According to Tim Lowe at Pearl Mortgage, when buying a home with a loan of $200K the MIP (mortgage, insurance, principal) is $141.66. This is being lowered to $100 per month.
Local market conditions: In the past 7-10 days there has been a frenzy of buying activity. Luckily we have also seen a large increase in listings in the past week. Ranch style homes and condos are still in very short supply compared to the number of buyers looking. Lenders are doing a very good job getting a clear to close in 5 weeks or less once the inspection contingencies have been removed (about 1 week later for MSU). More and more clients are choosing to have the sewer line inspected as part of the inspections. I'm recommending it if there are mature trees nearby that could have roots invading the pipe. $150 can save you several thousand dollars if the pipe has been broken or if its so clogged that sewage could back up into your finished basement the first time you throw a big party.
Had 20 partners through one open house and 12 through another. Early Spring!
Just giving you a market update. Things have heated up already. In a little less then 2 weeks I have written 6 offers, accepted offers on 2 of my listings and listed one home. Very unusual for this early. 2 of the clients I wrote offers for were in multiple offer situations. One client wrote $3,000 over list price and was the lowest of 3 bids. The winner had written $10,000 over asking price. I have an unusually large number of buyers for any time of the year. Listings are still just dribbling into the market.
The Michigan Legislature passed 3 bills that eliminate dower at the end of last year. These bills take effect 90 days after the Governor signs them. After that only the wife of a man who died prior to the effective date will have dower. They will be known as Public Acts 489 and 490 of 2016. The Governor signed them January 6th. Up until now, when a women married a man she automatically owned a portion of all his property. That's why we always had to have a wife sign at closing even if only the husband was on the title. That will no longer be the case. Only persons on the title will need to sign.
If you have any questions or concerns please feel free to utilize me as a resource.