Bangor

8 Oliver, Bangor MI

Remodeled and ready for your enjoyment. The back area has completely rebuilt walls and new plumbing. New electrical throughout house. Two family living areas helps move this from a small home to a rather spacious home (1192 s.f.). Toy room up front with living in area in rear or vice versa. Closets in all bedrooms. Laminate flooring in back. Original oak flooring in front. Porcelain tile in bathrooms. New appliances to get you started on the right foot. Kitchen window allows you to keep an eye on the kids in the fenced in yard. Well kept homes in neighborhood helps secure your investment. Well insulated attic (R-45) keeps the costs down. Insulation underneath flooring in front and insulation in all exterior walls add to the warmth. Good price (check the competition) with a bit more room than most.

46404 28th Ave, Bangor MI home for sale

This country home was totally rehabbed 6 years ago (per owner). A new water softener, electric, plumbing, insulation and furnace were all installed at that time. Very clean, welcoming sense. Though modest sized, it is bigger on the inside than it looks. Plenty of room in the kitchen for all the baking needs. Dining area provides lots of room and living room is nicely sized. The basement is almost a full basement. One area is a crawl space (concrete floor). The 3.5 acres provide lots of room for the kids, garden or horse. The pole barn is quite large (2200 s.f.). It needs a bit of work in one area, but is in good shape. The floor is completely concreted. it has a double door and easily used as a garage. Out in the country but not too far from M43 for easy access to K’zoo or the beach.

18140 55th Street, Grand Junction Michigan Home

Very nice mobile on a country road. The lot is partially wooded. Many perennials have been planted (black-eyed Susans, hostas, etc). Summer flower pictures are very pretty. Decks in front and back enhance your summer enjoyment.

The house is in great shape. Clean and very comfortable. The fireplace is a woodburner, so you can enjoy the coziness as well as save on fuel costs. Natural gas avoids the propane issues. New windows improve the energy efficiency. Trim work needs to be finished. The kitchen is very welcoming and has an area for eating. Master bedroom is fairly large with its own bathroom.

There is an area for the washer and dryer so you don’t need to go out to the laundromat. The backyard is fenced which helps with child safety. Two small ponds add to the enjoyment, as you sit on either deck and enjoy the country. 20 x 40 barn gives you plenty of room for the car, boats, workshop or whatever. The garage floor is cement. Resvd: 2 perennial planats and figurines around pond.

Contact Tom for more info, or to see this property!
(269) 580-2259 or email at tframe {at} kalvan.com

32728 Orchard, Covert Michigan Home SOLD

This cleared lot in Covert is ready for your house. City sewer and well already in place. City water available at street. 2 miles from expressway for easy access to wherever you need to go. Approx. 4 miles to public beach. Realtor owned property.

Rehabbers Dream

PENDING SOLD!

The first dumpster was filled & carted. The inside clearing has begun and the front porch was opened up to really enhance the attractiveness of sitting outside. Now, you can continue the rehab needed to get this big house (4 bedrooms) into shape.

The garage is big. The double lot offers room enough to let the kids play at will. The back overlooks the ravine for the Black River running through town, so you can fish without the time and expense of traveling.

A land contract is possible. Rehab and sell or live in it yourself. Either way, this house is waiting for you to bring it back to life and make it the beauty on the block.

Technorati Tags: Tom Frame, rehab property, investor property, Bangor MI home

South Haven and Bangor Homes - Should you buy mortgage points?

This is part 2 in a series about understanding your mortgage. Read more: Understanding Mortgage Points

You can also “buy” points to improve the interest rate you get on your mortgage.  If you have the available cash on hand, and have long-term plans to stay in the house, you may think about “buying down” points to qualify for a better interest rate.  Though you’ll have to bring more money to closing, you’ll enjoy lower monthly payments over the life of your mortgage.

Generally, for each point prepaid, the interest rate on your mortgage will drop about a quarter (.25) of a percent (unfortunately it’s not a one-percent-for-one-percent deal!)  Additionally, lenders usually set the number of points that you can prepay (so you can’t just pay a little more for a 0% nterest rate).

When to Buy Down Points

When should you prepay points?  It depends.  If you have the extra cash on hand, there might be a better way to invest it.  Sit down and do the math before you decide (I used to be a teacher, so I’m happy to help with this).  Divide the total cost of the points by the savings in each monthly payment.  That answer is the number of payments it takes to break even.  If the number of months to payback is longer than you plan to have the mortgage, another loan option should be considered.

If you don’t have cash available, don’t think about borrowing it.  Doing so will increase your loan amount and total costs because you’ll be paying interest on that for the life of the loan as well.

If you’re looking to buy real estate in South Haven or Bangor, you really need to understand all of the costs of your mortgage.  I’d be happy to meet with you to explain!

South Haven and Bangor Michigan - Understanding mortage points

You need to understand ALL of the costs of your mortgage!

When you’re getting ready to purchase a South Haven or Bangor home, it’s really important that you understand all the different costs that are involved with your home purchase.  Today we’ll talk about what it means to pay “points” on your mortgage.

Points are simply fees paid to receive a home mortgage. Consider them your “cost” to get a mortgage.  Each point is 1% of the total loan amount.  So, one point (one percent) of a $80,000 loan is $800.

