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.
Interest Rates and Home Buying
When interest rates are high, it means that it will cost more for a home buyer to borrow money to purchase a home. This is because the lender will charge a higher rate of interest on the loan in order to compensate for the increased risk of lending money at a time...
Home Buying Tips
Learn about current issues in the home buying market before making any offers. By doing so, you can save hassle and grief as the homeowner. The city of Ann Arbor does not require an inspection of a home before the purchase. Therefore, it is up to the buyer to have one...
What is the Buying Process?
Step 1: Find a realtor A realtor’s job is to meet your needs during the process of buying a home. Step 2: Visit ideal homes The real estate agent listens to what you’re looking for and offers advice based on those principals. They will show you available homes that...