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Market Stats

Metro Detroit Real-Time market updates including graphs with statistics including median prices, inventory levels, days on market and much more for various cities in Metro Detroit.

Found 60 blog entries about Market Stats.

Housing Market Projections The new year ushered in a variety of changes for the United States. With a new administration and a generally healthy economy, 2017 poses unique challenges as well as attractive opportunities for people who are aiming to buy a home. Whether thinking about buying a home for the first time, moving to a new city, or downsizing, it benefits the process to be educated on the current real estate climate.

Here are 7 home buying trends that may affect your plans on purchasing a house in 2017.

1. Credit Standards are Loosening Up

After the mortgage meltdown in 2008, lenders tightened credit standards to a never-been-seen-before point. The credit score needed to buy a home during that period rose significantly, and buyers with even mediocre credit

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Now that the economy and housing markets are recovering and becoming stronger again, many homeowners are looking at home equity loans and/or lines of credit in order to upgrade their home, pay off debt or make large purchases. Like any loan, there are some great ways to use home equity loans and lines of credit, and some not so great ways to use that money.

What are home equity loans and lines of credit?

Home equity loans are loans which are based on and tied to the amount of equity you have in your home. In a home equity loan, you use the equity in your home as the collateral a bank or lender will often require before loaning you money. You borrow based on the amount of equity you have in your home.

A home equity line of credit, or

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If you own investment property, your aim is likely to make a profit, right? Or, at least, not to lose money each month whether you rent your property on a monthly basis or have a seasonal vacation rental. One of the best ways to decrease your monthly mortgage on your investment property and boost your profit each month is to refinance your mortgage at a lower interest rate.

With the rebounding housing market across the country and a hot rental market in many areas of the nation, lower interest rates coupled with higher rental rates could result in you having that investment property paid off before you know it. But, is it even possible to refinance a rental or investment property that you don’t live in? The answer is yes!

How can I refi my

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If you’ve never shopped for a mortgage before, you might find the information and options overwhelming. You’ve got conventional fixed rate mortgages for various terms, government-backed or guaranteed mortgages like FHA, VA and USDA loans and adjustable rate mortgages, or ARMs, for various terms and lengths. What’s the best option for you? In order to determine what your best mortgage option is, you’ll want to compare the types of mortgages.

What is a fixed rate mortgage?

A fixed rate mortgage, which is also often called a “conventional mortgage”, is what you most likely think about when you think about mortgages: you pay a fixed interest rate for the term of the mortgage loan, which is usually 15 or 30 years, although some lenders also offer 20 year

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Some of the most popular New Year’s resolutions are financial promises and plans for the coming year. Is buying a home or financially preparing yourself to buy a home on your radar for 2016? If so, the best way to ensure that you reach that goal is to be proactive and start working towards your goals as soon as you can.

Mortgage interest rates are currently still low and experts don’t believe that they will rise sharply anytime soon, so if you’re interested in buying a new home 2016 is likely to be a great year to do that! With rental markets around the country heating up, 2016 looks to also be a great year for those with homes to list on the market. Whether you’re just looking to get yourself ready to be in the position to buy sometime in the future,

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This month the federal government, via the Federal Reserve, increased its benchmark interest rate for the first time in nearly a decade. After years of historically low mortgage loan interest rates, what does this rate increase mean for future homebuyers? The good news is that this increase may not mean that you’ll see mortgage loan interest rates go up immediately – and certainly not at rates that correspond directly with the federal increase.

This interest rate hike was widely expected – both in terms of its timing and its amount. As with any market change, there will be some initial volatility as people react to the change and start to prepare for the future. However, because mortgage interest rates have been so low for so long, many people are

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Rates are considerably low right now, so if you are paying more than you would like for your mortgage, you may want to consider refinancing. Refinancing is great because it allows you to lower your monthly mortgage rates, which can sometimes translate into hundreds of dollars of savings per month. Here are 5 tips for refinancing your mortgage:

Do Your Research.

Before you refinance your mortgage, you will need to do some research on the new and low rates you could refinance to. You should also do some research on lenders to decide whether or not you want to refinance with your current lender or a new lender.

Do a Cost-Benefit Analysis.

While your refinance could save you money in the long run, you need to assess whether or not it's worth it

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Many mortgage lenders offer flexible repayment terms not seen in the past, including 10, 15 and 20 year repayment options in addition to the traditional 30 year mortgage loan. With mortgage loan interest rates at near historic lows, paying off your loan early doesn’t have the huge incentive it used to when mortgage rates were high, even for those individuals with great credit; but, paying off your loan early can still save you thousands over the lifetime of your loan, or even more!

Although there many ways to pay off your loan early, and different strategies that people employ based on their individual financial situations, we’re pulled together 3 of the easiest and most effective ways to pay off your mortgage loan early.

Round up your monthly

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There are many advantages to owning your own home, and one of the rewards that homeowners typically enjoy comes at a normally stressful time of the year: tax season, in the form of a lowered tax bill thanks to deductions you are able to take on your home!

 If you’re a first time homebuyer, you might be unaware of the tax deductions you are able to take on property and real estate that you own, so we’ve compiled our top 3 tax tips and hints that as a first time homebuyer you should know about:

 Itemize your federal return

 In the past you might have just used the standard deduction offered to taxpayers each year when you filed your taxes. Once you own a home, however; it will likely make better financial sense for you to itemize your taxes

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When you look into the types of mortgage loans available on the market, you have either loans that are insured (or, backed) by the federal government, or those offered by private mortgage lenders such as banks, credit unions or other lending institutions. 

Loan options that are backed by the government include FHA loans and VA loans, guaranteed by either the Federal Housing Authority or the US Department of Veterans Affairs. 

All about Conventional Loans

Term: Conventional mortgages are generally offered in term of repayment periods of either 15 or 30 years, although some lenders also offer terms of 20 years. 

Credit Needed to Qualify: The credit score you’ll need to have to qualify for a conventional mortgage will vary somewhat

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