Ann Arbor is in the state of Michigan . It is the county seat of Washtenaw County , and it is the state's seventh largest city with a population of 114,000.
Named for the spouses of the city's founders and for the stands of trees in the area, Ann Arbor is best known as the location of the main campus of the University of Michigan , which moved there from Detroit in 1837.
Originally known for its production of agricultural tools, carriages, furniture, pianos, organs, pottery, and flour, it is now dominated by education, high-tech and biotechnology. Average home prices and property taxes are well above the state and national level.
The city is well known locally for its variety of restaurants and performance venues, and eclectic entertainment. The city gained a reputation as an important centre for liberal politics over the course of the 1960s and 1970s. Presidential candidate John F. Kennedy unveiled his Peace Corps proposal in 1960 at the University of Michigan , and then in 1964, President Lyndon B. Johnson first called for a "Great Society” while in Ann Arbor . The city also became a focal point for left-wing activism, serving as a hub for the civil-rights movement and anti-Vietnam War movement, as well as the student movement. This has long been recognized as a very real part of Ann Arbor city.
The economy of Ann Arbor underwent a slow change from a manufacturing base to a service and technology base over the course of the 20th century. This shift accelerated in the 1970s and 1980s. At the same time, where the town was once thriving with shops, it has changed and is now full of, cafés, bars, clubs and specialty shops.
Over the past few years, the city has found itself battling increasing land costs as well as the buildings increasingly eating into the countryside. On November 2, 2004 , voters approved a greenbelt plan, under which the city government would buy development rights to pieces of land adjacent to Ann Arbor to preserve them from development.
If you’re interested in an Ann Arbor mortgage, you have lots of options open to you.
A balloon payment mortgage is a mortgage that does not fully get paid over the term of the loan, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. They do, though, come with some of the lowest interest rates on the market, making them attractive to some buyers. In the United States , the amount of the balloon payment must be stated in the contract if Truth-in-Lending provisions apply to the loan.
An adjustable rate mortgage (ARM), variable rate mortgage or floating rate mortgage is a mortgage loan where the interest rate on the loan is periodically adjusted based on an index. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments made by the borrower may change over time with the changing interest rate (alternatively, the term of the loan may change).
ARMs are not to be confused with the graduated payment mortgage, which offers changing payment amounts but a fixed interest rate.
Other forms of mortgage loan include interest-only mortgage, fixed rate mortgage, negative amortization mortgage, and balloon payment mortgage. If you’re shopping for a mortgage, you’ll need to choose the best loan to meet your needs.
If you find that your initial Ann Arbor mortgage no longer meets your needs, it’s time to consider a refinance loan. This will replace your initial mortgage. You’ll choose a new rate, a new term, and whether or not you want to cash out the equity you’ve built up in your home. Look at non-traditional loan products to meet your refinance loans, and talk with your lender about which one might be best for you.
If you need the cash from your equity, but you’re in love with the rate and terms of your first mortgage, consider a home equity loan. It’s like a second mortgage, in that it’s in addition to your first one, but it will give you the cash you need without having to handle a refinance loan.
If you’re interested in mortgage, refinance or home equity loans in Ann Arbor , take a moment to fill out the form below. A qualified lender will contact you soon to discuss your financial options.
