Up to four quotes. No obligation.
Making Michigan Your Next Home - The Best Michigan Mortgage Rates, Resources & Information
Michigan's housing market has taken some severe hits in recent years, and the U.S. recession has only escalated the tide of foreclosures. But now you may in a good position to take advantage of the best mortgage rates in decades and scoop up some incredible housing bargains. You also could qualify to refinance your existing loan if you're struggling with your monthly mortgage payments.
So whether you are considering buying or refinancing a home in Michigan, or tapping into your home equity to consolidate high interest debt, you've found the right place.
Our information will help you learn about all types of Michigan home loans and our helpful list of specific MI Mortgage Resources & services is specifically tailored for our state. Having some knowledge of how mortgage loans work wherever you live in Michigan can help you select a home and keep it for years to come. Whether you're looking for a Detroit new home loan or a Grand Rapids mortgage refinance, it pays to do your homework.
Also compare competing quotes from our lender database of reputable Michigan mortgage lenders by filling the form above. For most of us, buying a home is the largest investment we'll make in our lives, so take the time to speak to different lenders and see what offers are available to you. Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
New Home Michigan Mortgage Loans
When buying a home, fixed-rate loans are the gold standard these days as many people flock to them for their predictability. Mortgage rates for 30-year fixed loans in Michigan averaged 4.78% at the end of March 2009.
Some Michigan cities like East Lansing, also have programs to help people with East Lansing Mortgage programs like down payment assistance on homes in certain neighborhoods. Also, first-time home buyers in Michigan may qualify for a federal tax credit of up to $8,000. Another option for buying a home is using an FHA loan, which has low down payments and closing costs.
Modify or Refinance Michigan Loans
If you're struggling with an adjustable rate mortgage (ARM) you may want to refinance into a fixed-rate home loan. First check to see if you qualify for assistance through the U.S. government's housing rescue plan. You'll need to have a mortgage loan that is securitized by Fannie Mae or Freddie Mac and be current on your monthly payments. If you're already behind on your mortgage, you might qualify for a loan modification plan. Try going to makinghomeaffordable.gov and answer a few questions. It's a government site that will tell you what kind of assistance you qualify for.
If you don't qualify for the government's rescue plan, contact your lender to see if they'll work out a deal to either modify your home loan or refinance it. You could also try to refinance with an FHA loan. If you already have an FHA loan you may qualify for a streamline refinance, which takes less time.
Reverse Mortgages for Michigan Seniors
Mortgage rates for reverse mortgages can be higher than with traditional mortgages or home equity loans, and there are fees and insurance (regulated by HUD if you choose a HUD reverse mortgage called an HECM) of the total amount of the loan. But reverse mortgages can allow you to tap into your equity. The money doesn't have to be paid back until you move or die. For larger loan amounts, private companies offer jumbo reverse mortgages. You can get in touch with reverse mortgage lenders and request a Reverse Mortgage Quote using our form here.
Mortgage Calculator Tools
Whether you plan to buy a home or look for a refinance deal in Michigan, you'll want to shop around for mortgage quotes from several lenders. As you go from researcher to homebuyer to homeowner, please continue to make use of our loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart. There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford and use a mortgage rate calculator to compare different loan packages.
Michigan Home Buyer & Homeowner Mortgage Guide
- HUD in Michigan. US Department of Housing & Urban Development (HUD) Michigan Site
- Michigan Housing Counselors. HUD Homebuyer Education and Counseling Services - approved agencies
- Michigan State Housing Development Authority. Provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing.
- East Lansing Hometown Housing Partnership. Offers homeownership assistance programs to families and/or individuals interested in buying a home in East Lansing
- Michigan Property Tax. Michigan Property Tax Estimator
- Michigan Association of Realtors. State chapter of the National Association of Realtors.
- Federal Housing Administration (FHA) Loans. Information on the Federal Housing Administration's FHA Loan Program. Also see FHA Loan Pros.
- Making Home Affordable. Information on the Federal Government's plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.
- Freddie Mac. Information on avoiding foreclosure from Freddie Mac.
- Michigan Reverse Mortgage Quote. Get the best rates on Reverse Mortgages in Michigan.
Foreclosure Prevention & Information
- HUD Avoiding Foreclosure. Information on avoiding foreclosure from the US Department of Housing & Urban Development.
- Foreclosure Guide. Guide to Foreclosures from the Michigan Mortgage Lenders Association.
- Michigan Attorney General's Office and the Attorney General's Information on Avoiding Foreclosure
- State of Michigan Portal. Michigan consumer information