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Buyer Tips & Mortgage News

Found 163 blog entries about Buyer Tips & Mortgage News.

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Many people these days have a college degree. In fact, according to the Pew Research Center’s analysis of Current Population Survey data, “four-in-ten millennial workers ages 25 to 29 had at least a bachelor’s degree in 2016.” When you compare this group to the baby boomer generation, who has a lower percentage of college graduates, you can see how society has shifted its norms and expectations. The baby boomer generation ranks third in education attainment while millennials are at the top.

With the growing trend towards higher education also comes the growing debt load. In 2018, the “outstanding student loan debt in the U.S. surpassed $1.48 trillion, almost one-and-a-half times what Americans owe on credit cards.”

Cartoon businessman carrying debt box on his back

With the student debt so

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Buying a new home is an exciting step, which can mean different things to different people. For some people, a new home purchase means financial independence. For others, a new home is a start to a new family or a new job. Whatever it may mean to you, it’s something to do with careful forethought. Since you’ll most likely be staying in your home for several years or maybe for good, you want to make the wisest financial decision. Approved mortgage application with keys on the paperwork

One of the strategies of purchasing a new home is to buy mortgage points upfront. Let’s take a closer look at how mortgage points work.

What are Mortgage Points?

Mortgage points are points you can purchase upfront that will lower your interest rate. They are often referred to as discount points because they give you a

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Purchasing a new home is often a challenging step for some people. Possibly a bad credit history is hindering you from taking the plunge to home ownership. Other people don’t have enough credit history established to get a loan.

Other individuals may have acceptable credit but plan to own the house with another individual such as a spouse. They may intend to repay the house together. Sometimes two people applying for a loan is more advantageous than just one person is.

Often, people have either a co-borrower or co-signer on their mortgage loan. Although these two terms may sound somewhat similar, they are entirely different. Each one serves a different purpose. Before you take the step of buying a new home, learn about the pros and cons of

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Selling or buying a home is a monumental step in life. Whether it’s your first or fifth time going through the process, it can be fraught with anxieties. Half the problem is finding the right type of realtor who understands your unique situation and who is experienced in real estate.

You need the best of all realtor qualities to have an excellent transaction, and sometimes that’s difficult to find. You may be wondering what to look for. Or ask yourself what is important in the scope of buying or selling a home. Let’s take a look at some qualities and techniques that make a realtor stand out.

Premier Services

If you are looking for a topnotch real estate agent who will get the job done, then you want a team that offers premier services. That

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Sometimes life situations dictate that you must downsize. You may choose to downsize because the kids are grown up and moved out and a smaller place is appropriate. Other times, however, downsizing needs to happen when you have a family, too. Maybe the cost of caring for a family and the current mortgage is too high. Maybe you’re moving to a new neighborhood that is more expensive, so you’ll need a smaller home to afford the same mortgage cost. Whatever the reasons, downsizing with a family and kids can be a bit more challenging.

Most people appreciate their space, especially when they have children running around. It seems like you can never have enough room when the kids are young and growing. So, what do you do when you need to downsize your home

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This Detroit-area neighborhood guide provides valuable information and insight to help you understand more about Detroit metro neighborhoods. Learn about other communities in the first part of this two-part series.

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Northville

This smaller city in the suburbs of Detroit is located in both Wayne and Oakland counties.

  • Population: 5,988 people.
  • Real Estate Data: Median home value is $356,705. There are 64% of single-family homes in this city.
  • Demographics: Almost 30% of the population is between the ages of 35 and 54, making it a good area for families.
  • Education: 63.3 % of residents are college graduates, while 97.9% are high school graduates.
  • Median Household Income: $99,052
  • Job Sector: The top tier of the workforce is divided
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Moving to a new neighborhood can be both an exciting adventure and a challenging prospect, especially when you know nothing about the community. This Detroit-area neighborhood guide provides valuable information and insight to help you learn more about the local neighborhoods that you can use when buying or selling a home.

Detroit Michigan Skyline

Ann Arbor

This larger-sized neighborhood is the sixth largest community in Michigan.

  • Population: 121,477 people
  • Real Estate Data: Median home value: $390,329; very hot rating from Zillow.
  • Education: 72.8 % of the residents are college graduates.
  • Median Household Income: $57,697, which is $2,375 above the U.S. average.
  • Job Sector: 93.24% of the workforce employed in white-collar jobs

 

Birmingham

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    If you are considering purchasing a bank-owned foreclosed property, then you these 15 facts will give help inform you about what to expect.  

    What is a Bank Owned Foreclosed Property?

    A bank forecloses on a property when the person paying the mortgage stops making payments. When someone takes out a loan on the house, the house becomes collateral in the event they don’t pay the mortgage. If payments become seriously delinquent, the bank steps in and terminates the equitable right of redemption. At this point, the bank takes back the house to sell it. In this way, they recoup some or all of the money owed.

    Don’t Expect Rock Bottom Prices

    People sometimes have the idea that a foreclosed property is going to sell for a rock bottom price. They

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    When determining how the housing market will perform, the economy provides us with clues. With our economy moving in a positive direction, there is not much worry for a housing crisis, recession, or even a housing bubble. The GDP was 3.4 % at the end of 2018, the unemployment rate is 3.9 %, which is low, and 312,000 new jobs were created in December. With all the positive momentum of a strong economy, people may wonder if this is an opportune time to either buy or sell a house. Does this type of economy indicate a buyer’s or seller’s market? Let’s dive into this topic deeper to understand how economic issues affect the housing market.

    Buy? Sell? Rent? Keep? card with sky background

    Understanding the Difference Between a Buyer’s and Seller’s Market

    When determining whether we are in a buyer’s

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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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