Metro Detroit real estate

& Michigan Mortgage closing costs

Now you bought a Metro Detroit home and you want to know about the mortgage closing costs.  When you sit down at the closing table you will be looking at the HUD settlement statement.  On the second page at the top of the page there are two fees called origination and discount points.

I usually say if you have good credit you should not be paying origination or discount points.  The only reason you would be paying points is if you are buying down the rate or getting a rate below market rate.

Origination and discount points are basically where a loan officer makes extra money.  Usually a loan officer gets paid a small percentage of the loan amount.  A loan officer makes between a half percent to 2 percent of the loan amount.  Though some loan officers want to make more.  They may want to make 3 -6% of the loan amount.  How they do this is by charging origination or discount points.

An educated borrower should not pay origination or discount points as far as I am concerned.  Though I will state here that there are cases where it is necessary to do that.  If the loan officer has to lower the rate in order to get you qualified for debt ratio.  You may have to have the absolute lowest rate in order to get the payment down in order to qualify for the loan.  That is one case where paying points makes sense when buying a Metro Detroit home.

Usually it takes 5-7 years to break even when buying points.  So if you buy a Metro Detroit home, buy points, you have to stay in the house at least 5-7 year to break even on the money you paid for the points.  For more on Livonia real estate or to search Michigan homes for sale feel free to go to my other website www.RussRavary.com

My quote of the day:

I like to see a man proud of the place in which he lives.  I like to see a man live so that his place will be proud of him.  ~Abraham Lincoln

So you have an adjustable rate mortgage that is coming due on your Metro Detroit home. 

What you have to know before you talk to any mortgage person is:

1. What you owe on the house including the first and the second mortgages
2. What your current rate is before it adjusts
3. What your new rate will be (call the mortgage company that has your loan for that information)
4. Basic information about your house.  How many square ft, how many bedrooms, how many car garage, etc.

  The Michigan mortgage person will need to know what you owe and what the house is worth to figure out whether you can even refinance.  Many Metro Detroit home owners are upside down.  They owe more than the house is worth.  No bank is going to loan money on a house that is not worth more than the loan.

You need to know how much your new rate will be after it adjusts.  That way you can plan what you need to do if you can refinance.  If the rate is lower than the current 30 year fixed rate you may want to ride out the adjustable rate longer.  Or you may want some peace of mind with a thirty year fixed right away. 

My quote of the day:

The work goes on, the cause endures, the hope still lives and the dreams shall never die.

Edward Kennedy

If you would like to talk about your Michigan adjustable rate mortgage, and your Metro Detroit home value call me or email me.  We will go over your individual situation and give you the facts so you can make a sound decision.  Refinance, stay in the adjustable, sell the house, call the national help line, or let the home go into foreclosure.

Redford Township Michigan

Redford Michigan is located just west of Detroit and East of Livonia, and located in Wayne County Michigan

Redford Parks and Recreation
There are 13 parks covering over a 100 acres, a indoor ice arena, outdoor ice rink, and a senior center located on 12121 Hemingway.

Pearson Field - 19990 Beech Daly Rd. 

• • (1) Baseball Field
  • (1) Softball Field
  • (1) Soccer Field (practice)
  • (1) Soccer Field (in season)
  • 
    

    St. Hilary Park - 23901 Elmira

    • • Children's Play Area
      • Picnic Area
      • (1) Rollerblade Court

      • (1) Little League Field

Volney-Smith Park - 19310 Lexington 

• • Children's Play Area
  • Picnic Area
  • Concession Building
  • Public Rest Rooms
  • (2) Tennis Courts
  • (1) Rollerblade Court
  • (1) Little League Field

    Korvette Park - 9100 Fenton

    • • Children's Play Area
      • (1) Rollerblade Court

      • (1) Little League Field

Claude Allison Park - 18250 Beech Daly Rd.

• • Children's Play Area
  • Picnic Area
  • Concession Building
  • Public Rest Rooms
  • (4) Lighted Tennis Courts
  • (2) Lighted Softball Fields
  • (3) Little League Fields
  • (2) Sand Volleyball Courts
  • Walking Track

    Manning Park - 25590 Glendale

    • • Children's Play Area
      • Picnic Area

      • (1) Little League Field

Phoenix (Rotary) Park - 24601 Lyndon

• • Children's Play Area
  • Picnic Area
  • (1) Little League Field

    Elliot Tot Lot (Orangelawn Park) - 24830 Orangelawn

    • • Children's Play Area

      • Picnic Area

Capitol Park - 26650 Capitol Ave.

