real estate »

WHAT TO KNOW ABOUT
APPLYING FOR A MORTGAGE

StatePoint

Although homeownership doesn’t make
good financial sense for everyone, some
experts say you may be qualified to pur-
chase real estate without realizing it.
“Factor in today’s very low interest rates
and current home prices, and affordable
mortgages are within reach for many quali-
fied borrowers who may have been hesi-
tant to enter the market,” says Christina
Boyle, senior vice president and head of
single-family sales and relationship man-
agement at Freddie Mac.
After receiving your application, along
with the required paycheck stubs, W-2s,
bank statements and tax returns, lenders
will evaluate the four Cs:
• Capacity: Your income, employment
history, savings, and monthly debt pay-
ments — such as credit card charges and
other financial obligations — help lenders
determine whether you have the means to

take on a mortgage comfortably.
• Capital: The money and savings you
have on hand, plus investments, properties,
and other salable assets.
• Collateral: The value of the home that
you plan to buy.
• Credit: Your bill- and debt-paying
record.
More loan application tips can be found
at myhome.freddiemac.com.
“You have choices, so interview lenders
to compare costs,” says Boyle, who also rec-
ommends getting the process started early.
“Getting pre-approved for a loan can help
you shop with confidence.”

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PROPERTY VALUES ON THE RISE IN OAKLAND COUNTY

2066540

WHO’S BUYING
HOUSES?

Marc Lederman, Max Broock Realtors

248.701.3387 | mlederman@maxbroock.com

According to the Census Bureau’s
Housing Vacancy Survey (HVS),
the nation’s homeownership rate
in the last quarter of 2015 was 63.8
percent. However, the homeowner-
ship rate was still down by 20 basis
points on a nonseasonally adjusted
basis from the last quarter of 2014 to the
last quarter of 2015.
Compared to the peak at the end
of 2004, the homeownership rate has
steadily decreased by 5.4 percentage
points and remains below the 25-year
average rate of 66.2 percent.
The homeownership rate for
Generation X increased to 59.3 percent,
up by 0.5 percent on a year-over-year
basis, while homeownership rates con-
tinued to decline for other age groups.
The homeownership rate for house-
hold heads older than 65 years old (79.3

Max Broock Realtors is pleased to announce
Marc Lederman has joined our team.
With over 30 years of experience as a realtor,
residential home builder and investor he can help
make your next real estate transaction
educational and pleasurable.

Call Marc for the best Real Estate experience.

2072860

40 February 4 • 2016

Average property values rose in all Oakland County communities by an average of 8 per-
cent based on two-year sales studies by Oakland County Equalization from Oct. 1, 2013,
through Sept. 30, 2015.
• Oak Park property values are up 14.95 percent
• Farmington property values are up 10.10 percent
• Huntington Woods property values are up 8.72 percent
• West Bloomfield property values are up 7.52 percent
• Birmingham property values are up 7.47 percent
• Bloomfield Township property values are up 7.45 percent
In Oakland County, mortgage foreclosures dropped more than 12 percent to 1,601.
Meanwhile, sales of existing homes rose 8.3 percent while sales prices rose 7.3 percent.

percent) decreased by 20 basis points
from the fourth quarter of last year. The
largest declines, however, are for those
aged less than 35 and aged 55-64, with
an annual drop of 60 basis points.
The Conference Board also reported
the shares of respondents planning to
buy a lived-in home within six months
fell to 3.5 percent in January, from
3.9 percent in December. The share
of respondents planning to buy a new
home within six months declined to 0.7
percent in January, from 1.6 percent in
December.

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