Furnishing Your Home on a Budget
By Mike Stotz, Mortgage Loan Officer
For many first-time homebuyers, the thought of furnishing a new home often gets lost in the excitement of the homebuying process. They have saved and budgeted for years to be able to come up with enough money for their dream home. A good loan officer will discourage the homebuyer from making any major purchases until after the loan closes, as to not jeopardize the mortgage approval. So how do you furnish your new home with depleted funds without going into debt? Here are a few tips:
Rank Purchase by Priority
Assess your current inventory to see what ...
Conventional Loans Explained
By Jessica Smith, Mortgage Loan Officer
When financing a home there are many loan programs to consider such as FHA, VA, USDA Rural Development and conventional mortgages. They all have different advantages and unique eligibilities to obtain a mortgage. Let’s dive into some of the specifics and benefits of qualifying for a conventional loan.
Conventional mortgage or loan means that it is not insured or guaranteed by the government like a VA and FHA loan are. It’s actually backed by private lenders which can also mean they are riskier. Qualifying can be tougher than it is for government loans.
Historically, lenders have ...
What Home Insurance Actually Covers
By Bonnie Pappas, Mortgage Loan Officer
A standard homeowner’s insurance policy is made up of coverages that may help pay to repair or replace your home's structure and belongings if they are damaged by certain acts, such as fire or theft. It may help cover costs if you accidentally damage another person’s property or if a visitor is injured at your home. It can also include damage caused by household pets. Insurance for condominiums generally covers your belongings, liability, and certain parts of the interior structure as defined by the condominiums by-laws or lease.
What Does Homeowners Insurance Cover?
Your place of ...
Down Payment Assistance Programs
By Andrew Mroki, Mortgage Loan Officer
Tired of renting? Don’t have a lot of money to put down on a home? We have solutions.
One of the down payment assistance programs that we offer at Michigan First Mortgage is the MSHDA program. You can also get an FHA, conventional, VA, and rural development loan. You can qualify to get up to $7,500 in down payment assistance towards your required down payment and also cover closing costs. The member is required to use 1% of their own funds towards the transaction. MSHDA comes with a standard set rate which is controlled by MSHDA ...
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 ...