Buying a home in MichiganMany property buyers in Michigan consider using a lawyer too expensive. That’s a personal choice. But, if you do want an attorney on your side, remember that there are no set fees. This means different lawyers may charge different sums for the exact same service. It’s always wise to shop around for your lawyer. Of course, you need to be clear about each one’s fee schedule so you’re not comparing apples with oranges. You can also ask your attorney to limit their time to specific duties, such as scrutinizing the contract or the closing documents. Some find the peace of mind that comes with having your own attorney enough to justify the fees. As a buyer in Michigan, it’s probably best to curb your enthusiasm in front of sellers or sellers’ real estate agents when looking at properties. That’s because sellers are under no obligation to sell to you at the price they are asking. If they feel they can squeeze a little more money out of you, they are legally allowed to raise the price. So it’s always better to look a little underwhelmed when viewing a property, even if it is the home of your dreams.
Refinancing in MichiganWhy refinance a mortgage in Michigan? For the same reason any homeowner might. To:
- Get a lower mortgage rate so you pay less over the lifetime of your loan
- Reduce your monthly payment to increase your disposable income
- Take some of your equity out of your home so you walk away with a nice, fat check (perhaps you want to consolidate your other debts, start or finance a business, remodel your home or pay for a wedding or once-in-a-lifetime vacation)
- Shorten your mortgage’s term. If you can afford the higher monthly payments, refinancing to a shorter-term can save you a bundle
First time home buyers in MichiganFirst time home buyers in Michigan can take advantage of special home loans and discounts. The Michigan State Housing Development Authority alone has two different programs, each offering up to $7,500 in down payment assistance for qualified first time buyers.
- MI Home Loan Mortgage: Up to $7,500 in down payment assistance for lower-income buyers in “targeted areas”
- MI Home Loan Flex Mortgage: Up to $7,500 in down payment assistance with a minimum credit score of 700 and max sales price of $224,500
Mortgage calculator: MichiganCalculate your mortgage payment for a home in Michigan. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.
Mortgage companies in MichiganOne of the nation’s biggest lenders, Quicken Loans, is headquartered in Detroit. So it makes sense that Quicken is also the most popular mortgage company in Michigan. Rounding out the list of Michigan’s five biggest mortgage lenders are Lake Michigan Credit Union, Huntington National Bank, Chase Bank, and Bank of America, according to ValuePenguin. For reviews of the top nationwide lenders, see:
- The Best Mortgage Companies for 2023
- The Best Refinance Companies for 2023
- Individual Mortgage Lender Reviews