Buying a home with a new purchase mortgage.

Buying a Home

Get Pre-Approved to Buy a Home

Buying a home is an exciting event in life. Navigating through the home loan process does not have to be a stressful event as long as you are working with the right mortgage company. Allow us to guide you through the home buying process today! The first step is to get Pre-Approved by a mortgage company.

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Steps to buying a home

  1. Initial consultation with a loan officer
  2. Get a Mortgage pre-approval
  3. Place an offer on a home
  4. Start a mortgage application
  5. Submit documents to underwriting
  6. Complete home inspections and the Home Appraisal
  7. Schedule the closing with your Realtor and the home sellers
  8. Complete the closing and get the keys to your new home

Property values have dropped in recent years leaving great deals available for families that are interested in buying a home or foreclosure. This may be the opportunity for you and your family to upgrade to a larger home or to buy a dream house on a lake. For others, this may be the perfect time to stop wasting money on rent and invest into your future by becoming a home owner.

Tips for First Time Home Buyers

If this is your first time buying a house there are many tips you can take advantage of to acquire a home at a bargain. The best place to start as a first time home buyer is to learn the Home Buying Process. Knowing this valuable information will allow you to take advantage of the great mortgage plans the government has put in place to help you as a first time home buyer.

Home Loan options for buying a home

Whether you are a first time home buyer or a seasoned real estate investor, it is important to know what home loan options you have for buying a home. New purchase mortgage loans include conventional loans, FHA loans, VA Loan, USDA Rural Housing mortgage loans and others. We may all agree, that the best way to buy a home is with cash however even real estate investors that purchase hundreds of homes may see advantages in reviewing mortgage home loans options.

Popular purchase mortgage loan options

  • Conventional Purchase Mortgage
  • FHA Purchase Mortgage
  • FHA 203k Purchase Mortgage
  • VA Home Loans
  • USDA Rural Development Loans

Tips for buying a foreclosure in Michigan

Michigan is one of the top states to get a bargain price when you buy a foreclosed home. You may be able to negotiate deals with the banks that currently own these homes and MUST sell them. Typically foreclosure homes in Michigan sell for 10-15% under the current market value. This means that you will receive a large discount to purchase a bank owned home.

The purchase price may be a great deal however you must remember that foreclosed homes may have significant costs to repair once you purchase. Typically when homes are foreclosed it is because the homeowner does not have the funds necessary to pay for their mortgage payments let alone home maintenance costs. There may be significant deferred maintenance and repairs that have not been completed while the home is being foreclosed.

We always recommend purchasing a home inspection so you know the condition of the foreclosure prior to owning it. You do not want surprises such as a bad roof or major plumbing issues right away when you buy your home. These are very costly mistakes to make which could put you in a foreclosure situation if you did not budget appropriately.

Whether you are upgrading to the home of your dreams or a new home buyer considering a foreclosed property, now is a great time to buy a new home. For free advice and a loan preapproval call Riverbank Finance today at 800-555-2098.

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