Michigan First Mortgage Blog

Furnishing Your Home on a Budget

By Mike Stotz, Mortgage Loan Officer

For many first-time homebuyers, the thought of furnishing a new home often gets lost in the excitement of the homebuying process. They have saved and budgeted for years to be able to come up with enough money for their dream home. A good loan officer will discourage the homebuyer from making any major purchases until after the loan closes, as to not jeopardize the mortgage approval. So how do you furnish your new home with depleted funds without going into debt? Here are a few tips:

Rank Purchase by Priority

Assess your current inventory to see what …

Conventional Loans Explained

By Jessica Smith, Mortgage Loan Officer

When financing a home there are many loan programs to consider such as FHA, VA, USDA Rural Development and conventional mortgages. They all have different advantages and unique eligibilities to obtain a mortgage. Let’s dive into some of the specifics and benefits of qualifying for a conventional loan.

Definition

Conventional mortgage or loan means that it is not insured or guaranteed by the government like a VA and FHA loan are. It’s actually backed by private lenders which can also mean they are riskier. Qualifying can be tougher than it is for government loans.

Down Payment

Historically, lenders have …

Ways to Pay Off Your Mortgage Early

By Jim Cook, Sr. Mortgage Loan Officer

I want to pay off my mortgage loan early. What should I do? Owning your home free and clear is a pretty big life goal for most of us and represents a satisfying accomplishment once done.

Before we talk about strategies you can employ to make this happen, let’s make sure this is the most prudent use of your money. It’s likely that if you have other consumer credit debt, those interest rates are higher than the rate on your mortgage loan. You may want to knock down higher-interest installment loans or revolving account balances …

What Home Insurance Actually Covers

By Bonnie Pappas, Mortgage Loan Officer

A standard homeowner’s insurance policy is made up of coverages that may help pay to repair or replace your home’s structure and belongings if they are damaged by certain acts, such as fire or theft. It may help cover costs if you accidentally damage another person’s property or if a visitor is injured at your home. It can also include damage caused by household pets. Insurance for condominiums generally covers your belongings, liability, and certain parts of the interior structure as defined by the condominiums by-laws or lease.

What Does Homeowners Insurance Cover?

Your place of …

Down Payment Assistance Programs

By Andrew Mroki, Mortgage Loan Officer

Tired of renting? Don’t have a lot of money to put down on a home? We have solutions.

One of the down payment assistance programs that we offer at Michigan First Mortgage is the MSHDA program. You can also get an FHA, conventional, VA, and rural development loan. You can qualify to get up to $7,500 in down payment assistance towards your required down payment and also cover closing costs. The member is required to use 1% of their own funds towards the transaction. MSHDA comes with a standard set rate which is controlled by MSHDA …

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