other financial decision, your best option is to find out the facts and weigh your options.

Read on to learn the facts about paying off your mortgage with your retirement fund.

Looking for ways to pay off your mortgage before retiring? Skip ahead to the "Refinancing" section below to find out how!

What is a 401 (k)?

401 (k) retirement plans offered by your employer. They're meant to help you save for

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