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Michigan Housing Shortage Unlikely to Change in 2017

by The Jamey Kramer Group

Michigan housing market

There is no getting around the fact that the number of homes for sale in Michigan this year is way down. According to an Associated Press analysis, here’s the breakdown of comparison between 2016 and 2017 by county for the Metro Detroit area:

  • In Macomb County, average prices increased 5.4 percent, listings dropped 54.8 percent, and days on the market before sale decreased 4 percent.
  • In Oakland County, average prices jumped 9.3 percent, listings fell 39.7 percent, and days on the market are down 14.5 percent.
  • In Wayne County, excluding Detroit, average prices rose 14.7 percent, listings were down 45.1 percent, and days on the market decreased 17.3 percent.

We know these things are happening, and we know it can be difficult at this time to be a home buyer, but what are some of the reasons behind this?

The main reason is, of course, the recession. Mainly, repercussions of the recession that began in 2008.

  • Homeowners lost a lot of equity in their homes during the recession. Homeowners who have been eager to get out of their homes in the past may start to think again now that the market is coming back. Home values are starting to rise again and if homeowners think they can recoup some of their losses, they want to try to keep their homes.
  • The recession saw an increase in homeowners staying put and putting money - and sweat equity - into remodeling. They want to stay put. This is especially true of the older generation of homeowners: baby boomers. Many of them have refinanced or are taking advantage of their low interest rates and are working longer. They aren’t ready to downsize.
  • The market crash led to an almost complete shutdown of new home construction. It’s building back up, but it takes time.
  • Investors and homeowners who bought foreclosed properties in the lowest point of the recession might be waiting to sell until they can get a bigger return on their investments. The market is up, however, they think there’s still room to grow.
  • Homeowners may not trust that it’s real. After all, the recession was a huge deal for everyone. No one knows that better than homeowners in the Detroit metropolitan area. It takes a long time for homeowners to feel trustful again and that’s not an easily quantifiable thing.

Another big factor may be a psychological one. It’s a seller’s market, but sellers will quickly become buyers once they sell their home. Many - if not most - properties will not sit on the market for longer than 30 days. Many of them are selling within hours.

In addition, cash offers and bidding wars are the norm right now. If a potential seller can’t find the perfect home at the perfect price before selling, which is tough in this tight market, they won’t be confident enough to sell. Perhaps the tight buyer’s market is keeping potential sellers from putting their homes on the market.

Takeaway

It’s a crazy seller’s market out there and an even crazier buyer’s market. The recession hit everyone pretty hard, so it’s going to take some time for potential sellers to finally move on to that bigger dream home. 

If you are thinking about buying a new house or selling your current one, it is important to have an experienced real estate agent by your side. Please give us a call today.

248-348-7200

Best School Districts in Michigan and Why It Matters

by The Jamey Kramer Group

Best School Districts in Michigan and Why It Matters

There many different factors that influence a home buyer’s decision. When making a list of top priorities, you might have found that the quality of the school district is among the top of your own list. If this is the case, you can rest assured that you are not alone.

Buying a home in a top-rated school is among many buyers’ key factors, and it is for good reason. Buying in a district with great schools will have many exponential benefits. Regardless if you have kids or not, choosing a home in a quality school district has become a key factor in home buying a home.

What to Expect from a Quality School District

While each school district is different, there are some common components that help to create that top notch school. Oftentimes top rated schools will have great teachers, better test scores, and better books. However, what might be a significant benefit for all people, regardless if they have children or not, is that it will help to preserve home values and ensure faster resale rates according to Trulia.

Studies Show School District as a Key Factor

Many buyers are choosing to search for their home by school district. Trulia conducted a survey and found that 19% of Americans indicated that their “dream home” is located in a great school district. That includes people without children. The percentage jumped to 35% who desire to live in a great school district among parents with children under the age of eighteen.

Another study was conducted by the National Association of REALTORS profile of Home Buyers and Sellers. It found even stronger results. They found that 29% of home buyers listed school districts as a deciding factor in their home buying decision. Choosing a home in a desired school district is a key factor in home-buying decisions.

Top Rated Michigan Schools for 2016

According to Niche, Bloomfield Hills Schools, Birmingham Public Schools, and Okemos Public Schools were the top three school districts in Michigan. Both Novi Community School District and Northville Public School District ranked in the top 10 school districts in all of Michigan. Novi Community School was ranked the fourth best school district. Northville Public School District was ranked tenth best school district.

