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NEWLISTING

clean, and really well maintained and comes equipped with walk in cooler and freezer rooms, a meet processing room, a cardboard bailer, loading dock, newer display coolers and freezers.

ROB SULLIVAN, Associate Broker • (906) 362-3337

1456 Camp 5 Road • Crystal Falls

MLS#: 50174031 $179,900 - Two bedroom, 1 bath chalet style home/camp on a paved year round road with power and fiber optic just in the right location between Crystal Falls and Iron Mountain and in close proximity to State Land, Peavy Pond and Upper & Lower Dams of the Michigamme River

DAVE GUNNELL, Associate Broker • (906) 458-2622

5393 Campsite Drive • Michigamme

MLS#: 50174509 $399,900 - Splendid lake front views from this professionally designed custom built home situated perfectly on Beaufort Lake…a quality cottage/home that captures the essence of lake front living that has been used seasonally but could likely be a year-round residence with a few upgrades

ROB SULLIVAN, Associate Broker • (906) 362-3337

What to know about mortgage preapproval

Shopping for and ultimately purchasing a home can feel like a day at an amusement park. Much like a ride on a roller coaster, buying a home can be both exciting and a little scary, and those peaks and valleys have been even more profound in recent years, when the real estate market has been as tough as ever to navigate due to low inventory and high prices.

Though the real estate market has changed significantly in recent years, some conventional home buying wisdom still holds true. The importance of mortgage preapproval is one such notion, and it’s even likely that being preapproved for a mortgage before making an offer on a home is more significant now than it was as recently as half a decade ago.

What is mortgage preapproval?

Mortgage preapproval essentially confirms to sellers and sellers’ agents that a given buyer has qualified for a mortgage they

can use to purchase a property. In a competitive real estate market like the current one, mortgage preapproval can set buyers apart from the competition, increasing the likelihood that their offers will be accepted over ones submitted by buyers who have not been preapproved.

What is prequalification?

Some buyers may hear the term “prequalification” and assume it’s the same thing as preapproval. However, the lending experts at LendingTree report there is a notable distinction between the two terms. Prequalification is less formal and based on a casual conversation with a lender that may or may not involve details about a buyer’s credit history, income, monthly expenditures, and other pertinent financial information. Preapproval is a formal examination of a buyer’s finances and financial history that is conducted after

documentation such as W-2s and bank statements are provided. A lender also will conduct a credit inquiry through three major credit bureaus during the preapproval process.

How do I get mortgage preapproval?

Mortgage preapproval is a simple process and it’s a service offered by most mortgage lenders. A simple phone call or email to a lender can get the process started, and it does not take long for a lender to decide if an applicant qualifies for preapproval. However, insufficient documentation or misleading information can slow down the preapproval process (and potentially cause a lender to deny an application), so prospective home buyers are encouraged to provide ample and honest documentation of their finances.

Does mortgage preapproval expire?

It can take buyers a long time to buy a home in a competitive market with low inventory. So it’s important that prospective buyers recognize mortgage preapproval has a shelf life of around 60 to 90 days. The preapproval letter a lender provides will indicate an expiration date for the preapproval. If that date comes and goes without buyers purchasing a home, they will have to reapply for preapproval.

Must I borrow from the lender who preapproved me?

Buyers also should know that a mortgage preapproval does not bind them to the lender who preapproved them. Buyers can still shop around for a mortage once they make an offer on a home. Mortgage preapproval is a vital part of the home buying process and can be especially useful in a competitive real estate market.

RE244817

Peninsula Title Agency

Professional. Experienced. Service.

Serving Iron, Ontonagon, Baraga, Houghton, and Dickinson Counties, Michigan

Locally owned and operated, we are agents for Chicago Title Insurance Company, First American Title Insurance Company, and Old Republic National Title Insurance Company.

Our Services

• Title Insurance

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Simple Tips To Improve Your Status With Mortgage Lenders

Owning a home is a dream shared by millions of people. Investing in property that can be owned within 15 to 30 years of closing on the home makes more financial sense to many than continuing to rent and having little to show for it over time.

The first step to take when planning to enter the real estate market is to ensure that your finances are in order. Various factors will influence individuals’ ability to secure a mortgage, and these are some ways to make yourself more attractive to prospective lenders.

• Check your credit report. Lenders will check your credit report before deciding if you are a risk or a safe bet for a mortgage. So it makes sense to check your credit report prior to speaking with a lender. The Federal Trade Commission says everyone can get one free credit report a year from each of the three credit reporting bureaus. If you split it up, you can get a credit report every four months so you are aware of anything that may adversely affect your ability to get a mortgage loan. A credit (FICO) score that’s too low may disqualify you from a mortgage. Each lender sets its own thresholds when they price and approve loans, but the higher your credit score, the better.

