Q:
Who manages the training and licensing of real
estate agents?
Training
and licensing of real estate agents is regulated
at the state level.
The
state of Michigan
Department of Labor and Economic Growth determines
licensing requirements for real estate agents,
issues licenses, and tracks continuing education
credits. In Michigan , students must take
40 hours
of preparatory courses and a licensing exam before
they can practice real estate in Michigan.
Once
real estate agents become licensed, they
must take a certain number of continuing education
credits to stay current. Agents in Michigan
must
take 18 credits every three years, and every
year they must take two hours of education
relating
to changes in real estate law.
The
Michigan Association of REALTORS® and its
44 local affiliates offer continuing education
courses for its members, much of which fulfills
state requirements.
For
more information about becoming a real estate
agent, contact the local REALTOR® association
in your area. Click
here for a map of local REALTOR® associations
across Michigan.
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Q:
What is an FHA loan? Is it different than a normal
loan?
An FHA
loan is a loan insured by the Federal Housing
Administration (FHA) that is open to all qualified
home purchasers. If the loan is defaulted on,
the FHA insures the lender against any losses
incurred. This allows the down payment requirements
for these types of loans to be lower, generally
around three percent.
Although
there are limits to the size of FHA loans, they
are generous enough to handle moderate-pricedhomes
almost anywhere in the country.
For more
information on mortgage lenders and other loans,
ask for a recommendation from a REALTOR® a
member of the Michigan Association of REALTORS®.
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Q:
I’ve been looking online for mortgage calculators.
Is one better than another, or are they all the
same?
There are several different types of mortgage calculators. The best one for you depends on what you are trying to calculate.
A “simple” mortgage calculator determines a monthly payment based on loan amount, length and interest rate. Amortization calculators determine how much of the interest and principal of a loan you will pay off, payment by payment. Some can help you find out how much house you can afford and how much you will be able to borrow. Others can help you compare loans or figure out if renting or buying is best for you.
Mortgage calculators on different Web sites that calculate the same thing work pretty much the same. That is, a “simple” mortgage calculator will work the same regardless of what Web site you find it on. However, some Web site’s mortgage calculators are easier to use than others, and some display more information.
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Q: I want to buy a house but I’m not sure how long I’ll be living in it. What can I do to make sure that I can sell it quickly if I move? A: In today’s economy, where someone is likely to go through several jobs in his or her lifetime, it’s a good idea to think about how to sell your home in case you need to move quickly.
Location is one of the most important factors in salability. Look for property near schools, shopping malls, and hospitals. Find property off the busy streets and away from other noisemakers like airport flight paths and railroad tracks.
Bigger houses tend to sell better. Buy the biggest house you can afford, with at least two bedrooms.
Also, make sure that your home is as well-maintained as possible. Be proactive in repairs or cosmetic changes if you can afford them. If the carpet it is outdated, replace it.
If you decide to redecorate, stay away from overly loud or unusual colors. Yellow walls may look great, but could be a turn-off to a buyer who doesn’t like yellow.
Ultimately, you’ll need to weigh the options of making changes to the house versus how long you plan to live there. Although the above improvements can make a house sell faster, you might not recoup your investment. It takes about three to five years, on average, of home price increases and the building of equity to cover the costs of selling a house.
For more tips on how to buy and sell a house, contact a REALTOR®, a member of the Michigan Association of REALTORS®.
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Q: Since interest rates are rising, is it too late to refinance my home?
A:There are always opportunities to refinance your home. You should check with an experienced mortgage lender to see if the time is right for you to refinance.
Interest rates are still at historically low levels, so there’s still plenty of time to take advantage of mortgage refinancing.
In addition, there are more types of mortgages available to consumers than ever before. It’s not just fixed and adjustable anymore
Make sure to shop around, and check more than one mortgage company to find the best rate.
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