When you see lists like this, it makes one wonder what goes into these ratings. The criteria for this ranking were based on “statistics, student and parent reviews, and expert insights. Ranking factors include state test scores, college readiness, graduation rates, SAT/ACT scores, teacher quality, student and parent reviews, and more.” To see more of how they calculate the rankings, check out the Niche’s explanation at 2016 Best School Districts Ranking Methodology.

Buying in the Area?

The quality of a school district clearly makes a significant impact for both home buyers and sellers. If you are looking to buy a home in the Novi and Northville areas, you can know for sure that you are making a great decision. You will not only be making an investment into your children’s educational future, but making a great financial investment.

Contact the Jamey Kramer Group today to view homes in Novi and Northville.  

248-348-7200

Market Prepares for New Mortgage Disclosure Rules

by The Jamey Kramer Group

The date has been announced and it is now time to start preparing for the new mortgage disclosure rules. In this article, you will find answers to questions including:

  • What are the new mortgage disclosure rules?
  • As a buyer, how do these rules affect me?
  • What is the date the rules go into effect?
  • and more.

Previous Regulations

Currently there are two regulations in place to help do that.

The Truth In Lending Act - TILA or Regulation Z

This regulation was created in 1968. It standardizes the way mortgage fees and terms are calculated and disclosed.

The Real Estate Settlement Procedures Act - RESPA or Regulation X

According to Zillow, this regulation was created in 1974 and prohibits different housing service providers, such as lenders, real estate agents, escrow companies, attorneys etc, “from paying each other fees to refer consumers to each other.” This protects the consumer from inflating real estate transaction costs.

The problem has been that the consumer won’t see the official break down of all the fees until they receive the HUD-1. This is supposed to happen before closing, but sometimes doesn’t until the day of closing.

Oftentimes, the breakdown on HUD-1 and the final Truth in Lending disclosure can differ from the original Truth in Lending disclosure. The original Truth in Lending is given within three days of applying for a home purchase loan.

According to Fox Business, the Consumer Financial Protection Bureau believes this process is too confusing.

The New Regulations

Dennis Rodkin from the Chicago Real Estate Daily, had an interesting way of describing the new regulations,

 “While title companies and real estate agents and lawyers are scrambling to be ready by the deadline, home buyers should feel more like guests at a well-executed dinner party, oblivious to the mess in the kitchen and content to be served each course at just the right time.”

The idea behind the new regulations is to give home buyers more information about their loan before they head to the closing.

As of October 1st, 2015, the consumer will again receive two disclosure forms described as follows:

The Loan Estimate Form

One will be provided at the beginning within 3 days of applying for a home purchase loan. The consumer will receive a Loan Estimate Form. This form will breakdown the fees, cash needed, rate, terms, and costs of the loan over its lifetime.

The Closing Disclosure Form

The second disclosure form will be provided at least 3 days before closing. The consumer will be given a Closing Disclosure Form. The Closing Disclosure Form must look like the first form, the Loan Estimate Form, but will also have the costs paid by the buyer, seller, and third parties.

This process should provide consumers with time to digest the information before it’s too late.

What Do You Think?

Do you think this will make the process easier for the consumer? Would you find it helpful to know all the costs with ample time to make your decision?

Metro Detroit Housing Market Continues to Accelerate

by The Jamey Kramer Group

Are you considering buying or selling a home?

Have you been frustrated with the lack of housing inventory available?

If you are considering buying or selling a home, this article is for you. There hasn’t been a better time to buy or sell in Michigan in years. Mortgage rates are low, housing inventory is up, and spring is here.

According to an article by the Detroit Free Press, many suburban Detroit home sale prices are still about 20% below their peak of a decade ago. However, prices have been slowly rising since 2012. Many neighborhoods are seeing yearly gain of 10% or more.

Here is what we know: quality inventory is selling fast.

The Detroit Free Press reported the following counties and their recent gains:

  • Oakland County: The number of home sales jumped nearly 17% in the first quarter compared with 2014 as the median sale price rose 5% to $172,750, according to Advertising That Works figures.
  • Macomb County: Sales rose 6.4% for the quarter as prices gained 6.5% to $114,000 from a year ago.
  • Wayne County: Sales for just the month of March were 4.4% higher, and the median sales price climbed 13% to $72,000, the only data available from Advertising that Works.

