Michigan Mortgage Rates
Data provided by Informa
. Last updated 5/25/2013 7:55:11 PM.
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About MI Mortgage Rates:
It’s fast, easy and free to search for mortgage rates in Michigan. Compare lenders to find the best mortgage rate quotes
on refinancing or purchasing a home. Mortgage
rates vary by state, lending company, credit score and many other factors such as fees, points,
down payment, loan type and home loan amount. Common mortgage products include 30-year and 15-year fixed loans.
1-3-5-7 or 10-year adjustable rate mortgages are less common and offer
interest only payments for the initial term of the loan to increase affordability for those with a tight budget.
Adjustable rate mortgages in MI have a fixed payment for the first term, then convert to a
variable rate that can change monthly based on the index used for a particular loan. Variable rate mortgage indexes vary by
loan type and lender. Fixed rate loans never change
and keep the same interest rate for the life of the loan. If the goal is to stay in a home
for the rest of your life, a fixed rate loan is probably the best choice. If there are short term plans
to stay in the home, a shorter loan period might be better. Speak to a licensed mortgage advisor who
can offer advice and show you the total cost of a loan over a specified period of time for a fixed or variable rate option.
Purchasing real estate is the largest investment most people make in their lives. Make an informed decision by
doing your research, comparing Michigan mortgage rate quotes, reviewing all the loan products available for your
particular needs and determine how much you can afford. The interest rates provided above are
updated in real time and provide estimated monthly payments, lock
periods, APR’s (which include fees built into the loan) and in some cases, a description of the lending
company. Click or call any lender to learn more details about them and their loan products. There is no cost or obligation at any
time to search for Michigan mortgage rates or to get a free quote in MI using the lenders listed in our mortgage center.