Michigan First Mortgage Blog

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Are You Ready for a Mortgage? Questions to Ask Yourself

By Diego Arteaga, Sr. Mortgage Loan Officer

Most people plan to buy a house at some point in their life, but how will you know if you are ready? If you do not have enough cash on hand to buy a house, you are going to need a mortgage. Are you ready to get a mortgage? Here are four questions to ask yourself:

Do I have a good credit score?

Having a good credit score will make getting a mortgage much easier. Having a strong credit score shows your willingness and likeliness to pay the mortgage. Therefore, it’s much easier for a financial …

Understanding APR

By Tony Dankha, Mortgage Loan Officer

If you have a credit card or any type of loan, chances are you’ve heard the term “APR.” It’s important to know what those three letters stand for, and understanding APR will help you make better financial decisions for your future.

APR stands for Annual Percentage Rate, and it is an annualized representation of your interest rate. The lower an APR on a credit card, the less expensive your transactions will be over time.

In order to better understand how APR works, we should look at how it’s applied and how it’s calculated. Generally, credit card companies …

What Happens After you Pay Off Your Mortgage

By Andy Towne, Plymouth Branch Manager

Congratulations! You did it. You paid off your mortgage. So, now what? Over the coming weeks, there are many things to be done so you can enjoy your home free and clear.

Deed of Trust and Note

If you remember when you originally signed your mortgage paperwork, there were two documents labeled the Deed of Trust and the Promissory Note. The Note set forth the terms of the agreement and the Deed was the vehicle by which the security interest, or lien, was filed at the county. In the coming days, you will be receiving something from …

How to Build Home Equity

By Zarine Torrey, Sr. Mortgage Loan Officer

There are many advantages of owning a home, such as pride of ownership, federal tax benefits, improving your credit score and having an asset that you can pull from financially when needed. You can use the equity you built up to pay for a major home improvement project, eliminate high interest credit or even pay for a wedding or college expense. Home equity is defined as the difference between the home’s fair market value and the outstanding balances of all liens on the property. There are many ways to build equity in your home. …

Mortgage Tax Breaks

By Jim Cleer, Mortgage Loan Officer

Thinking of buying a home, but not sure if renting may be a better option for you? There are upsides to both, but homeownership provides you with some incredible tax advantages. Check out these important tips and notes below:

Mortgage interest is tax deductible. Most people know this, but may be unaware that with recent changes to the law, interest on the first $750,000 of the loan is tax deductible. The old limit was up to $1,000,000. Also, while home equity loans and lines of credit used to be tax deductible up to the value …

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