Rates holding steady

With Michigan economy slowed down, our interest rates are holding steady. For a thirty year fixed they are hovering around the 6% mark, which is an excellent rate considering 10 - 20 years ago they were are high as 8-10%.

I keep telling everybody if you don't have to sell don't. It is not a market that you can put your house out there and hope somebody will pay top dollar. It's a buyer's market here in Detroit. You can search Michigan Homes and find good deals out there.
The only reason you want to put your home up for sale is because you are relocating, you can't afford the payment, you are getting divorced, it is in estate. Or if you are moving up into a bigger house. You are not going to make as much as you would have on the sale of your house two years ago. But you will gain some much value on a bigger home.
Here is the big but - please do not stretch yourself into a variable rate or a negative amortization loan in order to buy a bigger home. If your loan is called an option arm, balloon mortgage, arm, smart choice loan, adjustable rate mortgage, pick a payment loan and you are pushing you monetary limits to get into the house....... You are doing the wrong thing to your self. What happens when the rate goes up, what happens when the balance of the loan goes up?
Houses in Michigan are not gaining in value. I am noticing even in the expired listings each day that about 25% of the home listed are owned by banks. I don't want you to get into that problem. I want you to buy a home, to be able to afford it, to be able to live a good life beyond being house poor. I want you to be able to say that was a good move 5-10 years from now while living in the house. I don't want to add stress in your life of you going into foreclosure.

For more mortgage information or Michigan real estate information go to my website www.russravary.com If have a great Michigan things to do section and a great Michigan things to do section by month.

"Life comes by you only once. Today will be gone forever soon. Enjoy it, thank a friend for their friendship and help, and forget about the little problems" Have a great day. Russ Ravary