Blog Archives

Appraisals – Wixom real estate tips

Many clients whether they are Wixom home sellers or home buyers are unsure of the time frame of when an appraisal will be done.  Since the mortgage meltdown banks are in control of the appraisals.  The loan officers do not have control, nor do we your local Oakland County realtor have any control of when the appraisal is done. Most

Posted in Mortgage & Credit Info, Oakland County market reports

What does closing in escrow mean? – Metro Detroit real estate

 So there is a hiccup at closing and you need to know what “closing in escrow mean?  The main reason forclosing in escrow is the buyer’s mortgage company has not sent the money yet. Many times the documents come to the title company late.  Many times the lender has to approve something before they send the money for the loan to the title

Posted in Buyer Tips, First time home buyers, Mortgage & Credit Info, Seller Tips

What is PMI? – Metro Detroit real estate

  So really what is PMI?  The way I explain PMI is that it is an insurance policy you have to pay for because you do not have 20% down.  It is a simple fact that home buyers with less money invested into a home are more likely to default or let the home go into foreclosure.  Whereas somebody that

Posted in Buyer Tips, First time home buyers, Mortgage & Credit Info

Livonia Millage rate for homesteaded Livonia residents

  Here is the Millage rate for residents of Livonia who claim the home as their principal residence. Livonia’s property tax rate is the lowest tax rate among cities in Wayne County .   City of Livonia MILLAGE RATES FOR CITY RESIDENTS LIVONIA PUBLIC SCHOOLS SCHOOL DISTRICT HOMESTEAD Taxing Entity 2007 2008 2009 2010 2011 Tax Rate shown in Mills State Education Tax 6.00 6.00 6.00 6.00 6.00 Livonia

Posted in Livonia, Mortgage & Credit Info

Walking away from your Metro Detroit home – beware

  I am going to share with you one of the pitfalls of walking away from your Metro Detroit home.  Some people are making a plan to walk away from their Metro Detroit home and let it go into foreclosure.  They can afford the mortgage, but they look at the amount of what they owe and feel they are so far upside down.  They do

Posted in Buyer Tips, First time home buyers, Mortgage & Credit Info, Seller Tips

HUD issues – Livonia real estate September 2012

  Right now HUD and the State of Michigan are arguing about money owed on homestead taxes.  The State of Michigan says HUD owes them money on the HUD foreclosures.  Of course HUD says no.  But what happened is that the State of Michigan is now slapping tax liens on the HUD foreclosures.  The problem is that sometimes the house slides by, and sometimes the HUD foreclosure doesn’t get the tax lien

Posted in Foreclosures, investment properties, landlord, Livonia, Mortgage & Credit Info

Title insurance fees – Milford real estate & home buyers tips

 So you don’t understand what all these fees the title company is charging you?  And you really want to know what they are? 1)   Title closing costs – this is the cost the title company charges you to close the loan.  I would call it their “fee” or “overhead cost”.  This cost varies among the different title companies.    It is usually from $350 -$600 depending on the company. 2)   Title insurance –

Posted in Buyer Tips, First time home buyers, Mortgage & Credit Info, Seller Tips

Confused about what your house payment might be? – White Lake home buyer tips

If you are confused about what your new house payment might be ….. Don’t…..  First place to call is your mortgage person.  Give them all the information about the White Lake home you are buying.  Your lender will be able to give you a more accurate house payment if you give them the taxes of the home you are buying. But, if you cannot reach your mortgage person because it

Posted in Buyer Tips, First time home buyers, Lake homes, Michigan lakes & lake subdivisions, Mortgage & Credit Info, White Lake

What is a clear to close – Novi sellers tips

  When selling your Novi home I will tell you after the home inspections that we are waiting for a clear to close.  You may not know what a clear to close is.  After a home inspection we are basically waiting for the buyers mortgage to be finished.  They will be ordering an appraisal, having an underwriter look at all the buyers financials.  Most times the

Posted in Mortgage & Credit Info, Novi, Seller Tips

What is a FHA loan?

  A FHA loan is a loan by a bank that is insured by FHA and to FHA guidelines.  It is a great loan for first time home buyers, buyers with bruised credit, and buyers with higher debt ratios. What is a FHA loan?FHA underwriting guidelines allow home buyers to have only one year of clean credit.  Many banks look past one year on how you pay your payments.  FHA is

Posted in Buyer Tips, First time home buyers, Mortgage & Credit Info Tagged with: , , ,

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