Tips on Buying a Home
5 Essential Steps to Buying a House in Michigan
The thought of buying a home in Michigan may both intimidate and excite you. Hold onto that feeling of excitement because the right agent will handle the headaches of locating a house you love, negotiating a sales price in your budget, and ensuring that the closing goes smoothly.
Buying a house in Michigan involves a lot of thought and research for experienced and first-time home buyers. As one of the most significant financial decisions in your life, it deserves your full attention. Fortunately, an experienced Michigan real estate broker can lend their intimate knowledge of the Upper Peninsula and real estate deals to your advantage.
Broker Tracy Kahkonen of Up North Realty leads a team of skilled, knowledgeable agents who specialize in procuring residential real estate. So, whether you want a cozy family home or a woodsy retreat along Lake Superior, we can help. Contact us first for homes in MI, including waterfront properties, small farms, and undeveloped land for sale in Copper Country.
Can I afford a Home? Get Your Finances in Order
Before you look for a home, you have to set your budget. Work with a lender to get a prequalification letter that includes the maximum amount you can borrow. Add this total to your cash savings to determine the highest sales price you can afford.
There are several types of loans to consider. First-time homeowners should consider VA, FHA, and USDA mortgage opportunities, as follows:
The Department of Veterans Affairs offers government-backed mortgage loans that assist with buying a home in Michigan with as little as 0% down. VA loans help those who served in the military to afford a home.
The Federal Housing Administration offers FHA loans for homebuyers with less than perfect credit. Down payment requirements vary between 3.5% if your credit score is over 580 and 10% for scores between 500-579.
The USDA also has programs that can help you qualify for residential mortgages in rural areas.
Besides saving for the down payment, concentrate on lowering your debt. Higher credit card balances impact your credit score and can affect lenders’ willingness to issue you a loan.
According to the Consumer Financial Protection Bureau, borrowers with higher debt-to-income ratios have difficulty meeting their monthly payments. In most cases, a debt-to-income ratio of 43% or lower correlates to your ability to repay the loan.
Finding the Right Real Estate Agent
Working with a real estate agent has several advantages. Brokerages such as Up North Realty have agents that will go to bat for you to represent your interests. Sellers typically hire real estate agents to get the best possible price for their house for sale in Michigan, so it makes sense to hire an agent that will negotiate the price on your behalf and prepare a contract with your interests in mind.
Choose an agent familiar with the Upper Peninsula in Michigan. A lifelong resident of the UP, Tracy Kahkonen can speak from personal experience regarding the various neighborhoods’ qualities and assets. Also, her team of licensed real estate agents has access to the area’s multiple listing service. This guarantees you timely access to homes that meet your criteria in Baraga, Southern Houghton, and West Marquette Counties.
Choosing the Right Location to Buy in Michigan
Michigan’s Upper Peninsula is a fabulous place to hunt, hike, enjoy winter sports, and raise a family. It’s bounded by Lake Superior to the north, adjacent to the Canadian province of Ontario to the East. It boasts beautiful country bordering Lake Huron and Lake Michigan to the south.
The Upper Peninsula presents many opportunities for prospective home buyers. Whether you’re looking for land to build a weekend retreat or a lakefront property ideal for hunting, hiking, or motorized vehicles, Up North Realty can help.
We assist homeowners in buying a home in Michigan that’s close to employment opportunities as well as areas of natural beauty. We provide hands-on assistance with the buying process, including providing in-depth knowledge of the properties and neighborhoods in Baraga, Houghton, Keweenaw, and Ontonagon.
Some of the best areas to buy a house in Michigan include Baraga, Chassell, L’Anse, Toivola, Houghton, Tapiola, Pelkie, Big Bay, Michigamme, Skanee, and Covington. We can match homes in the area to your needs for work and play in one of the most beautiful places in the country.
Our current listings and connections with area residents give us an advantage in finding the right home for you.
Schedule a Home Tour Today With Up North Realty Today!
At Up North Realty, we start off getting to know you and your needs. Your agent will stand beside you through the first showing to procuring the keys to your new house in Michigan at the closing table. Contact Up North Realty to work with the top agency for home and land buying in Michigan.