Michigan First Mortgage Blog

How to Manage Getting Married and Buying a Home

By Carrie Soffia, Mortgage Loan Officer

Congratulations on your upcoming nuptials! Wedding plans have begun and you decide to start looking for a new home to begin your life adventure in. Before making these two big commitments, consider your options, make a plan, budget accordingly, and don’t forget to breathe!

Consider Your Options

To buy or not to buy a home before your big day? That is one question to consider! Determine the financial impact it will have on your immediate future.  Some cost saving options would be asking family or friends to help out by gifting flowers, catering, and videography or photography …

The Perks of Refinancing Your Home

By Derek Thompson, Mortgage Loan Officer

A home is often one of the largest assets one will have in their lifetime, and it is critically important to use it to your advantage. Refinancing can potentially provide a homeowner various options that can be extremely beneficial, depending on their specific situation. Here are three main perks that most people consider when refinancing their mortgage:

Lower Monthly Payment

Many people consider refinancing their mortgage in an attempt to capture a lower monthly payment. Refinancing to a longer term can potentially decrease one’s monthly payment, due to the fact that the outstanding balance is being amortized …

What is Needed for a Pre-Approval?

By Diego Arteaga, Mortgage Loan Officer

Getting a mortgage might seem like an overwhelming task, but being prepared and having the right documentation upfront can make buying a home and obtaining a mortgage a smooth process. Getting pre-approved for a mortgage before you go home shopping isn’t required, but it is a good idea so your realtor knows what value of home to help you find and the seller knows you are a serious buyer.

When getting pre-approved, financial institutions want to see how likely you are to repay your mortgage; thus, they make their decision on three factors: income, assets and …

How Credit Affects Your Mortgage

By Zarine Torrey, Senior Mortgage Loan Officer

For some, home ownership is a critical part of the American Dream. There is a profound sense of pride and freedom that comes from owning a home, in addition to increased financial security. Buying a home is a major step in one’s life, and takes efficient planning.

Before you look for a home, it’s smart to check your credit scores, with a pull from the three major credit agencies. Your credit is one of the most important factors in qualifying for a mortgage. It also dictates what program you can qualify for, the amount of …

Refinancing Do’s and Don’ts

By Ted Lyons, Mortgage Loan Officer

Refinancing your home can be a great financial tool to lower your interest rate, shorten the loan term, decrease your monthly payment, or convert one sort of asset (equity in your home) into another (cash in your hands). Here are some tricks of the trade that can help you take advantage of this strategy:

What are the two basic reasons I might refinance my mortgage?

With some limited exceptions, most people refinance their home to lower their interest rate, shorten the term of their mortgage, or decrease the payment by extending the loan over a longer time (rate/term …

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