In Michigan, the average monthly mortgage payment is $1,031, according to Money Geek. It’s not surprising that with the rising cost of living some people are falling behind. The total mortgage debt in the U.S. increased to $11.2 trillion in 2022, according to...
Some Michigan residents struggle with debt. Whether it involves overspending with credit cards, paying off mortgages or repaying student loans, owing money can impact every area of your life. Your credit can suffer When you are in a long-term debt cycle, it can make...
Under certain circumstances, mortgage lenders in Michigan and around the country could forgive a portion of a home buyer's debt or choose to reduce the principal balance. When this happens, the forgiven mortgage debt is typically considered taxable income to the...
In Michigan, there are people every day who are unable to pay their mortgage loans. So you might be wondering what your next step should be. Should you refinance? Refinancing a house means taking out a new mortgage by revising and replacing the terms to have a lower...
When trying to get approved for a mortgage in Michigan, the debt to income ratio is one of the most important measures you should consider. The DTI is a way for lenders to judge how well you can financially handle the mortgage. Debt to income ratio While lenders will...
Odds are, any Michigan resident that is purchasing a home will be signing a mortgage to go along with it. While mortgages are very common across the U.S., it’s important to fully understand the type of debt you’re taking on. What goes into getting approved for a...
It can be exciting to purchase a home in Michigan. If this is your goal, it's essential to understand all the elements involved. While considering finances is necessary, analyzing affordability is also critical. You'll need to examine mortgage rates and your...
When it comes to buying a home, there are many important things to think about. One of the most important is how you will pay for the property. There are a few different ways to finance a home purchase, but one of the most common is through a mortgage. What is a...
If you're trying to get a mortgage in Michigan, it's essential to understand the type of debts you can own to qualify. Maintaining a high amount of debt that doesn't meet the required debt-to-income ratio, or DTI, for the mortgage you're trying to obtain will likely...
If you own a home in Michigan and used a mortgage to attain it, the money you owe is probably one of your highest debts. Fortunately, you can utilize mortgage curtailment to reduce or eliminate this debt before you must pay it off completely. Doing so can help relieve...
