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Mortgage Debt

Long-term debt and how it affects you

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...

Avoid paying taxes on forgiven mortgage debt

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...

Mortgage and debt

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...

Are Michigan mortgages considered secured debts?

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...

What you need to know about mortgages in Michigan

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...