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There are many options if you are looking for a mortgage loan in Michigan. It is important to know the rates and types of mortgage loans available in Michigan. There are fixed and adjustable rate mortgage (ARM), as well as home equity loans, home equity lines of credit (HELOC) with a variety of interest rates, terms and points depending on the lender, your credit and other factors. Based on the most recent data, mortgage rates for thirty year fixed mortgages are at historic lows, and the amount of points charged varies per lender.

There are some basic guidelines in considering the type of loan you need to meet your current financial situation and your future needs:

  1. Know your current interest rate if you are thinking of refinancing and compare rates and lenders to shop for the best rate.
  2. Don't just use the internet or newspapers to shop for a loan - go to some local lenders and meet with a loan officer have them give you information, such as fees, points, terms, interest rates and other charges in writing so you can take them home and compare.
  3. Make sure that a lower interest rate will actually save you money after considering fees, points and other charges.
  4. If you are refinancing, look carefully at any prepayment penalties or tax advantages/disadvantages before getting a new loan.
  5. If you plan to move within 2 to 3 years figure out if you will save enough refinancing to justify the new loan.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.

Mortgage Refinancing in Michigan

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

Fixed Rate Mortgage

This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.

Loan.com is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, Loan.com is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on Loan.com allow consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in Michigan.

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision.

For the most up to date loan rate, the U.S. Federal Reserve, Freddie Mac, and the Interest Rate Outlook from RealEstateABC.com are exceptional resources.

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