Purchasing a home should be nothing less than exciting. It’s a major commitment and one of the largest transactions you will likely make in your lifetime but this shouldn’t overshadow the dream of homeownership. An easy and stress free process is an experience we’re dedicated to ensure. Being prepared by answering two questions—are you ready to buy and how much “house” can you afford—will help you make better decisions throughout the process. Take this opportunity to learn more about the home buying and mortgage experience. Below and throughout this site you will find helpful information to aide you in purchasing your new home but there is nothing quite like personal attention. If you have any questions or concerns, please don’t hesitate to pick up the phone and give us a call or send us an email. We are here to help YOU.
There are many advantages to homeownership. One of the most significant: home owning allows you to build equity (ownership) by paying your mortgage on time each month. Bonus: in many cases, the monthly mortgage payments are less than the monthly rent payment.
When considering homeownership for the first time, it’s important to determine if buying makes both, financial and practical sense for you. To do so, consider the pros and cons to both renting and buying, weighing them to your personal situation. Think about location, length of time you plan on staying in the area, income and job stability, utility expenses, and home care, for a few.
Save time by focusing only on homes in your price range. To do so, calculate your purchasing power and determine how much you can afford to pay each month.
Down payment: Typically ranges from 1-30 percent of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20 percent, you may be required to pay mortgage insurance.
Closing Costs: Typically range from 2-6 percent of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:
Monthly mortgage payment
If applicable - Flood Insurance
If applicable - Property taxes
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.
"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