The Midwest is one of the most sought-after places to live in the country, and Michigan, in particular, has experienced a large amount of growth in recent years. Popularity of the University of Michigan, the Great Lakes, and a whole group of excellent sports teams have made Michigan one of the quintessential American places to live. Michigan is one of the few states in the country that offers an entire host of seasons with marked changes from season-to-season, which contributes to the beauty of the state. Unfortunately, however, Michigan has also experienced a serious hike in housing prices. This means that homeowners are increasingly more strapped for cash after their monthly mortgage payments. There is, however, a way in which homeowners can make their mortgage payments more affordable. Refinancing is an option that is available to current homeowners that allows them to take advantage of new and exciting developments in loan terms and new interest rates. Many Michigan residents can also gain access to some of the equity that they have established in their homes in order to invest that money in some long-term endeavors.
Quick Michigan Housing Facts:
- Percent of homeowners in Michigan: 73.8%
- Percent of renters in Michigan: 26.2%
- Median annual income in Michigan: $50,976
- Average credit score in Michigan: 703
- Best Michigan city to live in: Westwood, MA
- Median Michigan home value: $185,700
When to Refinance in Michigan
With the increasing popularity of refinancing, and with respect to all of the benefits that are available to individuals who refinance their current mortgages, there are some serious considerations that individuals need to make before committing to their refinancing packages. Be sure to check into what closing costs and fees are when you decide which refinancing program is best for you. Oftentimes, there are inflated closing costs, which make the process of refinancing rather pricey. This can, unfortunately, offset the money that you would have saved from refinancing, which is contrary to the entire process. It is also important to pay attention to the climate of the current real estate marketplace. Today, in Michigan, it important to only refinance when rates have remained consistently 1.5% or 2% lower than the rate you are currently paying. If interest rates are not below at least 1.5%, then you may not save as much money as you potentially could from refinancing. Finally, be sure to obtain your refinancing package from a reputable institution.
How much house can I afford in Michigan
One of the biggest problems facing Michigan’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Michigan’s residences, and we want to help you find them.
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