Detroit Real Estate

What does biweekly payment mortgage mean? Farmington Hills real estate terms. Biweekly payment mortgageis a plan to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one half of the monthly payment required if the loan were a standard 30 year fixed rate mortgage. The result for the borrower is a substantial savings in interest.

This is a great way to pay down your mortgage quicker. By doing this on a 30 year mortgage, you can cut down to about 22 years. On a 15 year mortgage you can cut it down to about 11 1/2 years. Basically what you are doing is making one extra payment a year.  

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

Search for Farmington Hills homes

Michigan Lake information

Farmington Hills home information

Michigan Lake Info:

What does balloon payment mean? Canton real estate terms. Balloon payment is the final lump sum paid at the maturity date of a balloon mortgage.

When the balloon payment becomes due, you must either refinance or have the cash to pay it off.  

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

Search for Canton homes

Michigan Lake information

Canton home information

Michigan Lake Info:

What does balloon mortgage mean? Metro Detroit real estate terms. Balloon Mortgage is a loan which is amortized for a longer period than the term of the loan. Usually this refers to a thirty year amortization and a five year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due. This final payment is known as a balloon payment.

You wont find a balloon mortgage with many normal banks or lenders. Most times you find a balloon mortgage on a land contract home.  

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

Search for Metro Detroit homes

Michigan Lake information

Metro Detroit home information

Michigan Lake Info:

What does assumption fee mean? West Bloomfield real estate terms. Assumption fee is the fee paid to a lender (usually by the purchaser of real property) when an assumption takes place.

This fee covers the lenders costs of reevaluating the new buyer. It is an over head fee basically.  

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

Search for West Bloomfield homes

Michigan Lake information

West Bloomfield home information

Michigan Lake Info:

What does assets mean? Northville real estate terms. Assets are what a person owns, i.e., car, stocks, bonds, mutual funds.

When you go to your mortgage company to get a loan and pre-approved it helps to have assets. The bank likes it when you own stocks, bonds, mutual funds and other things of that nature. It helps you to get a loan easier.  

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

Search for Northville homes

Michigan Lake information

Northville home information

Michigan Lake Info: