Here are the most common mortgage options with an explanation of how each works.
Fixed Rate Mortgages:
Fixed rate mortgages are loans where the interest rate for your mortgage stays the same for the entire term of the loan. Fixed rate mortgages are available in terms of 10 to 30 years with 15 and 30 year terms being the most common. Generally, the longer the term of the loan the higher the interest rate. With a fixed rate mortgage your interest rate and principal and interest payment will never change.
Adjustable Rate Mortgages (ARM):
Adjustable rate mortgages are loans where the interest rate on your mortgage is subject to change at some point during your loan term. Adjustable rate loans are available with repayment terms of up to 30 years in most cases. However, the interest rate on your loan may only be fixed for a period of 1,3,5, 7 or 10 years depending on the option you choose. NOTE: With an adjustable rate loan your interest rate and monthly payments can increase.
First Time Buyer Programs:
First Time Buyers have numerous options available to them. We will help you to determine the options that will best fit your needs. In addition we are pleased to participate with the Michigan State Housing Development Authorities Home Loan Programs as well as FHA, VA and the USDA Rural Housing (RD) home loan programs.
Executive (Jumbo) Mortgages:
Executive loans are mortgage loans in excess of $424,100. These products can vary significantly from lender to lender. We offer executive mortgages under our fixed and adjustable rate products at very competitive rates and terms.
Lot – Vacant Land Mortgages:
We offer financing of vacant land for clients who have the intention to eventually build on the land. Please call for details on our current product offerings.
Investment Property Mortgages:
We offer financing on 1-4 unit properties under both our fixed and adjustable rate programs. Down payment and options can vary depending on a number of factors. Call us for complete program details.
So you found the perfect home but it needs some improvements. Our renovation loan programs allow you to purchase your dream home and financed improvements as part of your home purchase. Please call for complete details on this program.
FHA/VA Home Loans:
FHA loans have flexible down payment options and most VA home loans require no down payment at all. These programs tend to be more flexible in qualifying then some traditional mortgage programs. To find out if these options are right for you, give us a call.
NO Monthly PMI Options:
We are pleased to offer mortgage options that allow for NO Monthly PMI (Private Mortgage Insurance). These options are available on our fixed & adjustable rate mortgages. Please call us for all of the details on this program. NOTE: All loans with a down payment of less then 20% require some form of mortgage insurance. Some loan structures allow for the elimination of monthly PMI insurance when a premium is paid in a lump sum at the time of closing or is paid by the lender. Depending on your individual circumstances some options may be more favorable then others.
Special Portfolio Loan Programs:
If you have a special or unique situation contact our office to discover the many options that may be available to you as part of our portfolio loan programs. These programs are meant to help qualified buyers puchase a home even if they don’t fit the box for a standard loan approval.