Here are answers to some commonly
asked questions. If you have questions that aren't listed,
contact us at 248-308-5000. You can email us at
It shouldn't be a problem. There are many programs available today that require less than 5% down payment. The best thing to do would be to call us and we can find the right program for you.
Yes, the different types of loan programs being offered are changing
every day. We find the best loan scenario for all of our clients.
Unlike big banks that are restricted to using loan programs and
rates being offered at that time by the bank, we have access to
many lenders. What we do is find the lender that best fits your needs.
Call us today and let us show you what we can do for you.
Yes you can. However, the rules regarding this issue are constantly changing. Your best bet would be to contact your accountant. Your accountant can inform you of your best options in regards to this.
With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20 or 30 years. A number of variations are available, including five- and seven-year fixed rate loans with balloon payments at the end. With an adjustable rate mortgage (ARM), the interest rate fluctuates according to the indexes. Initial interest rates of ARMs are typically offered at a discounted ("teaser") interest rate lower than fixed rate mortgage. Over time, when initial discounts are filtered out, ARM rates will fluctuate as general interest rates go up and down. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan. A number of variations are available for adjustable rate mortgages, including hybrids that change from a fixed to an adjustable rate after a period of years.
It depends. Because interest rates and mortgage options change often, your choice of a fixed or an adjustable rate mortgage should depend on: the interest rates and mortgage options available when you're buying a house, your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next five, ten or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM's teaser rate will adjust up soon and you won't gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.
Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 22% and you've made timely mortgage payments. The Servicing Lender will have the requirements for canceling the mortgage insurance.
"My husband and I had not purchased a home in over 30 years-things have changed! Chris Foster walked us through the process and despite what we had heard about other's home buying experience it was painless. Thanks to Chris and his team."
Waterford, MI • Chris Foster, NMLS #1123930
"Chris & Tara provided me excellent customer service & support in setting up and delivering a home purchase loan. They communicated clearly and responded to all of my questions and issues in a timely manner. I would highly recommend them and Hall Financial."
Bloomfield Hills, MI • Chris Foster, NMLS #1123930
"Patrick is one of a kind. He truly cares about his clients and the work he does. If he doesn't know the answer he will get it for you. Even if it is not mortgage related. I would recommend him to anyone looking to buy or refinance."
Walled Lake, MI • Patrick Ali, NMLS #1484858
"My husband and I knew we wanted to move but put off getting the mortgage ball rolling because we figured it would be a huge headache. Boy were we wrong! Hall Financial made it quick and painless. Patrick and Tara were amazing to work with. Patrick knew all the questions I was going to ask before I even asked them and Tara always knew when I needed to talk to her because she'd literally call or e-mail me the minute I thought of something. They were on top of everything and completed the process in what felt like record time. Thanks to the DREAMTEAM for getting us into our Dream Home! "
Fenton, MI • Patrick Ali, NMLS #1484858
"Philip is always available to answer any questions and makes the whole mortgage process as easy as possible. He works hard and knows what he is doing. I highly recommend him for your mortgage needs. I’ve been through this process a few times and nobody was this good and helped me like Philip Lapinski!"
St. Clair Shores, MI • Philip Lapinski, NMLS #1485025
"From start to finish Daniel was extremely involved...from application through credit reports, appraisal, income reporting. All the way till closing...would not hesitate to use Hall Financial again."
Stanwood, MI • Daniel Morrison, NMLS #1631757
"This is our 6th home purchase and our first time working with Delanie. I wish that we were able to work with him on the previous 5 purchases! Accommodating in every way!"
Grosse Pointe, MI • Delanie Boon, NMLS #1707271
"I had the extreme pleasure of working with Chris Mikovich to secure a mortgage for a home that my family and I purchased on October 12, 2018. The approval process was seamless and stress free. Chris educated me on how the process worked at the very beginning and everything worked just as he said it would. He was responsive, sensitive to my situation and returned my phone calls and emails promptly. I’ve been through the mortgage process several times and never has it been so stress free. I highly recommend Chris to assist with your mortgage needs!"
Waterford, MI • Chris Mikovich, NMLS #1718752
"I am not one that is easily impressed, but Chris and his team exceeded all of my expectations! Chris was available at all times of the day and ensured that the process was smooth from start to finish, including closing in a timely fashion. I would highly recommend Chris for your mortgage lending needs, and I plan to use Chris for any future purchases and/or refinancings. Thanks again Chris!"
Royal Oak, MI • Chris Foster, NMLS #1123930
"Hall Financial can offer any services that larger organizations offer, but they are small enough to offer personalized service. Joseph Reams was very responsive and efficient every step of the way. These folks answer the phone when you call! There are no prompts to dial just to end up back at an operator or someone’s voicemail. Great job Hall Financial!! "
Waterford, MI • Joe Reams, NMLS #1669062