Michigan Mortgage News

Saving for a home can take years, especially when buyers are trying to build a down payment while managing everyday expenses. For many homebuyers, financial assistance from a family member can help bridge the gap and make homeownership possible sooner. These funds are commonly known as gift funds, and while they can be a valuable resource, there are important guidelines borrowers should understand before using them.

The week was relatively light following the release of the prior inflation data and the FOMC rate decision. The Federal Reserve decided to keep its overnight borrowing rate unchanged and has indicated no plans to make changes in the near term.

Many home buyers assume the hard work is finished once their mortgage application has been approved. However, the final weeks before closing are an important stage of the process. During this time, underwriters continue reviewing information to ensure everything remains consistent with the details originally provided. Understanding what they look for can help you avoid last-minute surprises.