Michigan Real Estate News

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Rocket Promises a “Fast 15 Guarantee”

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Rocket Pro TPO launched a program that guarantees financing to close in 15 days. The move is meant to convince brokers to choose them over the rival United Wholesale Mortgage. Called the “Fast 15 Guarantee,” Rocket Pro TPO plans to run the promotion until the end of the month and promises to award a $2,500 lender credit to borrowers whose loan does not close on its promised due date. Government, FHA and VA loads do not apply, and the program isn’t available in 16 states, including New York, Massachusetts and Rhode Island.

Former Rock Venue Listed For Sale

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Detroit’s former leading rock hall is for sale. The Grande Ballroom at 8952 Grand River has been listed for $5 million. It’s currently owned by Chapel Hill Missionary Baptist Church. In its glory days, the building hosted touring guests like Led Zeppelin, Pink Floyd and the Who, along with Michigan acts like the Frost, and MC5. The Grande is listed on the National Register of Historic Places, and that status may offer a financial windfall to its developer due to the State Historic Tax Credit Program.

 

U.S. Pending Home Sales Decline

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Limited home inventory is restricting the real estate market, causing U.S. pending home sales to fall 4.1 percent in February for a fourth straight month. With a limited number of properties for sale, home price tags remain elevated. When combined with 30-year fixed mortgage rates at a three-year high, homes are less affordable. The increase in home prices and rising mortgage rates can add up to another $200 to $300 in mortgage payments per month.  According to the NAR,  these factors have pushed up mortgage payments by 28 percent from February of last year.