(WXYZ) — As the interest rates remain historically low and the real estate market remains hot, there can be a lack of clarity on how to “win” in this market.
David Hall, a leader in the Detroit mortgage market for decades and President of Hall Financial offers the following tips:
The myth of “20% down” – even though buyers haven’t required 20% down for decades, some still think it’s required to purchase a home. There are so many mortgage and financing options that don’t require it.
Refinancing – Hall says if you haven’t refinanced in the past year, you need to do it. Rates remain at historically low levels and most home owners are looking at considerable savings if they haven’t refinanced so in the past calendar year.
Take the time to shop for the best rate! It’s all about monthly payment – for most consumers a .1% increase or decrease doesn’t translate to much. Working with your finance partner to hone in…