Buying a home is a long term process. In other words, you don’t usually pay cash upfront and fully own the home. So you will have to qualify for a loan. There are different options for you, which makes it possible for so many people in different scenarios to be a homeowner. Whether you’re a veteran, a single parent, or someone with a lower credit score, there is a loan that will be ideal for you.
Fixed-Rate Loans
A fixed-rate loan is the simplest to understand because it doesn’t change over the loan period. Whether your repayment plan is over the course of 20 or 30 years, your monthly payment along with the interest will remain the same.
Adjustable-Rate Loans
Usually, an adjustable-rate loan will start out as a fixed-rate loan for the first five years. After a said time frame, the house payment as well as the interest will increase or decrease depending on the value of the index.
VA Loans
This loan is offered to military service members and is guaranteed by the federal government. Since this is the case, there isn’t a requirement for a down payment. The borrowers can receive up to 100 percent financing for purchase a home.
Local Homebuying Program
Washtenaw and Oakland counties have home buying programs that are helpful.
10 Ways to get out of Negative Home Equity
Here are 10 potential ways that a homeowner might be able to get out of negative equity: Wait for the value of the house to increase: If the value of the house increases, it may eventually be worth more than the amount that is still owed on the mortgage, allowing the...
Positive vs Negative Home Equity
Positive Equity: Positive equity in a house refers to the value of the house being greater than the amount that is still owed on the mortgage. In other words, if you were to sell the house, you would be able to pay off the mortgage and still have some money left over....
Winter is here, Is your home ready?
Winter weather can present a number of challenges and risks to homes, such as the risk of freezing pipes, roof damage from heavy snow, and water damage from ice dams. It is important for homeowners to take steps to protect their homes from these types of risks by...
When is a good time to buy a home?
It's generally a good idea to buy a home when you are financially ready and have found a property that meets your needs and desires. Whether or not it is a good time to buy a specific property in a particular location depends on a variety of factors, including the...