Michigan Home Mortgage Loan | MI Home Refinance

There are several mortgage types to choose from in Michigan. If you want a stable monthly mortgage payment that is always the same, choose a Fixed Rate Mortgage. If, however, you want a variable monthly payment with an interest rate that fluctuates with current market rates, you may want to choose an Adjustable Rate Mortgage.

There is, of course, much more to learn about Michigan mortgages. We’re here to provide you with the most recent MI mortgage information, rates, and lender referrals. Our process is the same, whether you’re buying a colonial-style home in Ann Arbor, a condo in downtown Detroit, or an eco-friendly home in Grand Rapids.

Finding a Reputable Michigan Mortgage Lender
One of our most popular services involves matching aspiring Michigan homeowners with a reputable, dependable MI mortgage lender. Once we’ve helped you to select the best mortgage lender for your needs, ask your loan originator the following questions:

• Which loan type is best for my financial/living situation?
• What are the pros and cons of each Michigan mortgage type?
• What would my long-term costs be for each mortgage option?
• Are there any closing costs or fees that are negotiable?
• Will getting a lower rate cost me a higher fee?
• Is there a prepayment penalty?
• If I choose an Adjustable Rate Mortgage, what is the rate cap?

Comparison Shop
When shopping for the best mortgage deal, you need to look at much more than just the interest rate or the overall monthly payment. You’ll also need to consider loan structure, APR, points, and closing costs. APR (Annual Percentage Rate) is an important rate to compare among various lenders because it represents the actual rate of your mortgage (it includes all fees and associated costs).

Points are costs that borrowers pay up-front, at the time of closing. One point equals 1% of the total amount of your mortgage. Keep in mind that points can be negotiable. If you do not plan to live in your new home for at least 7 years, it’s not wise to pay a lot of points up-front. Putting a large sum of money down up-front is not a cost-effective strategy if your new home is only temporary.

Plan Ahead & Check Your Credit Score
Before buying a Michigan home, you’ll need to plan ahead. Get your finances in order, create a monthly budget of your expenses, list any debt(s) you owe, and check your credit score. Since your credit score is the most important factor in the loan approval process, it’s important that your credit is in good standing. If it’s not, take the necessary actions to improve it (e.g. pay off outstanding debt, pay bills on time). Borrowers with low credit scores, if they are approved for a home loan at all, generally have a much higher interest rate associated with their loan than borrowers with solid credit. So before you begin the MI mortgage application process, try your best to improve your credit score (if it needs improving).

Refinancing a Michigan Mortgage
If you already own a home in Michigan and want to renovate, consolidate your debt, or simply lower your monthly mortgage payment, consider refinancing. You can choose a straight refinance to lower your monthly mortgage payment. With a straight refinance, you are issued a brand new mortgage at a lower interest rate and/or longer term. Or, you can choose cash-out refinancing, where you use the equity you’ve built in your home to receive extra money to fund home improvements or consolidate your debt. One thing to keep in mind, however, is that you must repay closing costs if you refinance your MI mortgage.

Unlock Your Michigan Dream Home Today!
Why wait? Now is the time to buy. Whether you’re looking for a three-story home in Marquette that overlooks Lake Superior, a country cabin in the Porcupine Mountains, or a fixer-upper in Saginaw off of Interstate 75 let us help you begin your home-buying journey. By contacting us today for a free mortgage rate quote, you can be on your way to a new Michigan home in no time.