Daily Sterling Heights, Michigan Mortgage Rates for 3.31.23
30 Day Range
5.977% - 6.845%
30 Day Range
5.363% - 6.179%
30 Day Range
5.796% - 6.639%
30 Day Range
5.388% - 6.501%
Ready to see your rate? Give us a call at 800-599-1563. Not ready right now? Schedule an appointment with a licensed mortgage professional, or submit a Quick Quote.
7 Steps to Buying a House in Sterling Heights, Michigan
If you want to know how to buy a house in Sterling Heights, Michigan, you've come to the right place!
When you begin thinking about buying a home, it’s not hard to let your emotions get the best of you. In a matter of seconds, you’re stalking homes on your home-browsing app, changing your route to work to do drive-bys on those houses you like, and even looking up some interesting mortgage options that are going to get you into that home with little to nothing down.
It can be incredibly easy to get yourself into a home that you can't really afford, and that is the number one cause of people not being able to build that long term wealth. This is why knowing the steps of the home-buying process can help you make some smart decisions when buying your next home.
Let’s be honest. Buying a home can be a confusing and frustrating process.
Do you ever ask yourself, “What do I need to do to buy a home in Sterling Heights, Michigan?” or “Who will give me a home loan in Sterling Heights, Michigan?” Great News! You've found the answer with Moreira Team! We are mortgage brokers in Sterling Heights, Michigan.
That is why we have made it our purpose, for more than a decade, to provide our clients with the best mortgage experience possible. We have the home-buying know-how to make the home buying process a “done-for-you” experience. Getting a mortgage with us is actually a lot easier than you might think, and we have programs available for every situation. We shop your loan with over 22 different lenders and banks to make sure we deliver on our promise to get you the best deal. That means you save money, get a lower rate, and spend less money out of pocket. Our guarantee is to provide you with a transparent and easy home buying experience, and our promise is to find you the best deal.
Here are 7 easy steps to get you started on your home purchase:
Get Your Finances In OrderBuying your first home, or your next home is a HUGE deal! You absolutely have to know how much you can afford and how much you may need to save to get into your next house.
Get Preapproved for Your MortgageIn a quick conversation with you about your income, credit and down payment, a mortgage advisor will be able to pre-qualify you for your mortgage right on the spot. Call 800-599-1563 to talk to a licensed mortgage advisor to get a custom strategy on how to make your home purchase a reality. Get Pre-Approved
Find the Right Real Estate AgentStarting your home buying journey online is a great place to start. But having a local expert in the feild is a must. We can help connect you with a local, Sterling Heights, Michigan Real Estate Agent who can help you find your next home.
Go House HuntingYour finances are solid, you've been preapproved and you have an expert on your side. It's time to go house hunting! Try making some lists, doing some research and asking questions.
Submit an OfferOnce you’ve found the right home, it’s time to get serious! That means submitting an offer and signing a contract agreement with the sellers.
Get a Home Inspection and AppraisalIf you've made it this far, you are officially unde contract! But now that you're under contract there is still some things to take care of, like a home inspection, appraisal and final mortgage approval.
Close on Your HouseThis is it! All your hard work is done and now you have to sign the papers, take care of any payments and the keys are yours!
Find Out How Much Home You Can Afford
A mortgage calculator can help you see how much mortgage you can afford on your home. It can also help you figure out how much you can save by exploring different down payment and term options. Below we have a mortgage calculator and an affordability calculator. Feel free to play around with some numbers. And if you have any questions or want to talk more about your options give us a call or schedule a time to talk with a licensed mortgage advisor.
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The Home Buying Process Explained
So, you’re ready to buy ahome? Are you a first-time homebuyer, relocating, or maybe buying something larger for your growing family? No matter the reason, knowing the steps it takes to buy a home is a must.
Step 1: Get Your Finances in Order
Buying a home is a big deal. Probably one of the biggest purchases you’ll make during your lifetime. Are you sure you’re ready? Answering two simple questions can help you figure it out.
How much money do you need to buy a house?
When you buy a home, you become your own landlord. While that does mean you can paint your walls any color you want, it also means you’re responsible for any repairs. You’re also going to need your savings for a down payment in order to get a mortgage. Twenty percent of the home purchase price is ideal, though some programs require less. If you’re looking at $300,000 properties, ideally you’ll want a 20% down payment of $60,000. Home purchases require the payment of closing costs and prepaid property taxes and insurance as well.
Sterling Heights, Michigan
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All information and results provided by this Closing Cost Calculator are estimates only. They will in no way accurately reflect actual closing costs. This calculator is to be used only to establish and estimate of closing costs. There are many unique factors that will affect the actual cost.
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What does your credit score have to be to buy a house?