In an article that I published back in February, I highlighted three main reasons why chief economists advice buying your next home now. Those compelling reasons include:

  1. Mortgage Rates Will Rise

    Surprisingly, mortgage rates are still below 4%. That will not always be the case. Many chief economists have predicted that rates will rise. These rock bottom mortgage rates are pushing more Metro Detroiters to buy.

    Want to see how much difference a percentage of interest rate can make? In my article, Low Mortgage Interest Rate Stats You Want to Know, I covered just how much difference that 1% can make.

    For example, using a $300,000 mortgage and comparing a 4.5% interest rate to a 5.5%, the following would apply:
  • With a 4.5% interest rate, you could buy 40 more Starbucks Grande Café Lattes every month as compared to a 5.5% interest rate.
  • In the first year of owning that 4.5% mortgage, you could take your family on a week-long vacation.
  1. Housing Prices Will Decelerate

    Although many homes have increased in value, the rise in housing prices is expected to slow down. As I explained earlier, however, values may not have recovered to the price points that they were a decade ago.

    According to Forbes, Zillow, and Realtor.com, most are predicting a rise in value of up to 5%.

    For many home owners, the increase they have seen has been enough to get them out from underwater with their mortgage.
  1. Job Growth and Consumer Confidence

    One of the reasons why people are buying and selling this spring, according to chief economists and the recently published article in the Detroit Free Press, is that more people have jobs. The auto industry has recovered and is hiring again.

Take Away

If you have been on the fence for buying a home or selling your current home, there has never been a better time. If you have any questions about either process, please give my office a call. I would love to have the opportunity to answer your questions.

 248-348-7200

How to Start Your Search for Your Dream Home

by The Jamey Kramer Group

How to Start Your Search for Your Dream Home

Do you feel lost with all the options when looking for a home?

Have the ups and downs of the market made you a little nervous about buying a home?

Buying a home is a big deal. With everything that has happened in the market over the last 10 years, it is understandable why so many people feel a little tense when it comes to purchasing a home. In addition, there are a multitude of options that are available these days on the Internet, and you may not even know where to start.

We wanted to share with you a great way to start your search for your dream home. We will explain why it is great and how to do it.

How to Start Your Dream Home Search

A great way to start your dream housing search is by narrowing the search down to a specific area. We suggest that you start with the highest rated school districts in the areas where you would like to live. You will want to do this whether you have children or not.

It is an obvious choice why parents or those planning to have a family in the future would look for a home in a good school district. What parent wouldn’t want to send their little Einstein to the best school in the area and give them a world of opportunity?

What does this mean for those of us who are not having children? Why would we pay more for a good school district?

Here are a few reasons why paying more to be in a good school district is worth it.

  1. A Good School District Could Protect You From the Market’s Ups and Downs
    Zillow calls buying in a good school district a “safer bet”. As mentioned earlier, we all know the harsh reality of the housing market’s fickle nature. Buying in a good school district is a “safer bet” because a good school district can be what lifts prices of all the nearby homes out of a down market.
  1. The Resale Factor
    Here is what Forbes had to say about the importance of good schools, 
     

    “Even though you might not have children, buying a home in a good school district is always smart. If the schools are desirable, homes tend to hold their value.”

    It is always important to consider the home’s potential resale value when you purchase it. Homes in good school districts are more likely to hang on to their value even through tough economic times.

The Downside

The main downside of purchasing your home in a good school district is most likely the home will be more desirable and pricier.

Bringing It Home

A great place to start your housing search is in an area with great public schools. While you may pay more upfront, your home’s value will be “safer” during economic downturns. When it is time to sell, your home will more likely retain its value.

How to Get Started

To get started, you may like to read Top 10 Best Small Cities for Education in America and Novi, Michigan Scores 2nd Best Schools In Small Town America. The next step is to partner with an experienced real estate agent that will work diligently on your behalf. We would be honored to help you find your dream home in the school district of your choice. When you are ready, please give our office a call.

248-348-7200

3 Areas to Consider Before You Buy Your Fixer-Upper

by The Jamey Kramer Group

Do you find yourself watching marathons of HGTV?

We have all had those moments after watching marathons of HGTV shows like Fixer-Upper, Property Brothers, and Flip or Flop. Those moments where we think, “I can do that.”

We start dreaming about our future fixer-upper; however, we are usually dreaming about the end result and not the actual condition of the house when we buy it. It is exciting to think about getting your dream custom home for less.

We want you have it all, and we want to help you along the way. If a fixer-upper is what you want, below you will find 3 areas of the home to pay attention to if you are considering buying one.

3 Areas to Note If You’re Buying a Fixer-Upper

  1. Foundation and Structure

When you are trying to identify foundational problems in your home, you are basically looking for cracks. Houselogic.com reminds us not to just look in the basement, also look,

  • On the walls,
  • The doorways,
  • in the vinyl or ceramic tiles,
  • Where walls meet.

In addition, check these areas for possible structural damage,

  • Check to see if the door is jamming or failing to latch,
  • Make sure all the windows open and close easily,
  • In the basement make sure there isn’t any water or water damage.

Structure and foundations problems could cost up to $20,000 or more.

  1. Roof

In an article by MSN Real Estate, the author points out to make sure the roof isn’t sagging. If it is sagging, that could mean it’s bearing too much weight. Most likely this is caused by too many shingles on top of each other.

However, a sagging roof could also be caused by snow damage, especially here in Michigan. 

A new roof could cost you between $6,000 and $8,000 dollars, so make sure that you know what you are getting into.

  1. Electrical

It isn’t uncommon for older homes to have electrical problems. It could be a faulty electrical system or the old circuit-breaker panels aren’t working. Either way, the cost of rehab can be expensive, especially if you have to update the wiring.

Making sure the electrical in your home is critical for your safety and cannot be ignored. LifeHacker reported the cost of a new electrical system around $2,500.

Summary

We would be honored to help you find your dream home. Maybe a fixer-upper is for you and maybe it isn’t. The list above is not exhaustive.

Purchasing a fixer-upper is quite the task, and you may find it helpful to hire a professional to rehab the home, especially if there are any roofing, electrical or structural problems.

If you need any help finding the perfect home for you and your family, please give our office a call. We look forward to hearing from you!

248-348-7200

Strategies You Need to Know to Win a Bidding War for Your Dream Home

by The Jamey Kramer Group

What if you make an offer that is too low or too high?

You’ve searched for it, you’ve dreamt about it, and now you have finally found it - your dream home. The only piece left is how to get it. Right now the inventory for homes is low making it a seller’s market. Oftentimes when this happens, we see bidding wars.

A bidding war could happen if you are not the only buyer making an offer. Today, we would like to share with you strategies that will help you win the bidding war and the home of your dreams.

  1. Getting Pre-Approved

These days, you may find yourself competing with all-cash offers. In a recently published article by MSN Real Estate, author Susan Johnston of U.S. News & World Report describes the importance of having your financing ready to go when engaging in a bidding war. Get pre-approved for the loan and bring a copy when you make your offer.

  1. The Right Price

Who doesn’t love a great deal? However, when battling other offers in a bidding war, you don’t want to make an offer that is too low. You also don’t want to overpay. A good real estate agent is worth their weight in gold and can help you to determine the right price.

  1. Be Flexible on the Closing Date

The Housing Guru explains that one way to help win the bidding war is to be sensitive to the seller’s wishes about the closing date. Your agent can find out what would be the most convenient date to close on the house for the seller. You can then do your best to accommodate their wishes.

  1. Cash Truly is King

According to FoxBusiness, all cash offers account for 40% of recent home purchases. There is no denying it. Offering someone cash for their home will be an end to the bidding war.

  1. Be Careful with Contingencies

Another way to make your offer stand out is to be careful with contingencies. Contingencies or inspections can provide delays in the process, which sellers don’t normally like. Make sure that you are only asking for what you refuse to compromise on.

  1. Let the Seller Get to Know You

Recently, my friend’s family sold their grandparents’ home. This home was purchased in 1954, and their grandfather had lived there until he passed away last year. He had made many personal updates to the home that really set it apart, and his craftsmanship had created a lot of pride amongst the family members.

He left the home to his six kids and his wife. One couple that was interested in purchasing the house stood out to the seven sellers. While only one of the seven beneficiaries was the trustee of the estate, all seven sellers had been given a voice in who could purchase the home. It was a tough crowd to please.

The seven sellers were won over by this young couple and were actually excited to sell their childhood home to them because they were the kind of people they could see living there.

The kindness and likeability that the purchasing couple showed got them the favor of seven grieving sellers. 

One way to do this is to write a letter to the sellers describing what you love about the home and neighborhood. That personal touch might be the piece that wins your the home. 

