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You're seen the headlines and heard the chatter around the water cooler - mortgage interest rates have gone up and continue to rise. Is this the end of whatever housing market recovery we were starting to see? Will this be a return to renting for people who were thinking of buying a home? Or is it just a small adjustment in the overall scheme of things?
A lot of media and news outlets are reporting interesting news about the current housing market. One article from the Associated Press says home buyers should really save up for a 20% down payment. The same article puts mortgage pre-approval down on the list of "first steps." The problem is that the article is a bit misleading. Sure, 20% down will work. However, home buyers have some great low down payment options available in today's housing market.
The east side of Michigan has a great reputation as a manufacturing community. Detroit has lead the way for auto makers for years and years. But did you know other communities over near Michigan's thumb have other reasons for living there?