Michigan has many mortgage programs available. Due to the shifts in the economy within the state, qualifying for a mortgage has become easier. There are many first time home buying programs in Michigan designed to assist people with any type of credit. Michigan offers conventional 15, 30 and 40 year mortgages. Also offered are jumbo loans, adjustable rate mortgages and balloon type programs. The type of loan program you select will be based on your needs, your income level and your credit score. FHA, VA and in the rural areas USDA backed loans are also available in the state. The state of Michigan has first time home buyers assistance programs geared at offering down payment assistance allowing more people to qualify for a Michigan mortgage.
Michigan Mortgage Rates
Michigan mortgage rates are very comparable to other states. Mortgage rates will be determined by the length of loan and loan type. Down payment, credit score and employment are also considered. In Michigan, due to the change in the economy, employment must be steady for at least two years, even if it is not with the same employer. Mortgage rates will also depend on the type of lending institution used for the loan and how easily the loan can be repaid. Bad credit mortgages will carry a higher rate on them than a conventional mortgage will. Mortgages utilizing mortgage insurance will receive a discount in their mortgage rates compared to those not carrying insurance. Purchasing points from the lender can reduce overall interest rates but will require payment for these points at time of closing.
Michigan Refinance Rates
Michigan refinance rates are very competitive on the market. Determining factors will be the type of refinancing requested and credit score. If you are going to receive cash out from your refinance you can expect to pay a slightly higher interest rate than if you simply refinanced your balance. Michigan also has a refinancing program backed by the state for people who need assistance with their mortgage. Currently two programs are available. The first program addresses refinancing to a lower rate for those with good credit; the second is for those with bad credit. You cannot receive cash out from either of these programs.
Michigan Mortgage Brokers And Lenders
Michigan has hundreds of different private lending institutions, banks and credit unions offering mortgage programs. Michigan also allows internet mortgages to be made within their state, opening the door to more lending opportunities. Michigan lenders can be easily compared, allowing residents to find a program that best suits their needs.