Detroit Real Estate

What does certificate of eligibility mean? Metro Detroit real estate terms. Certificate of eligibility is the document given to qualified veterans which entitles them to VA guaranteed loans for homes, business and mobile homes. Certificates of eligibility may be obtained by sending form DD-214 (Separation Paper) to the local VA office with the VA form 1880 (request for Certificate of Eligibility).

Simply put no Certificate of Eligibility, no VA loan.  

For more information on Metro Detroit Real Estate terms, or if you are interested in buying a Metro Detroit home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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What does cash flow mean? West Bloomfield real estate terms. Cash flow is the amount of cash derived over a certain period of time from an income producing property. The cash flow should be large enough to pay the expenses of the income producing property (mortgage payment, maintenance, utilities, etc.)

Simply put cash flow is what is left over from the rent after the costs of insurance, mortgage payment, and taxes are paid. Also you have to remember you will have repairs when buying a rental house that come up throughout the process.  

For more information on West Bloomfield Real Estate terms, or if you are interested in buying a West Bloomfield home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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What does buydown mean? Redford real estate terms. Buydown is when the lender and/or the home builder subsidized the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires.

You have to be careful with buydown mortgages, that the rate later is not much higher then the currently market rate. Saving money now, may cost you a lot of money later.  

For more information on Redford Real Estate terms, or if you are interested in buying a Redford home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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What does mortgage broker mean? Plymouth real estate terms. Mortgage broker is an individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Mortgage brokers usually charge a fee or receive a commission for their services.

There are very few mortgage brokers around because the trend has become part of a bank. Usually a mortgage broker can shop the mortgage around and get you a better rate then some banks.  

For more information on Plymouth Real Estate terms, or if you are interested in buying a Plymouth home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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What does bridge loan mean? Novi real estate terms. Bridge Loan is a second trust that is collateralized by the borrower's present home allowing the proceeds to be used to close on a new house before the present home is sold. Also known as a "swing loan".

With the mortgage melt down, bridge loans are very hard to get because the banks are not sure whether you will sell your house.

For more information on Novi Real Estate terms, or if you are interested in buying a Novi home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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