Rent-to-own homes are a fantastic option for those who want to buy a home in Michigan but don’t have the funds available right away. Rent-to-own homes require you to pay a portion of your monthly rent until the entire mortgage balance is paid off.
If you plan on staying at this Michigan rent to own property for an extended period of time, this can help you save money. You might even be eligible for a lower interest rate than with a traditional loan.
Home Equity Loans
Home equity loans, like credit cards, allow you to borrow against the value of your home. They are used to improve the property by performing necessary repairs and upgrades. These types of loans are secured by your home and require you to put down 10% – 20% of the total loan amount.
Refinancing Your Mortgage
Refinancing your mortgage entails obtaining a new loan to replace your existing one. When you refinance your mortgage, you may be able to lower your interest rates and shorten the term of your loan. There are, however, some risks to refinancing your mortgage. Before making any decisions, make sure to compare multiple lenders and their offers.