The two most common types of “points” are:  Loan origination points and Discount points.

Loan Origination Points are the fees that your lenders will charge you to obtain your mortgage. Similar to interest rates, points (or sometimes even fractions of points) will often vary between lenders.  Some lenders don’t even charge points, so take the time to shop around.

Discount Points are the fees that lenders charge for the interest rate you’ll pay on a mortgage.  Once again, one point equals one percent of the total loan amount.  The numbers of points charged changes with the time, location, lender and the local mortgage and investment market.

More discount points may be charged if you have had credit problems. Sometimes, lenders may also only qualify you for a higher mortgage rate than advertised.  Those with poor credit may find they have to pay anywhere from 2 to 4 times the points as those with good credit.  That’s why keeping a good credit history and comparing all the costs of a mortgage is so important.

Read more: Should you buy mortgage points?

If you think you’re ready to purchase your South Haven or Bangor home, you really owe it to yourself (and your bank account) to really understand your mortgage. I’d be happy to meet with you and answer any questions you may have. Feel free to call me at (269) 580-2259, or email me at tframe (at)kalvan.com

First-time-buyers: Glossary of Basic Terms

If you’re new to the real estate market, it’s always good to familiarize yourself with some of the unfamiliar terms. You don’t want to agree to something you’re not comfortable with, simply because you didn’t know what the term meant. Here are a few basic terms that I think first-time buyers in South Haven and Bangor should know.

Annual percentage rate (APR): Yearly interest on a loan, expressed as a percentage. Includes fees and other costs so you can compare offers from different lenders. The lower the APR, the better.

Appraisal: An estimate of a property’s value. A lender will usually require an appraisal, and won’t approve a loan for more than this figure.

Back on Market (BOM): A property that has been relisted because a previous deal fell through. These are often described as “no fault of seller” to assure buyers that there is nothing wrong with the house.

Closing attorney or escrow agent: A neutral party, they work with all parties - the lender, title insurance company, buyer and seller - to make certain that all the details of the closing come together without a hitch.

Comparative Market Analysis: These are also known as “comps”, and are a comparison of the value of a certain home with other similar properties in the area. They are usually based on sales and offering prices, along with number of bedrooms, similar home features, land acreage, etc. As your agent, I will put these together for you when you’re starting to zero in on a specific house, to make sure that it is appropriately priced, and a good value for you.

Credit bureau score: a number showing how likely you are to default on a loan, based on your credit history.

Down payment: The amount of a home’s price you pay in cash; usually from 0% to 20%

Lock-in: A lender’s guarantee that you’ll get a specific interest rate if your loan is closed within a certain period. Interest rates can change at any time, so if you think you have a good rate, be sure to lock it in.

Mortgage banker: A lender, bank or company that provides loans.

Mortgage broker: A person or firm that arranges loans from multiple lenders.

Preapproval: A lender’s promise (subject to final guarantee) to supply you with a specific amount for a mortgage.

Prequalification: A lender’s informal estimate of the maximum you’d be allowed to borrow.

Private mortgage insurance (PMI): Protects the lender if you default on a mortgage; only required if your down payment is less than 20%.

South Haven and Bangor events - Van Buren County Fair

This week marks the annual Van Buren County Fair, located at the county fairgrounds in Hartford, MI. This is a great event that my family and I really enjoy. My daughter won’t be showing her horse this year, but we’ll still go to cheer on her friends, and enjoy the local agricultural community.

Highlights:

Monday night - Truck and Car Derby at 7pm

Tuesday night - Super Farm Tractors at 7pm

Wednesday night - Pickup and Semi Truck Pulls at 7pm

Thursday night - Square Dancing at 7pm, Classic Rock & Blues at 8pm, and Fireworks at 10pm

Friday night - Super Kicker Rodeo and the Backroads Band at 7pm

Saturday night - Demolition Derby at 7pm

For more details on the schedule of the various events, visit their website at www.vanburenyouthfair.com

First-time-buyers: Glossary of Abbreviations

As a first time buyer, it can be confusing to look through all the housing ads, and try to make sense of all the various terms and abbreviations. Some are obvious (okay, ba stands for bath, pretty easy). But if the agent gets too excited, it can read like alphabet soup:

Great 3 br/2ba home on .5 ac with w/w cpt in the fdr, and lovely dk in the bkyd.

So, here is a translation of some of the most common abbreviations, just for you!

ac: acre

a/c: air conditioner

appls: appliances

ba: bath

BOM: back on the market

br/bd: bedroom

clsts: closets

dk: deck

dr: driveway

d/w: dishwasher

fdr: formal dining room

FSBO: for sale by owner

gar: garage

lr: living room

occ: occupancy

pkg: parking

spac: spacious

stu: studio

terr: terrace

w/d: washer/dryer

w/w cpt: wall-to-wall carpet

Hopefully this helps you decipher more descriptions in your exciting search for your first South Haven/Bangor home. Are there any other abbreviations you’ve seen that you need help figuring out? Post a comment and let me know. I’m here to help!

And if you’ve come across what sounds like the perfect home, and are ready to start looking, I’d be happy to give you more information, beyond just the basic description. Feel free to contact me anytime.

Want more? Check First-time home buyers: Glossary of basic terms