Tag: pre approved

Home Prices to Rise in 2012

Higher Home ValuesSome more great news has just been released in regards to the housing market. No longer are the days of dark clouds looming overhead. We now have a clear-cut indication that things are improving (all be it slowly, but still improving). Overall home values are expected to begin rising as early as the end of 2012 and the total amounts are bit higher than most had expected to hear about.

Financial analytics company, Fiserv, recently released their findings on the housing market and the direction it’s headed.  They found that homes will gain an average of 4% value each year, for the next coming five years. Meaning your home is expected to rise a total of 20% in value over five years. Some great news for homeowners as many people have been shied away from selling their homes all because of the low values of today’s market.

Find how much your home is worth by using our valuation tool Michigan Home Value Estimator.

Further numbers showed that the short-term forecast doesn’t look amazing as home values for 2012 are expected to drop 0.8% from where they were last year. This means we have not yet reached rock bottom home prices just yet. Once we get closer to 2013 however, we should start to see the trend of lower home values finally reverse.

This does come across as a double-edged sword though. As home values begin to rise and sellers begin to feel more comfortable in putting their homes on the market, more buyers will begin to become discouraged by the rising prices. It’s quite obvious that the housing market will remain a buyer’s market for a couple years yet to come.

So to those of you looking to purchase a home before prices rise, now may be your last chance!  With the combination of historically low mortgage rates and rock bottom home values, now it the most affordable time to buy a home in Michigan. To get pre-approved to start shopping for a home contact Riverbank Finance before you the lowest home affordability in history. You can call a licensed loan officer at 1-800-555-2098 or complete the 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.

Looking for Pre-Approval?

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