Side Navigation
You are here:
 Most Read Articles |
 Search |
| Detroit Mortgages |
|
Detroit comes from the French word Detroit which means "strait" and is the major port city on the Detroit River. It was founded by Antoine de la Mothe Cadillac, a Frenchman, on the 24th of July, 1701. It is the largest city in the state of Michigan. It is also the only major city in the United States that is looking south to Canada. Detroit is also called "The Motor City" because it is known as the world's traditional automotive center. Detroit's other nickname is "Motown", because of the prominence of live music in Detroit's nightlife. In the year 2008, Detroit was ranked as the eleventh most populous city in the United States. A mortgage is when a home buyer takes out a loan, usually from a bank or a mortgage broker, to purchase real estate property or a home. The home or property itself is the collateral for the loan that is taken out. A mortgage broker sets the terms for the mortgage which the home buyer has to also agree to. The terms usually consists of the monthly installment to be paid, the interest rate and the span of the payment. If the terms are not met, then the lender has the right to repossess the home or property. Current economic situations has made mortgages that are $30,000 and less a lot more common. In Detroit, there is a new kind of mortgage, called mini-mortgage. These mortgages are for $30,000 and less. Only a few lenders offer mini-mortgages, but it is slowly becoming more popular to house shoppers who find great bargains on houses. Because of Michigan's overwhelming foreclosed house rates, mini-mortgages are now the new frontier. So if you're planning to buy a home in the Detroit Metro area, and you can find a quality home that costs $20,000-$30,000 or less, then a mini mortgage is the way to go. |