Farmington Hills Mortgage Broker: Plan the Purchase Before the Offer

First, make sure you are looking at the right city.

Farmington and Farmington Hills are separate cities. If your search includes both, check the parcel jurisdiction before using a tax record, permit requirement or property estimate. A familiar mailing address is not a substitute for identifying the property. The City of Farmington explains the distinction.

For a Farmington Hills home, the city’s Assessing Division provides property records, maps and a residential sales study. Match the parcel, legal description and recorded improvements to the home you are considering. Raise discrepancies with the city and your agent early.

The city-wide home value is context. Your budget is personal.

Census estimates place the median value of owner-occupied homes in Farmington Hills at $354,500 for 2020–2024. That describes existing housing over a historical period; it is not today’s median sale price or an appraisal of your listing. Census housing context.

A home that needs work and one ready for move-in can call for different cash plans even at the same price. I want the comparison to include what you expect to spend after closing, so the down payment does not quietly consume your repair budget.

What will this home cost after the ownership changes?

Start with the seller’s tax record, then ask about the estimate for your ownership. Michigan transfers can uncap taxable value in the following year, subject to exceptions. Review the state’s explanation. I can use a suitable estimate in the mortgage comparison; the assessor determines the tax treatment.

Farmington Hills’ assessing resources also explain property records and notices. Confirm the parcel and principal residence status rather than assuming the listing’s tax figure will carry forward unchanged.

A house with plans for an addition? Bring the plans into the conversation.

Before you count on adding space, changing the layout or financing repairs, separate three questions: what the city permits, what the property needs and what the lender will finance. The city’s forms and permits directory includes building, planning and tree-related applications. Ask the appropriate department what applies to your specific project.

Municipal permission does not establish mortgage eligibility. I can help you compare a purchase with cash-funded improvements against an eligible renovation loan. Contractor review, scope, timing and reserves need attention before choosing a structure.

Which financing path deserves a closer look?

• Conventional: compare down-payment choices, mortgage insurance and the cash you retain. A condo also needs the applicable project review.
• FHA: weigh mortgage insurance and property condition alongside the payment. A home needing repairs deserves an early discussion.
• VA: eligible buyers may have a no-down-payment option, but closing costs and borrower, property and lender requirements remain. VA purchase-loan overview.
• Business or variable income: tell me about ownership, commissions, bonuses or a job change before relying on a quote. Available documentation approaches have different requirements.

A broker comparison is useful when more than one route may fit. I help you see the tradeoffs; the city name alone does not determine the program or approval.

Buying your first home—or moving from one you already own?

For a first purchase, start with a comfortable payment and the cash you want left afterward. The Oakland County first-time buyer guide links to official assistance resources. Verify current funding and lender participation directly with the provider; outside programs are separate from financing I can arrange.

If you are selling another home, map the dates and funds for both transactions. We should review what is available before the sale closes, whether both housing payments must be considered and what happens if the timelines do not line up.

Ask for three numbers, not just a rate.

1. Monthly cost: mortgage principal and interest, estimated taxes, insurance, mortgage insurance and any association dues.
2. Cash to close: down payment, closing costs, points, prepaids and escrow funding, adjusted for deposits and permitted credits.
3. Cash remaining: the savings available for moving, repairs and reserves.

For a condo, ask about assessments and what the association covers. For a detached home, consider maintenance and planned work. Use the same price, term and assumptions when comparing loan quotes. Bring an existing Loan Estimate for a second opinion without a promise of lower pricing or approval.

Questions before you choose the home loan

What would you like to understand before your next step?

Tell me the Farmington Hills address or price range and the question you want answered. We can look at payment, cash or a quote you already have. Share private financial documents only through the secure route I provide.

Call 616-319-1640 · Text Mike

More help for the purchase

Oakland County guide · Mortgage options · Realtor tools · Appraisal checklist · Rochester Hills guide · About Mike

Educational content reviewed September 21, 2026. Loan programs and eligibility may change; borrower, property and lender requirements apply.