We all know that finding the right mortgage and rate in Michigan can save you thousands. Mortgage-Info.us was created with that goal in mind. If you are looking for lenders, Mortgage Rates, or Mortgage Brokers – we’ve got it. Plus when you fill out a mortgage quote form from Mortgage-Info.us, we will get you offers from 2-4 different lenders, meaning lenders are going to compete for your loan – and that will save you money.
Featured Mortgage Lenders in Michigan
Michigan Mortgage Quick Facts
Michigan State Population: 9,938,444*
Median Michigan Home Price: $115,600*
Total Michigan Housing Units: 4,331,986*
Michigan Home Ownership Rate: 73.8%*
Types of Mortgage Loans Available in Michigan
- Fixed Rate Mortgage Loans
- Adjustable Rate Mortgage Loans
- Interest only Mortgage Loans
- LIBOR Mortgage Loans
- Cash Out Mortgage Loans
- Refinance Mortgage Loans
- Second Mortgage Loans
- Home Purchase Mortgage Loans
- Reverse Mortgage Loans
- Home Equity Line of Credit Mortgage Loans
- Home Equity Loans
- Special Mortgage Loans
How Your Credit Score Affects Your Mortgage Rate
To start with, you’ll need to know what your current credit score is. You should compare that against the average Michigan consumer credit score which is 680. And the national average credit score is 677. Your credit score impacts what your home mortgage rate will be. Historically home mortgage rates have varied from 5% to over 13%. Lenders create their home mortgage rates by using the Federal Discount Interest Rate and then increase it by using an internal formula to create their own home mortgage rate. When you apply for a home mortgage, your home mortgage rate will be determined by a whole host of factors, one of which is your credit score.
Michigan Mortgage State Laws
Only in Michigan
Mortgage Bankers, Lenders, and Servicers Licensing Act discusses first lien mortgages. The Secondary Mortgage Loan Act regulates Secondary mortgage loans. A Chapter thirteen bankruptcy will allow one to keep their home if they fall behind on payments while in the bankruptcy process. Borrowers have the right of redemption. Deficiency judgments may be allowed.
Judicial and non-judicial proceedings are both options in Michigan.
In a Judicial proceeding, the court will give the borrower a short amount of time to pay the debt. If the borrower does not pay, the court will continue with sale proceedings.
Non-judicial foreclosure occurs when there is a “power of sale” pre-written in the mortgage. This clause grants the lender automatic right to sell the property according to “Power of Sale Foreclosure Guidelines.
Michigan Mortgage Fraud Office
White Collar Crime Supervisor
477 Michigan Avenue, 26th Floor
Detroit, MI 48226
Phone: (313) 965-2323
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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.