Michigan First Mortgage Blog

The Benefits of a VA Loan

Military homebuyers and their families have access to one of the most unique loan programs. VA loans are guaranteed for almost all veterans, reservists and active service members by the United States Department of Veterans Affairs. A VA loan can be used to purchase a primary residence, including single-family homes, condominiums, multi-unit properties and more.

While there is a wide range of eligibility, minimum guidelines and requirements, there are many perks once you’ve been cleared.

No Down Payment, No Problem

Conventional homebuyers are always required to make a down payment, sometimes up to 20%. If you’re approved for a VA loan, you won’t …

Home Equity Loans and Home Equity Line of Credit (HELOC)

Home equity is determined by the market value of a home after the property owner has paid off all debts – like interest and mortgage. The terms “home equity” and “home equity line of credit” may sound the same, but both loans operate in very different ways.

Home Equity Loan

This type of loan operates like an auto loan – meaning that when you get approved, you get the total deposited into your bank account in one lump sum. Borrowers are subjected to monthly payments, which include principal and interest. It’s important to note that you are borrowing against your home’s equity. This …

3 Things to Know About Mortgage Insurance

 

What is mortgage insurance and how does it work? Mortgage insurance is designed to lower the risk to the lender. With mortgage insurance, you may qualify for a loan you might not be able to get otherwise. It’s primarily for home buyers making a down payment of 20% or less. While it does increase the cost of your loan, it will be calculated into your monthly mortgage payment, so you most likely wouldn’t be making a separate payment to another company.

What to know:

Mortgage insurance is designed to protect the lender. Unlike other forms of insurance, like medical or auto, mortgage insurance …

The 6 Homes You Meet When House Hunting

House hunting…not quite as easy as they make it out to be on TV. Finding your perfect house can take patience and open house after open house. When looking for a home, here are the six types of homes you’ll find.

The Fixer-Upper
This is the home that makes you say things like “we could fix this ourselves,” when you’re not handy at all. It is a good deal, but can you update everything by the time you move in?

The Overpriced Dream
This is the house that has everything you have ever dreamed of. It’s perfect, except for that price tag. You might …

Winter is Coming: Get the Most From Your Homeowner’s Insurance Claims

In Michigan, we can get some crazy weather during the colder months, which can lead to home damage. Leaks, floods, ice damage, roof problems from snow accumulation, or even freeze-thaw damage can wreak havoc on your home. If the damage is great enough for you to file an insurance claim, here are a few ways to make sure you’re maximizing the payout you should get with your policy:

Review your policy – thoroughly.

Understand your coverage prior to an emergency, so you’re not scrambling to figure out what’s covered when your roof starts leaking during a big thaw. Sometimes you’ll find you’re …

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