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Michigan Mortgage - What to Expect When Buying a Home in Michigan
Maybe youre buying your first home in Michigan, or perhaps youre relocating to Michigan from another state. Either way, its important that you educate yourself on Michigan home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Michigan:
In 2005, Michigan was the only state in the nation to report declining job-growth rates for consecutive years. Additionally, the personal income growth of Michigan residents is amongst the lowest in the nation, and rates of bankruptcies and foreclosures are above the national average. In 2004, downtown Detroit commercial office vacancies were the highest in the nation.
Weak employment conditions and slow population growth in Michigan have had an effect on the housing market. The rate of home appreciation in Michigan is well below the national average. Additionally, the price of homes in Michigan varies widely between zip codes. For example, in Detroit, Michigan, the median price of a home in the summer of 2005 was $160,000; however, in Ann Arbor, Michigan, the median price of a home was $225,000.
Michigan laws require that refinance transactions on sub-prime loans have a $10,000 minimum loan amount. Additionally, Michigan laws prohibit mortgage companies from requiring a borrower to work exclusively with them after an application has been submitted. Borrowers in Michigan are encouraged to sign a right of refusal so that they can choose another lender should problems arise with their first choice.
The Michigan State Housing Development Authority (MSHDA) is responsible for all home-buying assistance in the state of Michigan. MSHDA offers low-interest rate loans and down payment assistance to Michigan residents who qualify for the program under state income requirements and purchase limits.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Michigan Mortgage Rates and Loans.
More Useful Resource and Updates on home loans free mortgage refinance quotes
- National City offers lure to close home equity lines (Port Clinton News Herald)
CLEVELAND ? National City Corp., which is trying to recover from steep losses in the home mortgage market, is offering a $200 incentive to customers if they voluntarily close equity lines of credit that don?t have a balance.
- Mortgage sites may conjure quotes, play up privacy fear (The Oklahoman)
LOS ANGELES ? Mortgage lenders have raised the bar on what it takes to qualify for a home loan the past couple of years, but shopping for a loan online has actually gotten a bit easier, if not necessarily less confusing. Where mortgage-scouting Web sites traditionally required users to enter a swath of personal information to generate rate estimates, the newest sites offer users a way to ...
- Home foreclosures reach record high (Washington Post)
NEW YORK (Reuters) - Home foreclosures and the rate of homes entering foreclosure rose to record highs in the second quarter, the Mortgage Bankers Association said on Friday.
- Ways to tap home equity without taking on mortgage debt (Seattle Times)
Improbable as it sounds at a time when American homeowners have lost billions in equity holdings, a new industry is taking shape to help them tap portions of their equity wealth without incurring traditional mortgage debt or making interest payments.
- Effect Of Foreclosures On US Home Prices Small - NBER Paper (Nasdaq)
WASHINGTON -(Dow Jones)- Even though data Friday from the Mortgage Bankers Association indicated that U.S. foreclosures hit a record in the second quarter, that won't necessarily translate into big declines in home prices.
- A New Way to Tap Home Equity (Washington Post)
Improbable as it sounds at a time when U.S. homeowners have lost billions of dollars in equity, an industry is taking shape to help them tap portions of their equity wealth without incurring traditional mortgage debt or making interest payments.
- Two plead guilty to $10 million mortgage-fraud scheme (Bradenton Herald)
In an ongoing battle against mortgage fraud, two defendants have pleaded guilty in a scheme involving 25 properties and more than $10 million in fraudulent home loans in Broward County, according to federal prosecutors.
- Fixing Your Credit Score For A Sarasota Home Mortgage Loan (Turks.US)
It is best to use the funds you get from mortgage loans to purchase a home in Sarasota real estate to avoid any financial hurdles after the transaction.
- Mortgage troubles may not be limited to subprime borrowers (Corpus Christi Caller-Times)
As the economy falters and home prices fall, concern builds about a second wave of mortgage defaults stretching through 2010
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