Michigan First Mortgage Blog

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What is a Federal Housing Administration (FHA) Loan?

By Sabrina Maas, Mortgage Loan Officer

A Federal Housing Administration (FHA) loan is a mortgage that is insured by FHA and issued by an FHA-approved lender. FHA loans are designed for low-to-moderate-income borrowers.

You can borrow up to 96.5% of the value of a home with a FHA loan. This means you’ll need to make a down payment of 3.5%. You’ll need a credit score of at least 580 or higher to qualify depending on individual investor/lender requirements.

With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant for down-payment assistance or a …

How Does Mortgage Refinancing Work?

By Jeff Sugar, Mortgage Loan Officer

When you refinance your mortgage, your lender will pay off your previous home loan completely so that you are only left with the refinanced mortgage. The application process and submission requirements are generally the same as with a standard mortgage. You will need to have your home appraised, submit financial documents, and pay closing costs to complete the process. There are many reasons why people choose to refinance, but one of the main objectives is to save money.

If you’re having trouble making your monthly payments, knowing how to refinance a mortgage can be a smart …

Are You Ready for a Mortgage? Questions to Ask Yourself

By Diego Arteaga, Sr. Mortgage Loan Officer

Most people plan to buy a house at some point in their life, but how will you know if you are ready? If you do not have enough cash on hand to buy a house, you are going to need a mortgage. Are you ready to get a mortgage? Here are four questions to ask yourself:

Do I have a good credit score?

Having a good credit score will make getting a mortgage much easier. Having a strong credit score shows your willingness and likeliness to pay the mortgage. Therefore, it’s much easier for a financial …

Understanding APR

By Tony Dankha, Mortgage Loan Officer

If you have a credit card or any type of loan, chances are you’ve heard the term “APR.” It’s important to know what those three letters stand for, and understanding APR will help you make better financial decisions for your future.

APR stands for Annual Percentage Rate, and it is an annualized representation of your interest rate. The lower an APR on a credit card, the less expensive your transactions will be over time.

In order to better understand how APR works, we should look at how it’s applied and how it’s calculated. Generally, credit card companies …

What Happens After you Pay Off Your Mortgage

By Andy Towne, Plymouth Branch Manager

Congratulations! You did it. You paid off your mortgage. So, now what? Over the coming weeks, there are many things to be done so you can enjoy your home free and clear.

Deed of Trust and Note

If you remember when you originally signed your mortgage paperwork, there were two documents labeled the Deed of Trust and the Promissory Note. The Note set forth the terms of the agreement and the Deed was the vehicle by which the security interest, or lien, was filed at the county. In the coming days, you will be receiving something from …

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