Home insurance premiums can make up a big chunk of the annual expenses of a family.  Insurance rates change every year, and in many cases the premiums go up. We all know that there are several variables that determine which banks will lend us money, how much insurance companies will charge us for coverage, and what qualifies a buyer. There are four main variables that may affect your home insurance rate:

The good news is that there are ways in which you can optimize your insurance policy and get the most for the premium you are paying.

1. Opt for a Higher DeductibleDeductible is the money you have to shell out from your pocket before the insurance policy kicks in. The higher deductible you have, the lower your monthly payment should be. This means if something happens, you will have to pay more out of pocket. But with lower monthly payments, you can build up a savings as a back up plan. 
2. More Claims, Higher PremiumInsurance companies take into account your claim history while determining your premium. The more claims you have filed recently on your home, the higher your insurance rates shoot up. We recommend refraining from filing a claim if the risk of incurring a rate hike far outweighs the immediate benefits of the payout you get.
3. Keep Your Credit Reports CleanYour credit score may affect your insurance cost. Ask your insurance provider whether your score has any effect on your premiums. You may be able to bring your score up in a short time with some fairly simple fixes. 
4. Shop AroundAs with any purchase, take time to price shop. Checking with your current insurance company is a great place to start. Do not renew your policy on auto mode every year. Read through the terms and conditions, and evaluate your cost. Ask your friends and colleagues, read up financial articles, or seek the services of an independent insurance agent. If you know the going rate for insurance, you should be able to get the best rate.Additionally, ask about discounts. You may get a discount based on your neighborhood, or through a membership you have. Safety discounts may apply. You don’t know until you ask.
5. Bundle PoliciesOne thing a first time home buyer can do is bundle insurance policies. If you have a car, you most likely have it insured and a lot of people have life insurance too. Check with your current insurance company for homeowners' insurance, to see if keeping the policies together will save a few bucks.

So as you look at houses, keep in mind you may need to roll homeowners insurance into your payment. There are many ways out there by which you can save on your homeowners insurance. Do your research, be educated and buy yourself the most suited and adequate policy. Let us know how we can help!

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Sure, spring cleaning sounds great.  However, in reality, tackling a long home maintenance checklist all at once can be overwhelming. Rather than letting it all add up, what if you tackled home maintenance a little each season? Here are some ideas for taking care of your home during the winter months.

Sure, spring cleaning sounds great.  However, in reality, tackling a long home maintenance checklist all at once can be overwhelming. Rather than letting it all add up, what if you tackled home maintenance a little each season? Here are some ideas for taking care of your home during the winter months.

1. Change your furnace filters.Clean furnace filters not only help keep your furnace running more efficiently, they help keep your home cleaner too. Furnace filters catch dust, pet dander and other dirt before they reach the blower and get into your ducts. The dirtier the filter, the more likely you're breathing in junk. Try to keep them clean every few months, starting with the new year.
2. Test smoke and carbon monoxide detectors.They often get forgotten until one needs new batteries, but checking both regularly to ensure they're working is a good habit to get in. In addition, carbon monoxide detectors are very important - especially during the colder months when your home is shut-up and the furnace is working.
3. Run water and flush toilets in unused spaces.Winter in some states can include frozen pipes. So this tip might seem more relevant for cold-weather states, but it's helpful for any homeowner. Keeping water fresh in pipes will help keep sediment from settling and should help keep toilets and sinks cleaner. It also helps you stay informed of your water system and hopefully avoid unknown leaks.
4. Check for ice dams and icicles.Icicles and ice dams (when the melting and freezing backs up onto your roof and possibly under your shingles) can be a major problem and lead to serious water damage. They're often indicators of a bigger issue - insulation and ventilation issues in your roof area. Carefully keep your home free of icicles and if it's an issue, consider a spring project to eradicate the problem in the future.
5. Check your water softener.If you have a water softener, you know the importance of regular maintenance and keeping the salt at the right levels. Start the year off with a check, so you can keep up on it all year long. 

Get help keeping up on your household chores with our handy yearly homeowner's maintenance checklist. Being a homeowner has its rewards, but owning a home also comes with responsibility and a to-do list. Make sure you keep up on yours this winter so you can enjoy your home all year long!

