Selling Michigan Blog

There was a memorable Fram Oil Filter commercial years ago where a mechanic asked a customer during an oil change if he wanted to replace the filter. When the customer declined, the mechanic calmly replied, "That's okay with me. You can pay me now, or you can pay me later." The implication was clear: skipping the small cost of a new filter now could lead to a costly engine rebuild down the road. That same logic applies to homeownership. Many people dream of one day having their home paid for free and clear. But how you get there is a matter of choices. You can choose to pay a little more now, or you can pay a lot more later. Those who take the time to make regular additional principal payments on their mortgage are making the decision to "pay now" to avoid the heavier burden of "paying later." Pre-paying a fixed-rate mortgage will save interest, build equity, and shorten the term of the mortgage. Let's look at the strategy. Say you ...

Buying a home is one of the most significant financial decisions most people will ever make, yet it's a process fraught with potential pitfalls. The good news? By learning from the common mistakes others have made, you can sidestep unnecessary stress, save money, and make more informed decisions. A knowledgeable homebuyer is a confident homebuyer, and understanding these 12 common missteps can empower you to navigate the process smoothly and successfully. Whether you're a first-time buyer or a seasoned homeowner, this insight can make all the difference in ensuring your experience is a positive one. Not Knowing Your Budget  - Many homebuyers start searching for homes without understanding how much they can afford, leading to disappointment when they find out their price range is lower than expected. Skipping Mortgage Pre-Approval  - Failing to get pre-approved for a mortgage can result in missed opportunities or delays, as it shows sellers that you are a seri...

With high home prices, more buyers may turn to Federal Housing Administration (FHA) loans in the coming year. These government-backed mortgages are known for their flexible borrower requirements, such as lower credit scores and down payments as low as 3-5%. However, many sellers and even some agents, have misconceptions about FHA loans, believing they are difficult to work with or that the approval process is more complicated. In reality, agents who regularly assist FHA buyers know that these loans are a solid financing option, providing opportunities for buyers who might not otherwise be able to purchase a home. FHA loans are not inherently harder to close, and when paired with the right professionals, they can be just as seamless as conventional financing. A key factor in ensuring a smooth transaction is working with an agent familiar with FHA guidelines and a lender who specializes in FHA mortgages. This helps eliminate many of the perceived hurdles and ensures the ...