If this is your first time buying a home, you better brace yourself for the experience can be daunting and stressful. Imagine making the biggest purchase you may ever make in your lifetime and having all your personal and financial information scrutinized in detail.
Stress levels may reach an all-time high as home prices in Michigan continue to soar. The average home is selling for 20 to 25% more than they were 3 years ago. This means that you may need to buy a home in Michigan with a jumbo loan.
We share some tried and tested tips to lessen the stress in your home-buying journey.
Credit scores can impact your loan application and, eventually, mortgage approval. Requesting a copy of your credit reports from the Big 3 would be beneficial as you can check if all the information is up-to-date and accurate.
If your scores are lower than ideal, you should consider working to improve them before applying.
You can use a Michigan mortgage calculator to find out how much you’ll pay monthly for your loan.
In a highly competitive market like Michigan, a pre-approval letter on hand can give you the advantage when making an offer. Sellers will consider your offer over the rest who don’t show pre-approval letters since there’s some assurance that you can afford to pay for the home.
This can alleviate the stress and gives you more confidence as you begin shopping around for a home. Click here to get pre-approved for a home loan in Michigan.
If you are a first-time home buyer, you can ask other homeowners about their experiences and learn from their mistakes, if any. If you have a friend or family member who recently bought a home in Michigan, you can discuss how things went.
During the pandemic, buying a home without an inspection has become a trend that you should not follow. Buyers have been placing offers with no conditions without thinking that they may encounter huge problems down the road.
Home inspections can determine if the home you’re eyeing has major structural, plumbing, electrical, or roofing issues that may cost thousands of dollars to repair or replace.
If you feel like a jumbo mortgage in Michigan is a good option. Contact us for more info.
In a hot market like Michigan, working with an experienced and reliable lender can surely reduce the stress involved in the home-buying process. You don’t have to worry about getting the best deals and rates, plus the best type of loan option that fits your situation.
If you are buying a luxury home in Michigan, apply for a jumbo home loan by Reliance Financial Group.
We would love to be part of your journey to becoming a homeowner. Get in touch by calling or sending us a message today.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 137288
www.nmlsconsumeraccess.org
3501 Rochester Rd
Troy, Michigan 48083
Phone: (248) 687-5250
Hours of Operation: 9:00 AM to 6:00 PM (EST)
info@rfgusa.com
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