Buying a home and expecting to save money is a complex process that requires the proper knowledge and guidance from an experienced and trusted lender.
If you want to save money on your home loan application, you've come to the right place.
While home prices are dropping steadily in 2023, they still remain on the higher end, so it's essential for borrowers to save wherever possible when buying a new home.
Working with a mortgage professional that provides tools and resources to simplify the process and help borrowers make informed decisions to save money is vital when applying for a loan.
At Reliance Financial Group of Michigan and Texas, we're committed to enhancing the home-buying experience with the latest innovative technologies. Our mortgage calculator, and online application and borrower portal make financing hassle-free, while our regularly updated blog provides expert tips and the latest information to help guide your decisions.
In this guide, we'll show you how you can maximize our tools and resources to get the best loan product available for your unique circumstances.
Our website features a mortgage calculator that helps you estimate your monthly mortgage payments. It's a helpful tool if you are wondering how much house can I afford in Houston or if you want to refinance your existing mortgage.
Using the calculator is easy. All you need to do is to input the property price loan program, downpayment, and interest rate. Once you've provided all the necessary info, our calculator will estimate your monthly mortgage payment.
There's also an option to add extra or lump sum payments to determine how much you can save on interest.
Here's an example of using our mortgage calculator to compare different lending scenarios.
Let's say you are considering two mortgage options for a $300,000 home. Option A offers a fixed interest rate of 3.5% for a 30-year term, while Option B provides a fixed rate of 4% for 25 years.
You can use the calculator and compare the results.
For Option A, you'll pay an estimated $1,374.13 monthly with total interest paid over the 30-year term at $208, 368.22
Option B's estimated monthly is $1,580.17, and the total interest paid over the 25-year term is $174,051.94.
As you can see, Option A has a lower monthly payment but the higher interest paid over the loan's life span, while Option B has a higher monthly payment, but you pay lower interest.
Given this information, you can decide which Option is the perfect fit for you.
Our Borrower Portal is another tool that can benefit borrowers since it's designed to simplify the mortgage application process.
The Borrower Portal allows you to complete your application online and submit it directly to us. The application uses easy-to-understand language that guides you through each application step. If there are any additional documents you need to submit, you'll get a notification, and you can quickly upload it from any device.
You can even check for real-time updates to see how close you are to getting approved!
You'll save time, money, and effort, so applying for a loan is now more accessible and convenient.
Our blog section offers valuable insights and advice on various topics related to loans and home buying.
Industry experts write our blogs and cover topics ranging from improving credit scores, lowering interest rates, and navigating the home-buying process.
For example, if you want answers to buying a house in Michigan with bad credit, our blog section has a wealth of information that can answer your queries.
You can read a blog that focuses on tips for improving credit scores. You will find the importance of paying bills on time, reducing credit balances, and checking credit reports for errors as some recommendations.
By following these tips, you can improve your credit scores and have a better chance at loan approval.
Other blog articles may provide advice on lowering interest rates and homebuying costs. You can read about the benefits of refinancing a mortgage, how to negotiate with sellers, and how to improve credit to qualify for better interest rates.
You may also encounter blog articles that give tips on finding the right home, understanding the closing process, and investing in income properties.
After reading these articles, we are confident you will make an informed decision.
Reliance Financial Group is your Texas and Michigan broker of choice if you want to maximize savings on your next loan application.
We provide a range of valuable tools and resources that can help you save more on your loan.
These include a mortgage calculator which enables you to compare lending scenarios, a Borrower Portal that streamlines the application process, and a blog section that offers expert advice and insights on various topics related to mortgages and home buying.
Feel free to use our tools and resources by visiting our website today!
By using the tools and resources we provide, you can better understand the mortgage application process and make the best decisions that can help you save money over the life of your loan.
Please take advantage of our mortgage calculator so you can compare loan options and pick the one with the most favorable terms and rates.
Use our Borrower Portal to save time and money by submitting your application online.
Lastly, read our articles in the blog section and follow the tips and advice.
If you are looking for the best FHA lenders in Michigan, contact our loan experts for professional guidance.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 137288
3501 Rochester Rd
Troy, Michigan 48083
Phone: (248) 687-5250
Hours of Operation: 9:00 AM to 6:00 PM (EST)
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