Ready For A Mortgage? You Have Plenty Of Choices

moneyThis is a great time to apply for a mortgage loan. Interest rates are still low. Many borrowers are able to qualify for rates under 4%. And even better? Mortgage lenders today offer a wide variety of loan types. Borrowers with solid credit scores should have little trouble finding a home loan that works for their varied financial situations.
Here’s a look at some of the choices on the most popular mortgage smorgasbord available today. If you need help choosing, give us a call. We’d be happy to discuss your options.

30-Year Fixed-Rate: The 30-year fixed-rate mortgage (FRM) loan remains a favorite among borrowers. And why not? This mortgage comes with lower monthly payments because of its long life. Plus, the interest rate is fixed, so borrowers always know how much they’ll pay in principal and interest each month. (Your payments can still change, though, if taxes or insurance bills increase or decrease.) The downside? Because repayment is spread out over three decades, borrowers who pay off a 30-year loan in full will pay a lot more interest than those with different loan types.

15-Year Fixed-Rate: The 15-year fixed-rate loan comes with all the benefits of the 30-year version. But borrowers will pay far less interest each month because the repayment period is cut in half. The interest rates attached to 15-year mortgages are also lower than those that come with 30-year loans. However, because of the shorter term, a 15-year mortgage does come with higher monthly payments.

Hybrid ARMs: An adjustable-rate mortgage (ARM) features interest rates that are fixed for a certain number of years, often five, seven or 10. After that fixed period ends, though, the interest rate adjusts on a pre-set schedule according to the performance of whatever financial index the loan is tied to. Hybrid ARMs come in several varieties, but they all operate similarly: The 5/1 ARM, for instance, features a fixed-rate period of five years, while a 7/1 hybrid has a seven-year fixed period before the interest rate begins adjusting each year. The main benefit of these loans is the low initial interest rates that come with them. ARMs usually start with interest rates that are lower than those attached to fixed-rate loans. It’s important, though, for consumers to understand just how high their rate can jump each year once their loans enter the adjustable period and how that affects their payment—and ability to pay.

5/5 ARM: The 5/5 ARM is a relative newcomer. In this type of ARM, the interest rate is fixed for five years, then can adjust once every five years until the loan is paid off, the owner refinances it or the owner sells their home. This loan combines the low interest rate of an ARM with a bit of the stability that comes with a fixed-rate loan. Another variation is a 15/15 ARM.

Together We Can Sell Your Home

Just Sold - 220,000.

Just Sold - 220,000.

just SOLD 1913 and 1945 South Parker, Marine City
just SOLD 1913 and 1945 South Parker, Marine City

These days, tax credits and high housing inventory make it a buyers’ market. If you’re a seller, don’t despair. There are a variety of renovations that can help make your home stand out. Many buyers look at numerous homes when shopping for a house; so enhancing your home to make it more memorable is vital and increases the chances of a successful sale. Call 810-765.8167 today and let’s get that house SOLD!!!

Marine City Plaza Plans An Economic Stimulas Day

* Drawings for Gift Certificates (from H & R Block and other local businesses)
* Food (Donated by Broadway Pizza and Anita’s) If your businesses would like to set up a table please let us know.
 
* Games for children
* Marine City Fire truck (weather permitting)
* We are also collecting books for Kids in Distress (any books, not just children’s)
 
* Information on the Economic Recovery Package
 
* Answers to Tax Questions
 
* Come in for a Second Look!
 
* Wynne from Westrick Real Estate One will have a
booth to answer questions about Economic Recoveryand Real estate 

                                               
How can you join in?
                                                
  – Sidewalk Sales
                                                   
  -Special Offers
                                                  
  -Gift Certificates
                                                         
  -Music
                                                  
  -Other Creative Ideas……  
 
For more information please call Cheryl Devereaux at H & R Block- 810-765-3370
or you can call my cell at 810-765-8167

 

 

 

East China, Michigan 5411 Pointe Drive

Water side of home lots of windows for viewing ships passing from many lands

Water side of home lots of windows for viewing ships passing from many lands

 East China St Clair River front home. Comfortable 3 bedrooms 2 bath cedar/vinyl sided home features Cathedral ceiling in living room/kitchen. Oak kitchen with appliances. Huge 24×12 beck to relax on and enjoy passing ships from many lands.Home has been well maintained and shares driveway and driveway up keep expense with adjoining land owner to the south. Garage w/storage area. Steel seawall, Quick Possession – Be ready for summer on the beautiful St. Clair River. You can view more details of this listing and some extra photos are here too. REDUCED! $230,000 Make offer today

This home has appliances and is ready to go offering immediate possession at close. Call Wynne Achatz 810-765-8167 for your private showing today.