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| Detroit Mortgage Rates
A steady income, larger down payment and a good credit rating help in lowering the Detroit mortgage rates. If you have funds available you can pay points and reduce your detroit mortgage rates and thereby your monthly payments. Points are generally 1% of your loan amount and are included in closing costs. Compare Detroit Mortgage rates/point combinations from leading mortgage brokers and lenders before you choose an option that is aligned to your needs. Mortgage Brokers provide low Detroit mortgage rates,closing costs, and a straightforward loan process which helps us serve our clients .
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The following table features housing preferences and mortgage trends in Detroit .
Detroit Mortgage Statistics |
| Mortgage-Free Homes |
37% |
| Mortgaged Homes |
63% |
| With First Mortgage Alone |
50% |
| Second Mortgage or Home Equity Loan |
13% |
| Home Equity Alone |
7% |
| Second Mortgage Alone |
6% |
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| Detroit Housing Expenses |
| Owner expenses as % of Income |
17.7% |
| Median Real Estate Taxes |
$863 |
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| Detroit Housing Stocks |
| Median Year Constructed |
1948 |
| Year Constructed - Owner Occupied |
1946 |
| Year Constructed - Renter Occupied |
1950 |
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| Detroit Housing Market Data |
| Median Household Income |
$27,276 |
| Total Housing Units |
153,946 |
| Average Home Price |
$78,187 |
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| Monitors the market constantly
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