Take Away

One of the best ways to win a bidding war that isn’t mentioned above is to have an experienced and trustworthy real estate agent by your side. They can help you to offer the right price, know which contingencies are needed, paint you in the best light with the seller and offer you the advice you need to win your dream home. The Jamey Kramer Group would be honored to help. Please call our office today.

248-348-7200

 

 

 

 

3 Secrets to Buying a Foreclosed Home

by The Jamey Kramer Group

3 Secrets to Buying a Foreclosed Home

While the foreclosure crisis is not what it was, there are still a lot of homes on the market that have been foreclosed. If you have the patience and know what to expect, you could get a good deal on a home by purchasing a foreclosed home. It may take extra work, but the rewards could be well worth all your effort.

Today, we are sharing with you 3 secrets to buying a foreclosed home. These secrets will cover tricks of the trade, who you will actually be purchasing the home from, and what to expect.

  1. There Are 3 Ways to Buy a Foreclosed Home

    The first thing to know about buying a foreclosed home is that the more you know the better. That is why our first secret isn’t a secret at all. Instead, it’s the 3 different ways you can buy a foreclosed home:

     
    • Pre-foreclosure Homes
      This is the stage in the foreclosure process where the current homeowner had the opportunity to bring the loan up to date. They have been sent a Notice of Default and are given about 3-6 months. To avoid having the foreclosure on their records, the home owner might try and sell their house.
    • At Auction
      If the homeowner is unable to bring their loan current, the lender may try and sell the home at auction. The trustee is usually the one at the auction to represent the lender and receive the cash for the winning bidder. The opening bids usually equal something like the balance of the outstanding loan + the accrued interest on the loan + the cost of the foreclosure process + the cost of the trustee.
    • Real Estate Owned Property
      If no one bids the amount of the opening bid, the trustee will purchase the home and it will become a Bank-Owned Property or a Real Estate Owned property. According to RealEstate.com, buying a foreclosed home in this stage is the safest way to purchase a foreclosed home.
  2. No Disclosures

    In a REO or Real Estate Owned property where the bank is the one who actually owns the home, it is unlikely that the bank will share with you any information about the property. That means no information on permits and no records.

    Here is where the extra work comes in and where doing the research comes in handy. Zillow recommends actually going to the city’s building department and checking the property’s permits and records.

    Quick Tip: Have your realtor check to see if the home has been sold in the last 5 years. If it has, it’s likely to have the previous disclosure information.
  3. Foreclosed Homes are “As Is”

    One man recently bought a foreclosed home and did not expect what happened. Not only did the previous homeowners take all the appliances, which you might expect, but they also took all the trim off the walls, the light fixtures, the cabinet handle and other odds and ends.

    When you purchase a foreclosed home, you are purchasing your home as is.

Summary

Buying a foreclosed home has advantages and disadvantages. With a lot of research, a good agent and some patience, you just might be able to get the deal you’ve been hoping for. If you have any questions, or if you are interested in purchasing a new house, please give our office a call.

248-348-7200

4 Questions You Should Ask Yourself Before Purchasing a Home

by The Jamey Kramer Group

4 Questions

What do you really need to know before you make one of the biggest purchases of your life?

Home ownership remains part of the American dream. Now that prices are still low, you may be rightfully thinking that it is time to purchase a home. Home values are starting to rise. Truthfully, right now is a great time to buy a home before prices and interest rates start to climb.

Before you head out looking though, we have put together some questions to ask yourself. These questions can help guide and direct you towards the perfect home for your family.

4 Questions You Should Ask Yourself Before Buying a Home

1.  What Can You Actually Afford?

It is easy to dream of mansions, but it is even better to know you can afford one. This is a great opportunity to take stock of all your financial information including your income, assets, debts, etc. Then you can see how much money you have to work with on a monthly basis. 

With the interest rates continuing to stay low, it might be helpful to know that the lower the interest rate, the more home you get. Would you like to know how much a 1% interest rate actually affects your money? You can find this out by visiting our article, Low Mortgage Interest Rate Stats You Want to Know.

2. Are There Any Unanticipated Charges?

Unanticipated fees and charges can be very frustrating especially if you have never purchased a house before. Here is a list of fees associated with purchasing a home to keep in the back of your mind:

  • Home Owner’s Insurance
  • Property Taxes
  • Closing Costs
  • Upcoming Anticipated Maintenance of the Home

These unanticipated fees can turn your just affordable mortgage payment into an unaffordable one if you are not prepared.

