Michigan Mortgage News

With a relatively light week for economic releases, the primary focus of the economic landscape is the nonfarm payroll report, which has shown a positive trend over the last few releases. This should help consumers keep up with current inflation levels, although the Federal Reserve has remained firm in its commitment to reaching its 2% inflation target.

A home with an older roof may be priced attractively, located in the perfect neighborhood, and otherwise meet everything on a buyer's wish list. But roof condition can become an important question during mortgage approval. The issue is not simply how many birthdays the roof has had. Lenders and appraisers may be concerned about whether it protects the home adequately and whether visible defects create a property-condition problem.

A house with a private septic system may offer the space and privacy many buyers want, especially outside areas served by public sewer lines. Yet septic systems are an important part of a property's infrastructure, and their condition can affect both the purchase decision and the mortgage process. Buyers who understand the basics before making an offer are better prepared for inspections, documentation requests, and possible repairs.