Defined Mortgage

01/10/2023

Even while it's exciting to begin planning your move and decorating once you've applied for a mortgage, there are some important factors to make before closing. Following your home loan, there are a few things you should probably avoid.

- Don’t Deposit Large Sums of Cash
- Don’t Make Any Large Purchases
- Don’t Cosign Loans for Anyone
- Don’t Switch Bank Accounts
- Don’t Apply for New Credit
- Don’t Close Any Accounts
- Do Discuss Changes with Your Lender

You want everything to go as smoothly as possible when you buy a home. Speak with one of our Mortgage Professionals to explain how your financial actions may affect your home loan—before you make any significant purchases, money transfers, or other life changes.

01/02/2023

Over the past 12 months, the housing market has seen a lot of discussion about mortgage rates. Rates have significantly increased compared to the start of 2022. They are now declining, and this is related to everything that is taking place in the economy.

Although they have just decreased, mortgage rates are still expected to change depending on what happens with inflation in the future. If you felt that a 7% rate was too high, it may be time to speak with one of our Mortgage professionals to determine whether the current rate is better in line with your desired monthly housing expense.

12/26/2022

If you're planning to purchase a home, you probably want to find the lowest mortgage interest rate. The home market experienced record-low mortgage rates during a previous couple of years, making that easier to accomplish, but this year, rates have sharply increased.

Here are a few things to pay attention to if you're looking for strategies to deal with today's increased rates and lock in the lowest one you can.

• Credit Score
• Loan Type
• Loan Term
• Down Payment

These are just a few of the factors that could affect your mortgage rate if you're buying a property. Having a group of experts on your side is the best thing you can do. Connect with one of our Mortgage professionals so we can advise your need in each step of the process.

12/09/2022

The decision to purchase a condominium is frequently made by those who value convenience. But in exchange for that convenience, you'll have to deal with a few more obstacles when applying for a condo mortgage.

The conditions for condo mortgages are stricter than those for a traditional home loan, and the interest rates are typically higher as well. In addition, there are other expenses associated with a condo mortgage that are not present with a traditional home loan.

Furthermore, the homeowners' association where you plan to purchase a condo must be in good standing in addition to you meeting the requirements for a mortgage.

That said, as long as you are prepared for them and know what to anticipate, you should be able to secure a mortgage for a condominium without the additional inconveniences being a serious obstacle.

12/09/2022

07/19/2022

This year, is teaming up with Royal Oak’s Chamber of Commerce to sponsor the Royal Oak Summer Concert Series!! Stop by and see us August 4th! We’ll be passing out fun swag for everyone and showing you what’s new in the mortgage game 🎸🎤🏘💸

Looking for a Conventional, FHA, VA in Rochester, Oakland County? You may be qualified. A mortgage consultant from Defined Mortgage can help determine the right mortgage option for you.

04/21/2022

The FCRA provides you the right to “Opt Out”, which prevents your credit information from being offered or sold to other companies not initiated by you. www.optoutprescreen.com for more information on opting out or call 1-888-567-8688.

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