There are many factors to consider when looking for a home

Types of Oakland County homes - There are many different types of homes: single family, condominium, townhouse, and duplex. Additionally, the type of home you select may impact your buying power.

New or existing home - Consider whether you want to move into a new home, nearly new,  or older home. In general, new Oakland County homes are more costly than existing homes. Especially when you figure in the items that are not in the house yet.  Such as window treatments, landscaping, decks, and patios. However, the condition of an existing home can significantly increase your maintenance requirements.   There may be items that need replacing or upgrading.

Quality of home - Examine the condition of the home. Carefully inspect the structure, interior and exterior of the house for defects. The additional renovation costs may add up over time and exceed your maintenance estimates. Will the house need a lot of repairs? How old are the appliances? The purchase of the home is one step, but the renovations and repairs are added costs that need to be considered. Would you prefer to purchase a newer, costlier home or would you prefer to invest additional time and money into renovations and repairs for an older, less expensive home?

Features - Consider the features of the home. Does it have gas or electric heating? Does it have air conditioning?  How many bedrooms does it have? How many bedrooms do you need? All of these characteristics will influence the price of the home and your monthly housing expenses.

Location - Would you rather live in the city, the country, or the suburbs? Do you want to be close to work?  Gas prices have made this more important in the last few years.  Do you want to be near parks or the library? What about a shopping center? Is it important for you to be near major highways or public transportation? Get a feel for the surrounding area by exploring the Oakland County neighborhood and talking to residents.

Crime rate - Look into the safety of the Oakland County neighborhood. Does the Oakland County neighborhood have a high crime rate? Has there been an increase in crimes committed in the area? If you are in a high crime rate area your homeowners insurance will be more expensive.  If so, how will this influence the future property value of your home?

Michigan School system - The quality of the school system in a particular area is not only important to families with children but can influence the property value of your home.

Economic stability of area - The economic growth and stability of the area surrounding a Oakland County home can influence its future property value.

Oakland County Home tax - Examine the annual amount of local Oakland County real estate taxes (millage rates) and other assessments levied on Oakland County homes in the neighborhood you are considering.   Sometimes the amount of taxes are so much greater in one city that you may be able to buy more expensive home in another city with lower tax rates.

I as a person want you to be able to live in the home you buy for many years.  I don't want to just "make a sale".  I definitely don't want you to lose your home in foreclosure or bankruptcy.  My goal is to help your find a bargain home if possible.  Many of my customers become friends and feel free to call me many years later.  I want you to feel good about your home purchase and the effort I make for you.  We want you to enjoy your home and enjoy the memories you get from it.                                           Russ Ravary

Home loans in Michigan

Home loans can be available from several types of lenders--thrift institutions, mortgage companies, commercial banks, and credit unions. Various lenders may quote you different prices, so you should contact several lenders to make sure you´re getting the best interest rate and good closing costs. You can also get a Oakland County home loan through a mortgage broker. Brokers set up transactions rather than lending money directly; in other words, they will find a lender for you. The broker´s contacts to several lenders can mean a bigger selection of loan products and terms from which you can choose.   Many times they can get you a loan when others cannot.  Most times brokers can beat banks rates and closing costs.

Brokers will generally make contact with several lenders regarding your application, but they do not have to find the best deal for you unless they are contracted with you to be your personal agent. You should also consider contacting more than one broker, just as you would with banks or thrift institutions.   But do not let them all pull your credit.  If too many companies pull your credit your credit scores will drop.

Knowing if you are dealing with a lender or a broker may not always be cut and dry. Some financial institutions work as both lenders and brokers. And most brokers´ advertisements do not use the word "broker."  You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders.