Tag: first time homebuyer

First Time Home Buyer Help

Help for Buying a HomeIf you haven’t seen our previous blog posts regarding tips for first-time homebuyers, here’s what we have reviewed so far. What house you can afford, selecting the right home, finding a real estate agent, loan pre-approval process and bidding on your first home. Be sure to visit all of those articles for some great tips for you first-time homebuyers.  Onto the next step though, which is sorting out your priorities.

Purchasing your very first home can be stressful but also fairly rewarding once it’s finally in your name.  On this trip though, it is imperative to keep your priorities straight.  What I mean is that we all have responsibilities.  All of which require their-own levels of attention to be properly taken care of.  So you have to be sure you don’t get wound up in the game of house hunting and forget to meet your other responsibilities on the way.

Current bills, I’m sure you have plenty without being a homeowner.  Car insurance, maybe rent, phone bill, food, gas, pet food, your job.  All of which almost become second nature to us as we encounter the same bills and the same responsibilities month after month, year after year.  That’s why “high stress” times of your life like marriage and purchasing a home are considered “high stress” events.  Because along the ride you’re so concentrated on the end goal many people forget to pay one measly bill, forget one meeting, something along the way occurs that makes their stress levels skyrocket.  That’s why using outside help could be one of the best things you could possibly do.

Some people don’t think about it but as a buyer you have the right to select a real estate agent to help you along the way.  There is help out there beyond an agent though.  Here at Riverbank Finance, we’re capable of linking you with great local agents and talking with you about any of the stresses setting up your mortgage may bring.  So if you’re a Michigan native looking to purchase your very first home, you can contact one of our loan officers at 1-800-555-2098 or fill out the email form below.

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National Housing Market Status

Current Status of the Housing MarketHome many times have you heard on the news or read in the paper of the past five years how the housing market is struggling?  How many times have you joked with friends and family about the market when inside you’ve though how dark of a time the market is in?  Now yes, the housing market has definitely seen brighter days in the past.  There are those who have said the markets will never recover to the point they were once at before.  If the history of the housing market is any indication though, things will not only return too normal but they’ll surpass the previous high-points.

A company named CoreLogic conducts a thorough market search to give an idea of what the housing market will look-like in the near future.  Their most recent report, released Wednesday, January 25th.  The report states that 2012 will be the beginning of a turnaround for the market.  It’s estimated that home sales will improve 2-to-5 percent, year-over-year.  Now yes these aren’t massive changes in numbers but it’s definitely positive news that we haven’t seen/heard in a long time.

What made this happen though?  What’s making the housing market re-heal essentially?  Well in a nutshell, it was the struggling economy that has begun to reshape the housing market.  Really this all started with low prices for random everyday goods.  The economy crashes, which causes people to hold onto their money.  When people hold onto their money, prices drop because companies aren’t making sales.  Prices eventually fall so-low that people slowly begin spending again.  With this extra spending, and in-large part due to the record setting Holiday Season we had, people began gaining confidence.  That is, confidence in the economy.  As more money s fed back into the economy we see all markets begin to improve.  Which means the housing market will begin to improve as well.  With people now back in “spending” moods, we’ll see many take advantage of extremely low home-prices and mortgage rates.

It’s weird how things work though isn’t it?  We start with a moment many economists believed we would encounter a greater hardship than we did in the Great Depression.  So because of these types of statements, it put fear into many American hearts.  Now flash-forward barely one-year and were seeing things begin to improve.  We live in a strange-strange world, which can be quite daunting at times especially when you’re attempting to enter the housing market for the first or even third time.  So if you’re one of the people planning on venturing into the housing market, you should first contact us to be your guide in a sense to get things started.  We’re available by phone at 1-800-555-2098 or you can fill out the email form below.

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Pre-Approval Process to Buy a Home in Michigan

Pre-Approval for Michigan HomesPreviously we went over the process of picking the proper real-estate agent for your home hunting needs so the next step is to determine the best mortgage program.  Most people do not have thousands of dollars in savings to buy a home with cash so a mortgage will be necessary.  A statistic from the National Association of Realtors (NAR) is that 9-of-10 homebuyers purchase homes through a loan program so it is important to know what loans are available.

First we should probably explain what the term “pre-approval” means.  The process begins with you meeting a loan officer, which can help you determine what type of home you can afford.  It then continues onto a review of your credit files to ensure they are in good standing.  The loan officer will then determine which specific mortgage program is best for you.  From there you’ll receive a pre-approval certificate stating your maximum borrowing potential. Riverbank Finance loan officer will assist you in shopping interest rates and closing costs with several banks at the same time.

Most people can get a loan, as long as they’re willing to pay high interest.  The key to connect yourself with a good mortgage company that can find a loan for your current situation that has the best terms and lowest cost.  This is where Riverbank Finance comes into play as we specialize in helping you determine the best possible loan options available.

If you are a first-time homebuyer or even a repeat homebuyer they you will need help with a pre-approval.  We can go through the process with you and answer any potential questions you may have about the pre-approval process.  Just fill out the email contact form below to get started.  You can also call us at 1-800-555-2098 and a loan officer will be in direct contact with you from the start of your loan to the closing.

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