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Shop Michigan Mortgage Lenders for Home Loans and Refinancing
This website can help you locate brokers and lenders in Michigan that provide home loans for refinance, 2nd mortgages and purchasing at competitive interest rates and all types of credit. Borrowers can save money with debt consolidation financing for homeowners with good & bad credit. Shop and Compare mortgage rates by city and county and get loan quotes with no fees. You will enjoy articles on Saginaw, Detroit and Ann Harbor and for helpful insight for consumers in Michigan.
Lowest Home Mortgage Rates in Michigan for Buying or Refinancing
Many homeowners have been searching for an affordable solution that enables them to refinance their underwater mortgage. The HARP 2.0 has required lenders to offer fixed rate refinancing to all homeowners that have a mortgage lien owned by Freddie Mac or Fannie Mae.
Combine all your mortgages into one new home loan at a lower rate
Leverage equity and consolidate credit cards
Refinance underwater loans with HARP
Finance Solar Energy with 203K loan from FHA
Interest Only Options with a HELOC
Convert your adjustable rates to a Fixed Rate Loan
Rebuild your finances and improve your fico scores
Is an interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account point and other credit cost. The APR allows home buyers to compare different types of mortgages based on the annual cost for each loan.
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.
A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation.
Combined Loan to Value
Fixed Rate Mortgage
Jumbo Home Mortgage
The relationship between the unpaid principal balances of all the mortgages on a property and the property's appraised value.
A mortgage loan with an interest rate that is fixed for the term of the loan. Monthly payments are fixed evenly for a specific term.
A loan which is larger (more than $417,000) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
Good Faith Estimate
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans.
Reserves of a borrower's monthly payments held by the lender to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.
NO COST Home Equity Credit Line:
Nationwide pays all 3rd party fees
No Cost Mortgage for Michigan Homeowners
Require a $20,000 draw at closing
Minimum loan amount is $20,000
Must Have Qualifying Credit Score & CLTV Requirements
Nationwide Mortgage Loan Terms:
First Mortgage Product is available with a 2/28 or 3/27 LIBOR ARM, a 15/15 and 30/30 fixed term, and a 30/15-balloon term. The 2/28, 3/27 and 30/30 terms are available with an Interest Only option with some restrictions.
The Second Mortgage Loans are available with a 15,20, 25 and 30-Year fixed term and a 30/15-balloon term..
Pricing is subject to change daily. Please refer to loan officer for updated interest rates by state.
40 Yr Amortization: First Mortgage programs are available with a 2/38 or 3/37 LIBOR ARM and 40/30 Balloon first
Interest only is available on the 2/28, 3/27 and 30/30 first liens only
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Nothing on this web site contains an offer promise either to make home financing or that any participating lender will guarantee any home loan for any purpose or on any specific terms.
Loans cannot be made online or be approved without an underwriter analyzing your credit score, debt to income ratio and combined loan to value.