Lake home buying tips – Waterford lakefront real estate

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I had a prospective Waterford lakefront real estate buyer call yesterday and ask me some questions.  So I thought I would turn his questions into one of my lake home buying tips about Waterford Lakefront real estate.  If you are searching Waterford lakefront homes for sale you need to know what you can afford and a little bit about the mortgage process.

When I talked to the client yesterday he had told me you would like to have about a $1500 a month house payment.  That is a great first step in knowing how much you can afford.   Many times the mortgage person will be able to give you more than you can comfortably afford to pay.  That is how so many people got into the foreclosures mess.  Just because a bank will loan you $300,000 on Waterford lakefront real estate, doesn’t mean you should buy a home that size.  You want to be comfortable and not house poor.

Waterford Lakefront homes

Waterford Lakefront homes

The second step is to talk to a mortgage person.  You should be pre-approved before you step out the door to start looking at Waterford real estate.    I will send you several names that have treated my clients well and got the job done.  But you can use whoever you want.  I like them because they are honest and they have a track record of closing the deal.  As your real estate agent I do not like surprises from mortgage lenders.  I want your deal to close.  So if the mortgage reps on my list say it is a good deal I know it will close.  Sometimes I deal with other loan officers and they do not know what the are doing.  The deal doesn’t close and the clients are upset.  It is in your best interest to sit down and talk to the mortgage person the first time around.  It can be done over the phone, but as a first time buyer if you both understand the home loan process it will be less stressful.   Remember this is most likely the biggest financial trans action of your life.  It pays to understand it.  It does not matter whether it is a Waterford lakefront property or a Dow Lake Waterfront Property

Some of the questions you want to ask is:

1.)  How long will the mortgage process it take?

2.)  What are my costs?   Ask for a copy of the Good Faith estimate

3.)  What type of loan should I do?  A conventional loan or FHA?

4)  What is PMI and will we have to have it?

5)  Should we ask for sellers Concessions?  Do we really need it?  Sellers concessions are where the seller pays for some of the closing costs?

6.)  Down payment money where should it be?  Tell your mortgage lender where your down payment money is at and where it is coming from.  It is very important that they know this.  The bank traces it.  I have had loans turned down because it was not in the right spot.

7.)  What are escrows and do I need them?

8.)  How much more money will I need to do escrows?

9.)  What will my payment be based on three different amounts?

10.) What mortgage costs will I have to pay for before the loan closes?  You usually have to pay for an appraisal and one year of your homeowners insurance up front.


Lakefront real estate Waterford Michigan

Lakefront real estate Waterford Michigan

You have to be pre-approved for a mortgage before  we can even put in an offer on any Lake houses in Oakland County MI.  No listing agent will take your offer without a pre-approval letter.   The pre-approval process will tell you how much you can afford, what your payments will be, how long the steps take, and what your costs are.  Then we can go out and start looking.  Then the next question you will want to ask yourself is can you afford two payments?  A house payment and the rent payment.  You have to pay your rent until June.  If we found a house next week and put an offer in  We would close in 45 – 60 days.  Which would put us about March 18th.  Could you afford to pay 2 payments in April, May, and June?  If you couldn’t then I would wait about a month to forty five days to even start looking.  You would hate it if you found the house of your dreams two weeks from now and then not be able to afford two house payments.

The exception to all of this is if we only look at short sale houses starting next week.  A short sale takes anywhere from 2 1/2 months to 6 months to get done.  A short sale requires you to have a tremendous amount of patience.  A short sale sometimes does not close.  So you could be in a short sale and have it fall apart in 3 months.  Let me know whether you can afford to two payments for a while or if you want to take a gamble and look at short sale houses.  One thing I can tell you is that I have NEVER had a client that was happy with the short sale process.  It will test your patience.  After you do one you will never want to enter into a contract for another.

I hope I have not overwhelmed you with all this information on the mortgage pre-approval process and lake home buying tips on Waterford Lakefront real estate and any other lake in Michigan including Lakefront Homes for Sale  on Duck Lake in Orion Michigan.  If you are looking for a big lake near the I-96 express way then  Walled Lake in Walled Lake MI might be worth looking at.  Walled Lake is very close to shopping (Twelve Oaks Mall) is only 5-10 minutes away.  There is even a nice restaurant on the lake, it is call Bayside.  It is a great place to get a cold drink or a good meal.

If you are looking for a big private all-sports lake then you will want to visit Duck Lake in Highland Township.  It is not a round lake.  It has multiple large bays so you won’t get tired of a circular lake.  I hope you enjoyed my lake home buying tips.  If you are looking to sell a lake home anywhere in Southeastern Michigan here are some Michigan Lake home Staging tips.

If you are buying or selling we can help make your next move easier.  Give me a call on my cell phone at (248) 310-6239    Remember we have a buyers bonus for you too!

*BUYER'S BONUS* for more information call (248)310-6239

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waterford lake homes

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