Michigan Mortgage What To Expect When Buying A Home In Michigan

Michigan Mortgage What To Expect When Buying A Home In Michigan

Michigan Mortgage - What to​ Expect When Buying a​ Home in​ Michigan
Maybe you’re buying your first home in​ Michigan,​ or​ perhaps you’re relocating to​ Michigan from another state .​
Either way,​ it’s important that you​ educate yourself on​ Michigan home loans before shopping for a​ home and mortgage .​
This article explains what you’ll need to​ know before buying a​ home in​ Michigan:
In 2018,​ Michigan was the​ only state in​ the​ nation to​ report declining job-growth rates for consecutive years .​
Additionally,​ the​ personal income growth of​ Michigan residents is​ amongst the​ lowest in​ the​ nation,​ and rates of​ bankruptcies and foreclosures are above the​ national average .​
In 2004,​ downtown Detroit commercial office vacancies were the​ highest in​ the​ nation.
Weak employment conditions and slow population growth in​ Michigan have had an​ effect on​ the​ housing market .​
The rate of​ home appreciation in​ Michigan is​ well below the​ national average .​
Additionally,​ the​ price of​ homes in​ Michigan varies widely between zip codes .​
For example,​ in​ Detroit,​ Michigan,​ the​ median price of​ a​ home in​ the​ summer of​ 2018 was $160,​000; however,​ in​ Ann Arbor,​ Michigan,​ the​ median price of​ a​ home was $225,​000 .​
Michigan laws require that refinance transactions on​ sub-prime loans have a​ $10,​000 minimum loan amount .​
Additionally,​ Michigan laws prohibit mortgage companies from requiring a​ borrower to​ work exclusively with them after an​ application has been submitted .​
Borrowers in​ Michigan are encouraged to​ sign a​ right of​ refusal so that they can choose another lender should problems arise with their first choice.
The Michigan State Housing Development Authority (MSHDA) is​ responsible for all home-buying assistance in​ the​ state of​ Michigan .​
MSHDA offers low-interest rate loans and down payment assistance to​ Michigan residents who qualify for the​ program under state income requirements and purchase limits.

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