Michigan First Mortgage Blog

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How to Buy a Home After a Foreclosure

By Kristian Jorgensen, Mortgage Loan Officer

If life has taken you down a rocky road that resulted in a foreclosure, it’s not a dead end. Buying a home again is possible for you. Here you will find the necessary information to use as tools to dig yourself out of the ditch and get back on the road to homeownership.

Waiting Period

A certain amount of time must pass after the foreclosure is complete before you will be able to buy a home again. These waiting periods differ depending on the loan program. However, there is a unique program with Michigan First Mortgage that …

How to Get the Most out of Your Starter Home

By Jim Cleer, Mortgage Loan Officer

So you’re in the market to purchase your first home. If you’re like most young people these days, it will not be the home of your dreams or the first and only home you purchase. Outside of the usual considerations such as location and price, how do you position yourself to get the most out of your home when you are ready to sell? Based on the assumption that homes typically gain in value over the years, there are a few things to look for in your starter home that can help you maximize the …

Ways to Reduce House Hunting Stress

By Zarine Torrey, Mortgage Loan Officer

One of the most stressful decisions in your life will also be one of the most important decisions in your life. It’s not picking the right college or choosing the perfect partner, but it’s choosing your home! It can be overwhelming, but if you put these tips in action you can make the process of finding your dream home manageable.

Consider your finances – buying a home is a big purchase and a big commitment. Make sure you are comfortable making that mortgage payment and if needed, you are comfortable with putting money aside for home …

Buying a Foreclosed Home

By Annemarie Rogers, Mortgage Loan Officer

Buying a foreclosed property can be a great way to get a good deal on a home, but the process of buying a foreclosed home doesn’t come without its challenges. While foreclosed properties can be a good deal, it’s important to know how buying a foreclosure can impact the mortgage process and which financing options you have.

When a home falls into foreclosure, the homeowner had a mortgage and was unable to make the payments. When a homeowner is behind on their mortgage, they may be financially unable to complete basic maintenance items that affect the …

Budgeting for Upfront Mortgage Costs

By Ted Lyons, Brighton Branch manager

When it comes to the funds needed to close on a home purchase, generally everyone knows one of the biggest components – the down payment. But when contemplating a home purchase it is important to remember that there are other funds needed as well including:

Reimbursing the seller for property taxes paid in advance
Setting up an escrow account for future taxes
The first year’s home owner’s insurance premium, which is collected at the closing
Setting up an escrow account for future insurance premiums
Costs (appraisal, title closing fee, title insurance, and county recording charges, …

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