While baseball players and owners haggle over billions of dollars and the start of the baseball season is already in jeopardy, another popular spring pastime is already stepping up to the plate.
Homeowners looking to buy, sell or both are eager to hit a home run in 2022 and there are ways to get the most out of your next mortgage experience.
Larry Bsharah, President of John Adams Mortgage and Front Street Mortgage, and his team host a monthly Facebook livestream called Michigan Mortgage Cast. The February show focuses on prepping for the upcoming home buying season.
And, yes, the home buying season has already begun. People need to be up to speed on the many different aspects of buying a house, including what to look for in a loan officer and lender; what are the changes for second homes and investment properties; what’s the best tool to make the mortgage experience really easy; what’s a non-qualified mortgage and who can benefit; and more.
Mark Sera, a loan officer for John Adams in the Royal Oak and Shelby Township offices with 25 years of experience in the business, suggests people look for experience and knowledge when selecting a loan officer.
“It’s so important to choose the right loan officer and lender who is going to serve you and go the extra mile,” Sera says. “There is no substitute for experience. It’s also beneficial to have a referral from a trusted source. It’s great to get a referral from a Realtor because they are in the business.”
Borrowers and Realtors also should be looking at what the lending company has behind them, such as a vast array of loan products along with a solid reputation.
“Also, when you talk about a lender you need to be aware of the competitive rates and fees,” Sera says. “Everybody wants a good deal and you need to be competitive, especially in today’s market.”
Bsharah added, “There are a lot of surveys out there that borrowers want to work with a Realtor who has a team behind them, and with our one-stop shopping concept that we have with the Real Estate One Family of Companies, we are that team behind the realtor that people are looking for.”
Also during the latest Michigan Mortgage Cast, Debbi Waisanen talked about the changes for second homes and investment properties.
“There are some changes coming for second homes,” says Waisanen, who is part of Front Street Mortgage in Traverse City. “The biggest change coming up this spring has to do with additional pricing for a second home. There are going to be some additional fees and how much is going to depend on your down payment. The lower the down payment, the more it’s going to cost.”
Waisanen says lenders do have an alternative for the higher fees.
“Lenders can offer a higher interest rate that will help pay some or all of those fees to lessen your cash to close,” she says. “These rates are industry wide and make second home rates closer to investment rates (about .375-.625 percent higher than a primary home).”
Purchasing or refinancing a home are both very big financial moves. Along with your real estate agent, your loan officer is your greatest consultant and guide for your home investment. They are a resource to call, text or email any time throughout your experience.
For the complete livestream, including how you can save up to $1,200 on your next transaction with John Adams Mortgage and Front Street Mortgage, click HERE
Follow John Adams Mortgage on Facebook to tune into their LIVE monthly Michigan Mortgage Cast.
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John Adams Mortgage is a local, family-owned business. From the grocery store to the little league game, the team runs into their clients all the time! This is why they care so much about making your experience a really great one. You don’t have to sacrifice a great rate for great service. John Adams Mortgage and Front Street Mortgage is located at 25800 Northwestern Hwy, Suite 110 in Southfield. For more information, email us at email@example.com.