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Money Matters Blog

Monday, January 27, 2014

Mortgages for First Time Home Buyers

Buying a home for the first time is an exciting opportunity. It can also be a confusing time that’s filled with lots of questions.  That’s where we come in. Community Financial is here to help you understand what you need to know about buying your first home.

Getting a pre-approved mortgage from Community Financial shows realtors and sellers that you’re a serious shopper. Our experienced mortgage specialists will help you find out how much you can afford and what your monthly payments will look like before you start house-hunting.

Fixed Rate Mortgages are our most popular mortgage loan with competitive rates for 15, 20 and 30-year terms. Plus, our jumbo loans allow us to handle loans over $417,000. If you’re planning on living in your home for more than five years and are looking for stable, predictable payments, then this may be your best option.

Adjustable Rate Mortgages (ARMs) allow Community Financial to give you the benefit of a lower rate for the initial term of the loan. Once the initial period has passed, your rate may change periodically over the remaining term of the loan. The rate increases or decreases depend on loan’s index and margin at the time. An ARM is great if you’re confident that your income will increase steadily or if you plan to move in a few years.

Community Financial's mortgage experts are local lenders with years of experience helping Michigan homeowners into the "right" mortgage.  With competitive rates, affordable low fees, and a variety of terms to make the buying and refinancing process easier, we’re certain that mortgage from Community Financial is right for you!

Visit for more information or call (877) 937-2328 ext. 8500.

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