Origination and discount pointsMetro Detroit real estate& Michigan Mortgage closing costsNow 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 Posted on Jul 03, 2008 @ 11:00 pm by russ.ravary
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Michigan adjustable rate mortgagesSo 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:
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. Posted on Jul 02, 2008 @ 10:12 pm by russ.ravary
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Redford Michigan, schools, police, parksRedford Township MichiganRedford Michigan is located just west of Detroit and East of Livonia, and located in Wayne County Michigan Redford Parks and Recreation
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Will the old Northville Psychiatric Hospital become part of LivoniaNorthville Township real estateNorthville 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.
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 Posted on Jun 29, 2008 @ 9:59 pm by russ.ravary
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Redford Michigan a little bit aboutRedford, Michigan
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