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You've seen the headlines and heard the chatter - mortgage interest rates have gone up. How long will this last? 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? 

It's important to remember that rates are coming off historic lows as extraordinary measures were taken to keep the economy afloat during the pandemic. Current interest rates are still below the 50 year average and well below the highs of the early 80s. So, what does it really mean for home buyers when rates rise? As a basic point of reference, a percentage point increase for the average home purchase of $100,000 might mean about $30-$50 more on your monthly house payment. So yes, it does go up - but interest rates aren't always the deciding factor when it comes to whether buying a house is right for you. Interest rates are still lower than they have been in the last decade, but should this bump in rates stop you from buying?

 Interest rates are important but it isn't the deciding factor on whether to buy a house or not. It's really the house and the price that is important. If you find a house that you love, don't let the current interest rates prevent you from moving forward. Prices are falling and you have more room to negotiate as the local market adjusts to changing interest rates. If you can go out and negotiate to get a fair deal on a house, the rate environment that we're in could still be very affordable. 

NOW is a good time to buy! Don't let rates lock you out buying your dream home. Instead, consider locking in a rate and payment now. If the rates fall, you can refinance with more favorable terms later, should they become available. However, if the rates go up, you'll be happy you purchased the house when you did. 

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This is not a commitment to lend; not all borrowers will qualify. Equal Housing Lender. NMLS #110139. A division of Amerifirst Financial Corporation. Not Intended as Financial Advice; consult your own professional.

Buying a home may be the American dream. But with escalating home prices, rising interest rates, low inventory, and inflation, as a first-time buyer, you may be wondering if that dream is out of reach.

Many new homeowners rely on first-time homebuyer (FTHB) programs like low down payment and closing cost assistance to help get in the door. While these are great resources to tap into,  it's helpful to keep in mind that many of these programs apply to homes in a specific price range.

Buying a home may be the American dream. But with escalating home prices, rising interest rates, low inventory, and inflation, as a first-time buyer, you may be wondering if that dream is out of reach.

Many new homeowners rely on first-time homebuyer (FTHB) programs like low down payment and closing cost assistance to help get in the door. While these are great resources to tap into,  it's helpful to keep in mind that many of these programs apply to homes in a specific price range. For example, in Michigan, down payment assistance is available to homes priced at $224,500 or less, even though those homes are getting harder to find. In fact, the Federal Housing Finance Agency says US house prices have gone up 17.5% over the last year, and according to Zillow.com, there are currently 481 “million-dollar cities” in the US where the typical home value is at least $1 million.

So, what’s the average consumer with a household income of $120,000 or less supposed to do? We asked Steve Cartwright, one of our experienced loan officers at Amerifirst, for tips on how to get yourself in the best shape possible so that you too can start living the dream. Here are his 6 tips: 

 Appraisal Gap Guarantee Example:

 Buyer offers: $250,000

Home appraises: $240,000

Gap: $10,000  (buyer pays this amount to make up the difference)

Read our blog: 10 ways to get your offer accepted in a tight housing market

It's still a challenging time for new buyers, but there are steps you can take to improve your chances. Start with these tips from Steve and make an appointment with your local Amerifirst loan officer. It’s never too early to start learning and preparing to become a homeowner.

If apartment living is getting old, or you've outgrown your parents' basement and house rules, you may be thinking about buying your own place. For this reason, you may be interested in learning about home loans that offer low and no-down payment options and have flexible lending requirements. One of these is the FHA loan. Let's take a closer look. 

If apartment living is getting old, or you've outgrown your parents' basement and house rules, you may be thinking about buying your own place. For this reason, you may be interested in learning about home loans that offer low and no-down payment options and have flexible lending requirements. One of these is the FHA loan. Let's take a closer look. 

It’s been a tough couple of years. And with incomes stretched tight, some homeowners may have entered a forbearance on their mortgages. This special agreement between lender and borrower gives homeowners a little breathing room, allowing them to delay or reduce mortgage payments to their lenders over a certain

It’s been a tough couple of years. And with incomes stretched tight, some homeowners may have entered a forbearance on their mortgages. This special agreement between lender and borrower gives homeowners a little breathing room, allowing them to delay or reduce mortgage payments to their lenders over a certain period of time.