3. How Much Should You Put Down?

One of the biggest reasons why financial experts everywhere recommend putting a 20% down payment is because of PMI.

PMI stands for private mortgage insurance and is added onto mortgage payments when the buyer does not put 20% down. We are only talking about an extra $50 a month for every $100,000 you borrow. However, you can save that extra payment by putting 20% down on your home.

If 20% down is just not an option, you may consider a Federal Housing Administration Loan or FHA loan. FHA loans only require a 3.5% down payment, are really easy to apply for, and you don’t necessarily have to have great credit.

For more information on FHA Loans and how to qualify for them, please check out our article, FHA Loans and Qualifications for First-Time Home Buyers.

4. Where Do You Want to Settle Down?

Where is the right place for you and your family or potential family to settle down? Do you want to live in a small town, a big city or a city like Northville, Michigan which has both? Do you want to have community events happening every weekend, like Novi, Michigan? How important are good schools and low crime?

All of these questions can help you decide where to start looking for a house.

Summary

Now that you know what you can truly afford, what the unanticipated costs might be and where you want to start looking, you are almost there. With the help of an experienced real estate agent, it won’t be long until you are enjoying the perfect home for you and your family.

Do You Have Any Questions?

If you have any questions please contact my office. We would be honored to show you the available homes for sale in Northville and Novi, Michigan that are perfect for raising a family. Please call our office to schedule an appointment today.

248-348-7200

 

What Determines if You Qualify for a Mortgage?

by The Jamey Kramer Group

What Determines if You Qualify for a Mortgage?

Would you like to purchase a home this year?

Not sure what it takes these days to qualify for a mortgage?

The housing market is coming back especially in the Metro Detroit area. It is now a prime time to purchase a home in Southwest Michigan. If you are interested in purchasing a home in the near future, you will want to be aware of the stricter rules that are being put in place for mortgage lenders.

Qualified Mortgages

The new Qualified Mortgages rules are the federal government’s response to preventing another housing crisis. According to Forbes.com

“The Qualified Mortgage rules are intended to ensure that lenders issue loans only to those who can afford to repay them.”

Lenders are now legally responsible for loans they issue according to the Qualified Mortgage Standards Under the Truth in Lending Act. However, if the mortgage meets the Qualified Mortgage requirements, the mortgage loan will be protected from lawsuits if the borrower is unable to repay.

8 Factors That Determine Qualified Mortgages

It is easy to draw the conclusion that as mortgage rules become stricter, it is likely it might get harder and harder to qualify for a mortgage loan. While some banks are still issuing non-qualified mortgages, you can bet those loans will be under strict rules as well since they are not protected. With that in mind, today we wanted to share 8 factors that go into determining a Qualified Mortgage.

  1. Employment Status
    It should come as no surprise that the banks will want you to be employed if they are going to issue you a mortgage loan. The mortgage lenders will most likely want to see at least 2 years of employment.

     
  2. Income
    Make sure to have on hand the past 2 years of W2s or income tax returns. If you have any assets, make sure to provide that information as well.

     
  3. Monthly Mortgage Loan Payment
    The banks are going to want to see how much per month your mortgage will cost you.

     
  4. Other Property Loans
    Some equity loans will fall under this category and the lenders will want to know about them.

     
  5. Other Monthly Housing Costs
    Costs like HOA dues, property taxes and even mortgage insurance will also be included when determining a Qualified Mortgage.

     
  6. Other Financial Commitments
    Banks will be taking into account credit cards, student loans, alimony and even child support.

     
  7. Debt-to-Income Ratio
    The debt-to-income ratio will be looked at on a monthly basis and it means that your monthly debt cannot be more than 43% of your monthly income.

     
  8. Your Credit History Your credit score will help to determine whether or not you as the borrower are eligible for a Qualified Mortgage.

You may learn more about the Qualified Mortgage features by checking out our article, What A Qualified Mortgage Is and How New Mortgage Rules Will Affect You

Summary

The new requirements of the Qualified Mortgage Standards Under the Truth in Lending Act have been put in place by the federal government to ensure that another housing crisis does not take place in the United States. Lenders will be held accountable and will be collecting documents and analyzing numbers.

If you or someone you know is interested in purchasing a new house, please call our office. We will be happy to help untangle the web of mortgage terms and requirements to help get you the house of your dreams.

248-348-7200

Displaying blog entries 1-10 of 14