Say goodbye to those low mortgage rates

This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% -- a record low.

Interest rates on the rise

Energy Savings When You Buy A New vs Old Home

You'll pay more to heat or cool a six-year-old home vs. one built to the latest energy codes.

Cygnus Teams Up With Art Van

Art Van Home Rewards Program – Now Offers Even More Rewards!

Early last year, MAR teamed with Art Van to introduce the Home Rewards Program for Michigan REALTORS® and their clients. The new program offered $150 to home purchasers for use at Art Van, Paul’s TV and World of Floors and about 1,600 REALTORS® signed up clients in 2012.

While that might seem like a pretty good first year, Art Van’s Vice President of Financial Services, Ken Bussell, thinks they can do better in 2013; much better. Toward that goal, Art Van has doubled the value of the program, from $150 to $300 and is beginning a full-blown campaign to get the word out to Michigan REALTORS® and gift cards in the hands of Michigan home buyers.

Are You Still Renting?

The recovery in the housing market continues to pick up steam, as home prices posted the biggest percentage gain in more than two years in the latest reading of the closely followed S&P/Case-Shiller index. If you have been waiting to buy, don't wait much longer.

 

 

 

Home For Sale Overlooks Lake Michigan

Property For Sale

1197 S Manitou Trail • Lake Leelanau, MI 49653

Custom Built Home With Lake Michigan View

Map View Larger Map Photo

Details Lot Size: 3.14 AC Property Type: Residential Sub Type: Single Family Home Interior Sq Ft: 3260 SF Parking: 2 Attached Garage Bedrooms: 3 Bathrooms: 3.5 Water View: West - Good Harbor Bay Desc Don't miss the opp. 2 acquire this custom built home perched on a hill high above Good Harbor Bay. The home showcases stunning views of the bay, Pyramid Point & Manitou islands. Truly amazing attention 2 detail is exhibited thruout,from the hand laid red & white herringbone pattern oak floor 2 the National Monument stairs. Turrets on 3 floors make this home truly unique, the oak panelled turret off the main flr bdrm is the perfect private retreat 4 the master. Don't w8-when it's gone there won't B another Features Awesome West Facing Water View Turret Spanning Three Floors Herringbone Hard Wood Floors Custom Trim and Molding National Monument Style Stairs Grand Foyer Wood Buring Field Stone Fireplace Main Floor Master Suite Geo-Thermal Heating Central AC French Doors Cherry Cabinets Energy Efficient Windows Energy Star Appliances Heated Garage Mud Room Unfinished Walk Out Basement Swim, Golf, Boat & Hunt Secluded Location Between Leland & Glen Arbor On Western Shore Of Leelanau Peninsula   Contact Agent: Carole Higgins Office: (231) 994-3225 x103 Mobile: (231) 633-2577 Listing Website: www.cygnusrealestate.com

Virtual Tour

Home Ownership Matters

Home ownership has a significant impact on net worth, educational achievement, civic participation, health, and overall quality of life. And, home ownership helps create jobs—lots of them—right here at home.

Home Ownership matters…to people, to communities, and to America. Why? For every two homes sold, one job is created in the U.S. Each purchase generates as much as $60,000 in economic activity over time. Read More...

Understanding Closing Costs

As we spring forward into the active homebuying season, there are plenty of good deals to be found, thanks to continued low interest rates and slipping home prices. But do you have saved enough in your bank account to cover closing fees? We'll examine who pays for what at the closing table and how buyers can cover these costs. What's the average closing costs you can expect to pay?

Who pays for what?
You have picked the perfect place to live, you've saved up a nice down payment, you're pre-approved for a loan and you're inching ever closer to finding the right house.


But how much do you know about the closing process itself? There's more than just price to consider. There are a slew of associated expenses to pay, plus taxes, insurance, appraisals and inspections. Whether buying or selling, you will undoubtedly see a bunch of little charges that collectively start to equal a big, four-digit number.


In general, the seller normally pays for most of the closing costs. But it can vary alot depending on the market conditions, location and the seller's motivation. In today's buyers market, many transactions are subject to negotiation.


Here's a common outline of what buyers and sellers are expected to pay:


Typical Buyer Expenses

• One half of escrow fees.
• Home inspection and any other inspections such as sewer line, roofing or structural.
• Survey to identify boundardies and easements.
• Appraisal for the lender to determine value for a good loan.
• Hazard insurance premium for the first year.
• Recording fees and notary fees for documents.

Typical Seller Expenses

• One half of escrow fees.
• Title insurance, to assure the lender that the property has a free and clear title.
• Repairs or remediation of any harzard or damage.
• Real-estate commission for seller's and buyer's agent.
• City and county transfer fees.
• Homeowners association transfer fees and any unpaid balance.
• One year home warranty to ease the buyer's doubts.
• Payoff for any bonds, special assessments and existing liens.

The tab for closing expenses can vary widely, from about 1% of the purchase price to 3% for Federal Housing Administration loans that require a mortgage-insurance premium and additional lender fees.


Many buyers are now requesting sellers to help assist them with covering these steeper FHA fees, in essence lowering the purchase price of the home.


However, there isn't as much room for expense negotiation with short sale or bank-owned properties. In fact, most don't provide a home warranty, and many won't cover any repair work unless it's a hazard to the buyer. Of course, the tradeoff is that these homes are often priced at a significant discount compared to normal listings.