Michigan First Mortgage Blog

Home Equity 101

By Justin Hooker, Mortgage Loan Officer

What is home equity and how can it help you? Equity is the difference between how much your home is worth and all debts against it, or simply the portion of your home that you actually own. A home equity loan or home equity line of credit, often referred to as a “second mortgage,” allows you to borrow money against your single biggest asset. This can come in handy if you’re looking to pay off high interest debt, want to do some home improvements, need a down payment for another home, or simply want access …

Buying a Home with Someone You’re Not Married To

By Okenwa Aguwa, Mortgage Loan Officer

Is it possible to purchase a home with someone you aren’t married to? Of course it is. The process is a little different, but in the end you can own a house and be on a mortgage loan with another person who isn’t your spouse.

Here are some important factors to consider if you are planning on taking this route:

Both borrowers must have qualifying credit scores and income, combined assets, and meet program guidelines to be approved for the mortgage.
Determine how the title will be held (the ownership rights).
Consider creating a legal contract …

Should you Buy a House Now or Wait until you have 20% Down?

By Zarine Torrey, Senior Mortgage Loan Officer

There are many things to think about when purchasing a home. Do I make enough money? Is my credit score good enough? How much do I need to put down to buy a home?

There are a variety of programs with down payment options that come with advantages and disadvantages. Sometimes, putting down 20% has big benefits, but not always. There are some programs that offer zero to very little down. Which is best for me?

Putting less than 20% down on a home:

Advantages:

A lower upfront investment will get you into a home sooner.
In …

What Are Seller Concessions?

By Kyndal Mcallister, Mortgage Loan Officer

Have you ever wondered about closing costs on a purchase transaction? Have you ever needed help paying them? One of the ways to get help on purchase transactions is through seller concessions. Seller concessions are a portion of the proceeds from the sale of the home that the seller can choose to give to the buyer. It is limited to a certain percentage of the purchase price based upon how much money you, the buyer, is putting down for down payment. Essentially, the more you put down the more they can give you, but you …

How Interest Rates Affect Your Mortgage

By Zack Atakishiyev, Mortgage Loan Officer

Mortgage interest rates are something every homebuyer must think of when looking to obtain financing. Too often, consumers find themselves focusing on rates and nothing else. Well, what is a mortgage rate? A mortgage rate or interest rate is the amount of interest you will pay the bank on borrowed money in a form of a percentage. A mortgage interest rate is one of many components that is used in calculating a monthly mortgage payment. In many cases, it could be the biggest portion of your payment, so doing your homework is always a good …

More Articles

Older Posts