There are many great Metro-Detroit area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Valuation so you know what buyers will pay for your home in today's market. You may also call me at (248) 425-5082 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we have some great news for you. Over the last few weeks, interest rates have been coming down. If you've received a home loan sometime in the last few months, you've probably noticed that rates are hovering between 4.25% and 4.4%.

Let's say you have a $200,000 home loan with an interest rate of 4.25%. Your principal and interest payment would be roughly $989 a month on a 30-year fixed mortgage. Recently, I've seen closings with interest rates as low as 3.6%! If you locked in this rate now, instead of the 4.25% rate, your monthly payment would only be around $907, for a savings of about $80 a month! Over the course of a year you could save $960, and about $2,000 over two years!

If you have an FHA loan, we have some good news for you. FHA has lowered its basis points from 1.35% to .8%! This means that if you got an FHA rate sometime in the last three years, you're probably paying $120 to $150 a month in mortgage insurance. You could have it reduced to $65 to $110 a month if you refinanced! This is a $50-a-month savings per loan, which is fantastic. FHA also offers something called FHA Streamline, which allows you to obtain a loan without having to deal with appraisals, credit checks, and underwriting, all for $300.

We have several lenders we can refer you to if any of these opportunities interest you. Give us a call or shoot us an email - we would love to figure out whether now is the best time to make your move and discuss your options. We look forward to hearing from you soon!