Detroit Real Estate

What does construction loan mean? Livonia real estate terms. Construction loan is a short term loan to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as he or she progresses.

It is very hard to get a construction loan because of the mortgage meltdown.

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

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What are closing costs? Farmington Hills real estate terms. Closing costs are the expenses, over and above the price of the property, that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for the title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the are country and the lenders used.

Today, normal closing costs range between 2000 and 2500 dollars.  

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

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What is a closing? Canton real estate terms. Closing is the meeting between the buyer, seller, title company and lender or their agents where the property and funds legally change hand, also called settlement. Closing costs usually include the origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The cost of closing are usually about 3 percent to 6 percent of the mortgage amount.

A title company is usually the paymaster in a closing.  

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

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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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