• Improve credit standing. One way to improve your status in the eyes of lenders is to pay down credit card balances to reduce your credit utilization ratio. A high utilization occurs when there is a high balance in re-

lation to the credit limit, says Business Insider. Also, it may be wise to avoid any credit inquiries through new credit card applications for several months before applying for a loan, as these inquiries can affect your score.

• Be realistic about what you can afford. Do your homework and determine your target interest rate and monthly payment as well as what down payment you can afford. It will help you research potential lenders and provide an idea of what may be offered to you.

• Pay bills on time. Paying bills promptly not only helps you avoid late fees, but also positively affects your credit. The financial resource The Mortgage Reports urges diligence when paying rent, as late rent payments can bar you from getting a mortgage. Lenders look at rent history as the biggest indicator of whether

you’ll make mortgage payments on time. These are some of the ways to make a prospective home buyer look better in the eyes of mortgage lenders. Individuals can speak with financial professionals about what else they can do to improve the possibility of securing mortgages at the best rates possible. MM22C515

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NORWAY

• Stunning 4-bedroom, 2- bathroom home

• Open concept + vaulted ceilings + elegant staircase

• Custom kitchen + first-floor laundry + additional full bath

• Oversized heated 2-car garage + fully fenced yard

MLS#50171189 $229,900

IRON MOUNTAIN

• 2 story updated 1800s house, converted into apartments.

• With central air conditioning and a 2-car attached garage.

• Each offering modern amenities

• Benefits from a spacious-feeling yard, great for entertaining MLS#50153112 $139,900

• Charming 3-bedroom, 1.5 bath home w/ many updates!

• Breakfast nook area + fenced-in backyard w/ covered patio

• Upstairs includes updated full bath + a built-in

• 1-car garage + carport + additional space along the side

MLS#50173427 $168,500

IRON

• 1-bathroom facility + dedicated office space + retail area MLS#50157957 $199,900 KINGSFORD

business location, featuring a 2-car heated garage!

• Complete with an air compressor and ample outlets

• Perfect for mechanical work, storage, or expansion

Residential and Commercial

Dickinson County Title is a full-service title agency which offers a variety of title insurance products and escrow settlement services. DCT takes pride in being a truly local business that understands and values the unique needs and preferences of buyers, sellers, REALTORS, lenders, brokers, developers, and attorneys.

Rooted in the heart of our community, Dickinson County Title, Inc. takes pride in being a truly local business that understands and values the unique needs and preferences of our clients. Hours: Monday - Friday 8:00 am to 4:30 pm

Factors to consider before renovating a driveway

Driveways are oft-overlooked components of home exteriors. But driveways provide functionality and points of egress to a home. Industry experts estimate that a new driveway costs between $5,000 and $7,000, though the price will vary based on the materials homeowners choose and the square footage of the driveway. When deciding whether or not to renovate their driveways, homeowners can review these considerations.

Materials

Driveways can be made from a variety of materials, even grass or soil. The following are some driveway materials homeowners may choose from:

• Gravel

• Chip seal

• Concrete

• Asphalt

• Rubber

• Exposed aggregate

• Pavers

• Permeable pavers

• Heated Repair or replace?

Nearly any size crack can be patched with concrete or cold-patch asphalt, or specialty materials, according to This Old House, an online home improvement resource. Repairing and resealing a driveway can help prolong its longevity. Plus, this is a more cost-effective option for homeowners on a budget who want to im-

prove curb appeal and safety.

Large holes or unsightly damage may require a driveway replacement. This also will be the case if a homeowner hopes to expand the driveway. Replacing a driveway requires a time commitment. The existing driveway needs to be demolished and removed. The ground underneath typically is smoothed and tamped down. Substrate or wire mesh also may be installed. After the new material is laid, there may be a period of time for settling and curing, during which use of the driveway is prohibited.

DIY or professional?

While sealing and minor repairs generally can be handled by a homeowner who has researched the process, large repairs or driveway replacements should be left to professionals for the best results. Driveway slope needs to be considered for proper rain runoff, and the professional will understand the thickness and preparatory steps necessary to ensure driveway durability. Installation of a heated driveways requires a specific skill set and this is a job best left to professional driveway contractors.

Driveway enhancements

The options do not end with the driveway material. There are other ways to boost aesthetics.

• Illumination: Homeowners can install recessed LED lights into the driveway to define the edges and add aesthetic appeal.

• Stamped texture: Homeowners opting for the affordability of concrete can ask for a stamped design that mimics the look of stone or pavers.

• Gates: One doesn’t have to live in an exclusive community to have their property enhanced by gates. Gates can give a home a distinguished look.

• Edging: Driveways can be edged with another material to create definition between the driveway and lawn, or to provide the perfect spots to plant beds. Driveway renovations can add curb appeal and improve the functionality of a home. TF234821

Scott Zeuske