• • Children's Play Area
  • Picnic Area and Pavillion
  • Concession Building
  • Public Rest Rooms
  • (6) Lighted Tennis Courts
  • (1) Rollerblade Court
  • (1) Lighted Softball Field
  • (1) Lighted Baseball Field
  • (1) Little League Field
  • (1) Lighted Soccer Field (in season)
  • (2) Sand Volleyball Courts
  • Walking/Bike Track

    Beech Tot Lot (Ice Arena) - 12400 Beech Daly Rd.

    • • Children's Play Area

Jaycee Park - 10101 Beech Daly Rd. 

• • Children's Play Area (future)
  • Picnic Area and Pavillion
  • Public Rest Rooms
  • (1) Little League Field

    Western-Graham Park - 14701 Beech Daly Rd. 

    • • (2) Little League Fields

      • (1) Soccer Field (in season)

Vandenburg Park - 24891 Cathedral

• • Children's Play Area
  • Picnic Area

 
Redford Police
The department is made up of 68 sworn officers and 9 civilian dispatchers/jailers.  The number of violent crimes recorded by the FBI in 2003 was 170. The number of murders and homicides was 1. The violent crime rate was 3.3 per 1,000 people.

Redford Schools
There are 3 school systems.  The majority of them go to  Redford Union School District and  South Redford School District.  Some also go to Clarenceville School District.  There are also 6 private schools in the township.  Redford Union School District has 1 high school, 1 Junior High,  5 elementary schools, and 5302 students.  South Redford has 1 high school, 1 middle school, 4 elementary schools and 3432 students.

If are thinking of moving to Redford, MI and need more information or need a Redford realtor email me at info@RussRavary.com or call me on my cell at 313-310-9855.

My quote of the day

It is not what we get. But who we become, what we contribute... that gives meaning to our lives.  Anthony Robbins 

Northville Township real estate

Northville Township residents are fighting hard to keep the old Northville Psychiatric hospital property part of Northville Township.  They are setting up rallys, set up a website Stopannexation.com  They were even planning to protest at Livonia's spree.  I give it to anybody that gives up their time, money, and energy to support a cause that they believe in.

From what I have been told is the basis of the disagreement between the developer and Northville Township is: that Northville Townshipwill not agree to the higher density of buildings on the property.  Of course the more offices, homes, or shops will make the developer more money.  I would assume that it would bring more money in tax base to Northville Township.  Please correct me if I am wrong in what I heard or think.

Then the developer was smart enough to "put live in security on the property"  That "live in security" then became residents of the property.  The "live in security" then voted to be annexed after there was no resolution with the township.

Of course no city or Mayor would be crazy enough  to turn down free land that would increase tax base, residents, and land.  I don't blame any of the participants in this drama. 

• Northville township is trying to maintain their master plan

• the developer is trying to maximize their dollars and profit

• the residents are trying to keep Northville whole

• Livonia is trying to increase the size of the city at no cost

There is currently a bill in the Michigan Senate that would amend Townships rules of annexation.  But it has not made it to a floor vote.  According to MichiganTownships.org  the annexation vote in August seems inevitable.

Tell me what you think of all of this?  Who do you think is right or wrong in this situation.  Leave me a comment

Both of these cities are good cities to relocate to if you are moving from out of state.  For more Michigan relocation information, Metro Detroit Real estate information feel free to go to my websites www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com   There is lots of information on Livonia, Plymouth, Northville, Novi.

MY quote of the day is

"There would be no passion in this world if we never had to fight for what we believe in"

                                                             Suzie Switzer

Redford, Michigan
Redford Township, Michigan

Redford is a western suburb of Detroit, Michigan that is 11.25 square miles.  Redford Michigan has 51,622 citizens. The postal zip codes are 48239 and 48240.  The upper Rouge River flows through the Lola Valley Park in the township.  Primarily a residential community with 20,605 housing units and a population density of 4,597.40 people per square mile for Census 2000. 

There are some commercial areas. The commercial areas are concentrated mainly in an area bounded by Telegraph Road (US-24), Plymouth Road (M-14), Interstate 96 Freeway, and Inkster Road. The CSX Railroad parallels the I-96 Freeway. Most of the major commercial development is found along Telegraph Road, a series of major mile roads, both east-west and north-south, complimenting the Telegraph Road and I-96 corridors which connect to the region.

Location

The township is bordered by Detroit to the East, Dearborn Heights to the South, Livonia to the West, and Southfield to the North.  I-96  and Telegraph Road (US -24) cut through the township providing easy access to I-94 and I-96.  You can get to anywhere in metro Detroit easily from 8 Mile Rd, Telegraph, I-96.  These major roads connect to M-14, I-275, I-75, I-94 and I-696.  The distance to the Michigan state capital is 70 miles. (as the crow flies)  Downtown Detroit is a short 15 -20 minute ride from Redford Michigan.

For more on Redford Michigan and Michigan homes for sale  go to my other website or you can search over 40,000 Michigan homes for sale by clicking on the button above.