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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.

Read the rest of this entry »

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 »

Offer Accepted!

July 8th, 2021 by Inlanta Staff

One most exciting phrases to hear for homebuyers purchasing during a seller’s market is, “Offer Accepted”.

If you are in the market searching for your next home, vacation home or investment property you know that the mortgage pre-approval is the first and most important step in the process.   The pre-approval process is even more important during a seller’s market to ensure the Seller’s Agent and Seller’s themselves are confident in the strength of your approval. 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.
Read the rest of this entry »

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 »

Shifting Mortgage Loan Products

July 2nd, 2020 by Inlanta Staff

The Coronavirus (COVID-19) has had many affects on the mortgage lending industry, but these are not unfamiliar adjustments. The industry had experienced similar overnight changes during early 2008. The difference this time is not a housing bubble, but a global health crisis.

COVID-19 caused immediate layoffs and slowing of the economy requiring mortgage lenders to quickly adjust with lending restrictions, additional verifications and even Read the rest of this entry »

Buying a Home During COVID-19

April 22nd, 2020 by Inlanta Staff

We are living through challenging times that will one day be found in history books throughout the world.  In Michigan, the Stay at Home Order was just lifted on June 1st.  This order caused non-essential workers to be home more then ever before and many are realizing their current space is too small, their layout is not functional, there is not enough storage, they are sick of paying their landlord or listening to their neighbors through paper-thin walls to name a few complaints.  So, why not use this extra time to look at buying a house that will bring some joy back to being at home?

There is no better time to start looking at options for purchasing a new home, but is it possible to buy a home right now?

Some general facts you need to know before getting started in the home buying process during the COVID-19 outbreak:

  • You must be willing to embrace technology.
  • Mortgage Lenders are considered essential and are closing mortgage loans every week for purchases as well as refinances.
  • Every individual situation must be evaluated as there is not a one-size-fits-all option.
  • It is OK to get started by creating a home buying plan, but NOT purchase right away if you are uncomfortable with current conditions. Your safety and confidence are of utmost concern when purchasing a home.

Read the rest of this entry »

Real Talk on Mortgage Forbearance

April 10th, 2020 by Inlanta Staff

These are trying times with many Americans facing illness, mental and emotional fears topped off with financial pressures.  It is important to have a clear understanding about Mortgage Forbearance before making decisions.

 Mortgage Forbearance IS NOT Forgiveness

The Care Act has been passed by the government to all for “Federally Backed Mortgages” to request a forbearance on their mortgage payments for up to 6 months, depending on the individual situation.  So what is a forbearance?  A forbearance is an agreement with your mortgage servicer to reduce or delay regular payments for a set period of time.  When the forbearance period ends payments will be due as agreed upon in the forbearance agreement.

For those in a position where you have no ability to pay your mortgage a mortgage forbearance could be exactly what you need to keep your home and manage through this crisis.  It is imperative to explore ALL other alternatives as this IS NOT a handout from the federal government.

The process for which forbear mortgage payments will be made up is going to depend upon the mortgage servicer and their policies.  In some instances once the 6 months are up the next payment will be due as usual as well as ALL 6 payments that were put into the Forbearance.

If you are in a situation where payments will be missed and need help, contact your mortgage servicer because you must request forbearance; it is not automatic.  Make sure to do the following:

Read the rest of this entry »

Springtime TOP 10 Home Maintenance Checklist

March 23rd, 2020 by Inlanta Staff

Spring is here.  Seasonal Home Maintenance Time!

Your home is your largest investment and regular upkeep can lead to higher value in the future.  This Top 10 Spring Cleaning  List will keep your home well maintained, helping to save you from costly repairs in the future.

  1. Clean windows inside & outside
  2. Clean all screens, replacing or repairing any damage
  3. Visually inspect roof for missing, loose or damaged shingles
  4. Remove debris from gutters & downspouts
  5. Power wash windows & siding
  6. Touch up/repair damaged paint
  7. Fertilize your lawn
  8. Replace batteries in smoke & carbon monoxide detectors (check expiration dates on these as well)
  9. Change filter in furnace, air conditioner and dehumidifier
  10. Have airflow vents cleaned

Get our complete home maintenance checklist with additional tips and tricks below:

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