There really is no such thing as a no-cost mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service. fees, wire fees, and so on, depending on whether the loan is a purchase or a refinance. The term “no-cost” actually means that your lender is paying the costs of the loan. All a no-cost loan means is that there is no cost to you, the borrower.

By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money. It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it’s the interest rates or the down payments that vary.

With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.

Across the country, and certainly in the Detroit Metro Area, we have been in what is called a Seller’s Market for a quite a while now. A Seller’s Market in real estate is often defined as a market having less than 6 months of inventory (the number of houses for sale). In most Metro Detroit markets, and especially at family-home price-points, we are averaging inventory levels of less than 1 month! The result: multiple offers, appraisal guarantees, waived inspections, escalation clauses, etc. – along with rising prices!

With COVID-19 in the rearview mirror (hopefully!) and restrictions lifting, we should see a dramatic change in the real estate market – right? After all, we are in a real estate market ‘bubble’ from the pandemic and it’s about to burst – right? Sellers can ask any price for their homes right now and buyers should wait for the ‘market correction’ that is surely just around the corner – right? I hear this from many sources: potential buyers and sellers, media ‘experts’, pundits within the industry; but looking at the current market from a ground- level view, I’m not convinced.

One of the most frequent questions I’m asked as a real estate broker is, “Is this a good time to buy (or sell)?” But I’m not being asked that much these days...  This January, Fannie Mae released the results of their Home Purchase Sentiment Index – and it wasn’t good. A survey record low of only 1 in 4 respondents reported that it’s a good time to buy, with younger households being especially pessimistic. Now this pessimism is understandable: home prices continue to escalate, inflation is on the rise, as are interest rates and, as a result, many buyers (especially first-time buyers) are ‘boxed out’ of the market.

You have undoubtedly heard from headlines and coworkers that the real estate market is crashing, the ‘bubble’ has burst, and with the high (and rising) interest rates, nobody is buying or selling. But not so fast: as they say, the devil is in the details. These kinds of headlines are as misleading as they are attention getting.

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale? A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

Real property can be incredibly valuable and the question of how parties can take ownership of their property is important. The form of ownership taken -- the vesting of title -- will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights involve such matters as: real property taxes, income taxes, inheritance and gift taxes, transferability of title and exposure to creditor’s claims. Also, how title is vested can have significant probate implications in the event of death.

It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.

When preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles like this one.

As a buyer, you are entitled to know exactly what you are getting. Don’t take anything for granted, not even what you see or what the seller or listing agent tell you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one.

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress.

The word is out! Property values in Detroit have recovered and suddenly everyone wants to invest in what is turning out to be one of the greatest comeback cities in American history.

This is one of the most common questions in real estate, and as it is an amalgamation of personal, financial, geographical, situational, and emotional variables, reaching the answer is quite complex. Here are just a few easy points to ponder before deciding to take the leap into homeownership.

Whatever your definition of success (everyone’s definition of success is and should be different), we all want more. That desire for more can blind us to what we already have–and should be grateful for.

With all the information readily available online, today’s buyers know exactly what to expect when it comes to fair market value, which should directly impact the price of your house. Ask your broker or agent for a comparative market analysis, find out how much your home is worth, then price your home 10-15% below that number. If your home looks like a great deal, it will generate more interest, garner more visits and ultimately inspire more offers (maybe even above asking price!). On the other hand, if the price is too high, buyers will shy away. The longer your home lingers on the market, the more likely it is to sell for below original asking price. 80% of marketing your home to sell is pricing it right, so do your research and be competitive!