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You’ve seen the headlines – the Fed just cut rates, and mortgage rates are dropping. It is all very exciting for current buyers BUT if you are already a homeowner, this could also be a great time for you to consider giving your finances a makeover by REFINANCING to lower your monthly payment or interest rate, access equity for renovations, or pay off high interest debt!

Whatever your goals, you will need to meet certain criteria to qualify for a refinance. Consider a REFI if:

  1. Your current mortgage is in good standing
  2. You have at least 6 months of payments under your belt
  3. Your home’s market value exceeds the mortgage balance
  4. Your credit score is high enough
  5. Your DTI ratio isn’t overloaded
  6. You have enough cash to close

Here’s a tip: If current rates are at least 1% lower than your mortgage, refinancing might save you big §. But make sure the savings outweigh closing costs! Want a connection to one of my mortgage lenders to see if it makes sense for you? Shoot me a DM.

Refinance #MortgageRates #Homeownership #MortgageTips #MortgageCalculator #RealEstate #MIRealEstate

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As your local real estate agent, it is my job to be constantly monitoring trends, changes, and predictions so that I am prepared to guide you when the time comes to make your move. We are in the final quarter of 2024, and while I expect things won’t stray too far from where they have been so far in 2024, here are three things I see being the forefront of real estate trends in Detroit and surrounding for the rest of the year:

1. As the cooler months approach, the market tends to experience a slight dip in activity. You may notice fewer listings, more price drops, and a slower pace as people focus on the holidays.

2. Limited inventory has been an ongoing issue, and this trend is likely to persist through the fall. Buyers may face competition, especially for well-priced and move-in-ready homes.

3. With fewer buyers in the market during the fall and early winter, sellers may be more open to negotiating their price lower or more flexibility on repairs.

What happens in Q4 could dictate your move in 2025. Let’s chat now to avoid having a hard conversation later! What’s your plan?

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