Michigan First Mortgage Blog

Buying an Investment Property

By Bonnie Pappas, Mortgage Loan Officer

Real estate has been very lucrative to a lot of people. However, you best be well versed before jumping right in with all of your money. Below are some things to consider before you start.

Are you ready to be a landlord? Do you know your way around a toolbox? Are you a good handy person with drywall repairs, unclogging a toilet? People starting in the real estate mostly do all of their own repairs. Otherwise you will eat into any profits.

Pay Down Debt First. Don’t put yourself in a position where you lack the cash …

How to Buy a Home if You’re Self-Employed

By Grant Spencer, Mortgage Loan Officer

Buying a home can be a complex endeavor for anyone, but add the additional aspect of being self-employed and the process can get complicated. When buying your new home as a self-employed person, there are some things you should know ahead of time.

It’s not what you make, it’s what you claim. Like most small and medium sized business, the income a lender will use to qualify you isn’t based on how much your business made, but rather  how much was claimed to the IRS after deducting business expenses. If you’ve made 1 million in net …

How to Use Gift Money for your Down Payment

By Parker Aiken, Mortgage Loan Officer

If you’re looking to become a homeowner and find yourself struggling to save enough money for your down payment, a generous relative or friend can help by gifting you money. The gift must be documented properly through financial statements and a gift letter. When using a gift you will need to follow the steps your loan officer lays out in order for this to be executed correctly. One thing to remember is that a gift can only be used when you’re purchasing a primary residence or second home. If you know a gift will be …

What to Do With Your Parents’ Home When They Pass

By Stanley Zajdel, Mortgage Loan Officer
The passing of one’s parents is a difficult time. The most important thing you can do is take time to grieve. Try not to make any important decisions about your parents’ home until you are in the right state of mind. Once you are ready, make sure the estate has been through probate and has passed on to the proper heirs and beneficiaries according to their will. Consult with an attorney to handle probate. It can be a complicated process, but doing it right the first time will save you unwanted frustration and money in …

Why You Should Buy a Home with a Real Estate Agent

By John Fitzgerald, Mortgage Loan Officer 

So you have decided that it’s time to make a move! Whether you are purchasing a home for the first time or the sixth time, buying a home is an exciting event. Fortunately, a real estate agent acting as your buyer’s agent can help you navigate the process and allow you to focus on everyday life, all while planning your eventual move to your new home. Let’s discuss how your local realtor can help you find the right home for you and your family.

Better Access to More Information

Realtors help you navigate the home buying process …

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