Michaels Mortgage and Real Estate Reports

Purchase a Home With Only 5% Down and No Monthly Mortgage Insurance

November 16th, 2013
The best low down payment program available in the market right now for all buyers, is the conventional 5% down loan option with No monthly mortgage insurance “PMI”. Too many buyers today assume, they have to take FHA financing with its really expensive monthly mortgage insurance if they only have a limited down payment of around 5% to purchase a home, or they need to put down 20% to eliminate the mortgage insurance or PMI” on a conventional loan. Instead, buyers can now purchase a home with only 5% down conventional financing, and No monthly PMI on a low 30 year fixed rate. Here is what you need to know to qualify for this program.

5 Reasons to Purchase a Home Soon in 2014

Dec 6th, 2013
During 2013, the cost to purchase a home increased considerably for buyers. Mortgage rates were at 3.25% at the beginning of the year and today sit at roughly 4.5%, so the cost of paying a mortgage has climbed 13%. A buyer who was approved at $500k at the beginning of the year, can now only afford $435k using the same monthly payment today, which means a buyer has lost 13% in purchasing power. With home prices also surging between 10%-20% in many local housing markets during 2013, here are 5 reasons to consider purchasing a home soon in 2014.

What Factors Determine the Interest Rate on My Loan?

Feb 15th, 2013
There are many factors that determine the interest rate on your loan. Also understanding why rates move up and down each day is quite simple, once you understand some basic economic fundamentals. The most frequently asked questions that buyers and homeowners ask are “What’s my rate”, or “How is my mortgage rate determined” or “why is my rate lower than what they say on TV?, or “Do you see rates increasing when I am ready to buy in a few months?”, With these questions in mind, here is a quick guide to use that will help you understand how your mortgage rate will be determined.

7 Tips to Help Get Your Purchase Offer Accepted

June 3rd, 2013
In today’s competitive market where multiple offers are the norm, it is very important that a buyers offer stands out from the crowd so it is given every chance of getting accepted! Buyers and agents have to get creative with their offers and also provide full transparency upfront, so the seller will feel comfortable that a buyer will be able to close escrow. Here are 7 tips that you can use that will strengthen a buyers offer and ensure your purchase offer stands out from the crowd.