Situated in one of the wealthiest counties in the United States, Troy, Michigan is a thriving business center. The automotive and financial sectors have earned Troy the title of the second-largest city in Michigan based on property value, second only to Detroit. Troy is also the home to the award-winning Somerset Collection mall.
Troy is home to Altair Engineering, the Delphi Corporation, DuPont Automotive and Honey Baked Ham. So finding a job in Troy is relatively easy. Troy is also home to Walsh College, a business oriented school, as well as branches for the University of Phoenix, Spring Arbor University and ITT Technical Institute. So, if you aren’t yet qualified for the many jobs available in Troy, you can be. But if you are going to move to Troy, you’re going to need a home. Start with getting the loan.
Pre-approved Loans
If you want to take your time and really research what’s available to you, a pre-approved loan is literally money in the bank. Pre-approval is popular for two reasons:
The Mortgage
Now that you’ve decided to get pre-approved, it’s time to decide what kinds of mortgages are available to you. There are actually several types of mortgages (you can ask your lender for the specifics on all of your options). But the purposes of getting a basic understanding mortgages and how they work, you really only need to be familiar with two of them:
The Refinance
You may already live in Troy, and you aren’t really interested in moving. But, you would like to lower your monthly house payment. Why not refinance your existing mortgage? After all, everyone wants a lower payment.
A mortgage refinance loan is simply another loan designed to pay off your existing mortgage. This gets you new, more favorable interest rates and thus, a lower monthly payment. When choosing to refinance your mortgage, you need to know that you are going to go through everything you went through when you first decided to buy your house. You are going to need to have all your paperwork together (W-2’s, 1099’s, listing of other assets, verifiable employment, etc…). You are going to research all of the different types of loans available to you. You are going to once again decide on a fixed-rate or adjustable rate mortgage. It’s like buying a brand new house except you are the seller and the buyer.
Home Equity Loan
Another option if you already have an existing mortgage in Troy is a home equity loan. What if you’ve decided to go back to school and need money for tuition? Or what if you’ve decided you want to remodel your home but don’t have any money in savings? If you own a home, you actually do! You have years and years of savings built up in the equity of your home. Why not take out a home equity loan and remodel the kitchen? You can either take out one lump sum or spread your home equity loan over a period of time.
Whether you’re looking for a Troy 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.
