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Homebuyer Tips

Understanding Mortgage Rates in West Michigan: What You Need to Know

April 1st, 2025 by Inlanta Staff

Mortgage rates are a crucial factor in the home buying process, as they directly impact your monthly payments and overall affordability. Understanding how mortgage rates work and what influences them can help you make informed decisions and secure the best possible rate for your home financing in West Michigan.

1. What Are Mortgage Rates?
Mortgage rates are the interest rates charged on a mortgage loan. They determine how much you’ll pay in interest over the life of the loan. Rates can be fixed, meaning they stay the same throughout the loan term, or adjustable, meaning they can change periodically based on market conditions.

2. Factors Influencing Mortgage Rates
Several factors influence mortgage rates, including:

  • Economic Conditions: National economic conditions, such as inflation, employment rates, and economic growth, can affect mortgage rates. In West Michigan, local economic trends and housing market conditions can play a role.
  • Federal Reserve Policies: The Federal Reserve’s monetary policies, including changes to the federal funds rate, can impact mortgage rates. When the Fed raises rates, mortgage rates can often follow suit, but when they lower rates it is not a guarantee that rates will come down as many times the market has already adjusted based on expectations.
  • Credit Score: Your credit score is a critical factor in determining your mortgage rate. Higher credit scores typically result in lower rates, while lower scores can lead to higher rates.
  • Loan Type: Different types of loans, such as Conventional, FHA, VA, and USDA loans, have varying rates. Each loan type has its own eligibility criteria and benefits.
  • Loan Term: The length of your loan term can affect your rate. Shorter-term loans, such as 15-year mortgages, often have slightly lower rates than longer-term loans, like 30-year mortgages.

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Top Mortgage Tips for First-Time Home Buyers in West Michigan

March 31st, 2025 by Inlanta Staff

Buying your first home is an exciting milestone, but it can also be a daunting process, especially when it comes to securing the ideal mortgage. Here are some essential tips to help first-time home buyers in West Michigan navigate the mortgage process and make more informed decisions.

1. Understand Mortgage Rates
Mortgage rates can vary significantly based on various factors, including the economy, your credit score, and the type of loan you choose. It’s crucial to understand how these rates work and how they can impact your monthly payments. It is important to keep in mind that unusually low advertised rates tend to have fine print and additional costs, so understanding all the fees associated with a loan is vital as well as the reputation of the lender.

2. Choose the Right Lender
Selecting the right mortgage lender is one of the most important decisions you’ll make during the home buying process. Look for lenders who have superior reputations, excellent customer service, and large variety of loan options. It’s also beneficial to choose a lender local the West Michigan market, as they can provide insights specific to the area.  With the right mortgage lender on your team, it came mean the difference between getting your offered accepted or not.

3. Get Pre-Approved
Getting pre-approved for a mortgage gives you a significant advantage in the home buying process. A pre-approval shows sellers that you are a serious buyer and have the financial backing to make an offer. It also helps you understand your budget and narrow down your home search to properties within your ideal price range including costs for homeowner’s insurance and property taxes. Read the rest of this entry »


Time to Get a College Town Rental

August 13th, 2021 by Inlanta Staff

With summer coming to an end, it means “back to school” for millions of college students across the country.

Packing up to move into campus housing is often expensive and not necessarily homey. It also means investing in housing that’s not tax-deductible, nor does it create any long-term equity or income potential.

For parents with college-bound students, or even investors looking for their next property, this is an ample opportunity to purchase a rental property near a college campus.

Buying a property near a college or university is an excellent investment when you consider: Read the rest of this entry »


What do you need to know about homeowners insurance?

February 15th, 2021 by Ima Admin

Homeowners insurance protects your home and personal property as well as your liability from accidents that injure others or damage their property.  There are various coverage levels and costs which is where things can get complicated.
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New Hybrid EClosings!

July 15th, 2020 by Inlanta Staff

We are excited to bring you our new Hybrid Mortgage EClosing.  This process allows us to further practice social distancing by having most of the closing documents signed electronically, continuing a smooth and efficient mortgage process.  E-documents are reviewed in advance with any questions answered and the time spent in-person at the title company is greatly reduced. Read the rest of this entry »


Top 3 Credit Misconceptions

January 13th, 2020 by Inlanta Staff

You are not alone if you have been putting off having your credit reviewed for the purposes of getting a mortgage.  There are so many things that run through people’s heads.  They want to pay off all their debt, close accounts, try to quickly build credit and their intentions are in the right place, BUT it can all backfire.  Credit is complex and everyone’s situation is completely different.

If you are even starting to think about purchasing a home, having your credit reviewed by a professional is absolutely the first step in the process.  A mortgage lender can offer you not only a review but also guidance on anything that could improve your unique situation.  Do you have these misconceptions?

  • Credit Misconception #1- I Know My Credit Scores
  • Credit Misconception #2- My Credit Scores will go Down if my Credit is Pulled
  • Credit Misconception #3- I Need to Pay Down/Off My Debts

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