Your credit score is a number that depicts your creditworthiness. It’s based on your credit history including the number of accounts you have open, how much you owe, late payments, and other factors. Credit scores range between 300 and 850, and the higher the number, the better you look to lenders. If you haven’t checked your credit score in a while, now is the time to do so!Credit that is in less than tip-top shape doesn’t always disqualify you from buying a home. However, mortgage interest rates go down as credit scores go up. You’ll need a score of at least 700 to qualify for better interest rates and a score of 740 or above to land the best deals.
Step 2: Hire a Realtor
A buyer’s agent can help you navigate through the home-buying process. In some cases, they may even be able to help you find a house before it hits the market, giving you a competitive edge. And when it comes to making an offer, your agent will negotiate on your behalf so you don’t pay a penny more than you have to. This includes getting the seller to pay all or a portion of your closing costs and getting to the best deal for your new home.
Do you need a realtor to buy a house?
A buyer’s agent is a real estate professional who specializes in working with people who want to purchase a home. Buyer’s agents have a legal obligation to protect your interests and work to make sure you get the best deal possible. A real estate agent can tell you if the local schools are trending better or worse, if city and county taxes are going up, if crime is going down, and if radon is an issue. Choosing a good buyer’s agent shouldn’t be difficult if you ask plenty of questions. Here are a few examples:
- About how many families they help each year?
- How many homes have they personally owned?
- How long have they been in the industry?
Step 3: Get Preapproved for Your New Home Loan
The best way to buy a home is to get educated about the home buying process so you are prepared to speak to licensed mortgage advisor about your home buying goals.
How do you get preapproved for a mortgage?
A preapproval allows you to determine how much money a lender will give you to buy a home. All it takes is verification of your income and assets, a credit check, and preliminary underwriting and you’ll get a preapproval letter outlining the loan amount, loan program, interest rate, and down payment you’re approved for. All home buyers should go through the preapproval process before they begin looking at available properties.
Step 4: Start Your Home Search
Now the fun really starts! With your finances in order, a preapproval letter in hand, and a buyer’s agent by your side, you’re ready to look at available homes. But what should you be looking for?
Go look at different areas and neighborhoods
This is a great way to get a look at different neighborhoods and start your list of property wants and needs. Get your significant other and kids (if you have them) involved while you’re at it. The right home should make everyone happy even if some compromise is required. Your buyer’s agent can be an invaluable resource. They can help you target your search to neighborhoods within your price range and ones that are likely to appreciate in the future.
Step 5: Make an Offer
It takes buyers an average of 10 weeks to find the right home. Once you’ve found yours, it’s time to submit an offer on the property.
How do you make an offer on a house?
Making an offer on a home generally involves drafting a letter that includes the price you’re willing to pay for the home, your timeline and target date for closing. It may also include and any additional terms you want the home seller to consider. You should rely heavily on your real estate professional for this. They may be able to get an inside track on the motivating factors for the seller.
Just remember that once you make the offer, an agreement may be quick and painless, but it may also take some back-and-forth between you and the seller. Be prepared to negotiate.
Step 6: Get a Home Inspection and Appraisal
Once the home seller accepts your offer, you’ve signed a purchase agreement, and deposited any earnest money, you’re considered officially under contract. You still need to make sure that the home you intend to purchase is everything the seller says it is.
What is a home inspection?
A home inspection is a the best way for you to ensure the home you plan on buying is exactly what you think it is. It will identify any structural issues and necessary repairs on the property. If the inspection professional finds problems with the home, you can require the seller to fix them, reduce your offer accordingly, or even cancel your contract. A home inspector is a critical hire. The home inspector you choose needs to be vetted, so find out if they are a member of any associations such as the American Society of Home Inspectors.
What is an appraisal?
Mortgage lenders require you to have the property appraised as protection against loaning more than the home’s true value. If an appraisal comes in lower than your offer price, your buyer’s agent can work with you on what to do next. You may be able to negotiate the seller down on the price, for example, or you may need to cancel your contract. You usually don’t have a choice on appraisers, they’re a third-party service hired to identify if the contractual value can be found from the recent comparable sold homes.
Step 7: Closing Day
The final step in the home-buying process is closing on your new place! Before you get the keys for your new home and officially call it your own, you have one more sprint ahead of you: paperwork. You should receive a copy of your closing documents to review ahead of time so there are no surprises on closing day. These documents will include important details on your mortgage terms, closing costs, prorated property taxes, homeowner’s association fees (if any), and prepaid homeowner’s insurance requirements.
What happens on closing day?
You’ll need to visit your bank to get a cashier’s check for your down payment, closing costs, and prepaids or arrange a bank wire transfer directly to the closing agent or title company. At the actual closing, you’ll sign a big pile of documents and get they keys to your new home! It should be a pretty painless experience if you chose a good real estate agent and mortgage lender at the beginning.