Prepare for the conversation
Have your estimated purchase range, available down payment and closing funds, employment or business information, and general monthly obligations ready. If you have selected a property, share its location, property type and intended use through an approved channel. A condominium, multifamily property, second home or investment property may require a different review.
Look at the complete payment
Compare principal and interest alongside estimated property taxes, homeowners insurance, association dues and any applicable mortgage insurance or program fees. Michigan taxable value can change after a property transfer, subject to exceptions; the seller's current tax bill is not a guaranteed future payment.
Source: Michigan Treasury property-transfer guidance — opens in a new tab.
Understand the next step
A conversation, prequalification, preapproval and final underwriting decision have different scopes. Ask what has been verified and what remains subject to property, document or lender review before relying on an approval description.
Do first-time buyers have to use FHA?
No. The appropriate comparison depends on the borrower, property and available programs.