Michigan First Mortgage Blog

Buying a Home as a College Student

By Annemarie Rogers, Mortgage Loan Officer

For most Americans, buying a home is the most expensive purchase they will make in their lifetime. It requires a steady income, responsibility, and discipline. But buying a home isn’t just about income. You will also need established credit and discretionary funds for the purchase. If you’re wondering how to manage your finances, education and homeownership goals while going to college, read on.

For traditional college students, pursuing higher education is often the first step to leaving their parents’ home. After living in a dormitory, many students will seek on-campus apartment and condo rentals. Campus housing …

FHA vs. VA Loans

By Julie Jardine-Potratz, Mortgage Loan Officer

An FHA loan is a good product for people who do not qualify for a conventional mortgage. If you are currently serving in the Armed Forces or are a veteran, you are fortunate to have another avenue in which to purchase or refinance a home. As a service member, you have the option of obtaining a VA loan, but is this your best option? That depends on your specific situation.

Positive changes were recently made to the VA home loan program. in January 2020, the elimination of VA loan limits and structural changes were made to …

Debunking Mortgage Misconceptions

By David Godin, Mortgage Loan Officer

When it comes to financing a home, there are hundreds of misconceptions floating around. Here are four of the most common misconceptions…debunked.

1. Getting Qualified for a Mortgage is Difficult

Loan requirements have three things in common: income, assets and credit. It is like a three-legged stool – if you are missing one of the legs, it doesn’t work. A good credit score will help because it is a reflection of your debt history. Remember to keep large purchases at a minimum while you are trying to obtain a mortgage loan. Making too many big purchases at …

Using Your Tax Refund for Home Updates

By Alan Crawford, Mortgage Loan Officer

So you are getting money back this year form the IRS? Congratulations! Now what to do with that refund – take a vacation? Pay bills? Save it? Why not spend it on home improvements?

People spend a lot of time in their homes, especially during Michigan winters, so why not make it better? Look around and think about which projects would make the most sense based on the property value return and your comfort level. Don’t forget to look at the outside too. How are those gutters? Do you have peeling paint? Do you have a …

Good Debt vs. Bad Debt

By Stacy Willison, Mortgage Loan Officer

When looking at debt, you might think that all debt is bad. However, there are certain types of debt that can be good for you.

Good Debt

Good debt is debt that has the potential to increase in value and/or is an investment in your future. For example, mortgages and student loans are good debt. A home’s value usually appreciates over time and student loans are considered an investment in your future. You are not alone in thinking that student loans are bad; most people dislike them. However, getting a college degree gives you the potential to …

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