Who wouldn’t want to live where Pam Dawber of Mork and Mindy fame is from? If you are interested in buying a home in Farmington Hills, Michigan, the first thing you need is a loan.
The first step is to get the type of loan that’s best for you. Do you plan on staying in the home for awhile? If so, then a fixed rate mortgage may be for you. Do you plan on living there just a few years and want the payment as low as possible? If so, then an adjustable rate mortgage may be the path you are looking for.
If these two types of loans don’t seem right for you, check with your lender. In the last 10 years, a myriad of other loan options have become available.
After you decide what kind of loan you want, you might consider pre-approval. You want to make sure there are no surprises after you put in your bid. There’s nothing more frustrating for the seller and potentially embarrassing for the buyer than to have the seller approve the bid and then have the deal go south because the buyer’s financing fell through. This is where pre-approved loans come into play. In order to get pre-approval, meet with a lender and discuss your current financial situation. Bring paperwork along to document that situation including pay stubs and federal tax returns for the past two years.
But what if you already live in Farmington Hills and are just looking for something different from your initial mortgage loan? Then a mortgage refinance loan is what you are looking for. A mortgage refinance loan is very simply, a brand new loan on your existing house. You’ll have to choose a new loan, a new rate, and a new term (10-year note, 15-year note, 30-year note, etc…). You’ll also have to decide whether you want to cash out the existing equity you’ve built up in the house. Use the money for whatever you like. Keep in mind, though, that you’ll have to go through the home loan paperwork process all over again with a refinance loan.
If the idea of cash sounds good to you, but you don’t want to refinance your existing mortgage, a home equity loan may be what you are looking for. With this type of loan, you can get your money in one lump sum or you can space it out over time with a home equity line of credit. With the first option, the home equity loan, you begin paying interest on the full amount immediately. With the home equity line of credit, you only pay interest on the amount you’ve borrowed. Use the money for whatever you like whether it’s home improvements or taking the vacation you so richly deserve.
Whether you’re looking for a Farmington Hills mortgage, refinance, or home equity loan, we can help. Take a moment to fill out the form below, and a qualified lender will contact you right away.
