What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
Planning to buy a home in Michigan? You’ll want to ensure that you are getting the best rates possible, and your final rate will depend on a wide variety of factors. These include your credit score, your ability to make a down payment, your current level of income, and your debt-to-income ratio.
Get the best mortgage rates in Michigan by checking your credit report for any errors prior to applying for a home loan, and make sure that all of your documentation is ready to submit to a professional mortgage lender so that you can be pre-approved for a loan.
Here’s a quick look at current Michigan mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.466%||6.561%||+0.12%|
|Conventional 20 year fixed||5.78%||5.9%||Unchanged|
|Conventional 15 year fixed||5.618%||5.804%||+0.11%|
|Conventional 10 year fixed||5.138%||5.36%||Unchanged|
|Conventional 7 year ARM||5.643%||5.459%||Unchanged|
|Conventional 5 year ARM||5.675%||5.546%||+0.1%|
|FHA 30 year fixed||5.729%||6.612%||+0.05%|
|VA 30 year fixed||6.022%||6.332%||+0.25%|
|VA 15 year fixed||5.147%||5.806%||+0.11%|
|VA 5 year ARM||4.75%||5.773%||Unchanged|
Wondering if now is the time to purchase in Michigan? This could be the perfect time to find your home in the Great Lakes State. Here’s what you need to know before you move:
Where do you want to live? Michigan’s total populations is just under to 10 million, and one in nine people live in the top six biggest cities:
Next you’ll need to decide how much home you can afford to buy. Michigan ranks 40th in US homes for sale at average price, and 22nd for homes over $1,000,000. Seeking preapproval from a qualified lender can help you figure out what your budget for a new home is.
First time home buyers are often able to qualify for assistance through programs administered by the Michigan State Housing Development Authority (MSHDA)
MSHDA offers two primary 30-year, fixed-rate mortgage programs that help ease the financial burden for first-time homebuyers, and can be paired with down payment assistance:
To qualify for these first-time home buyer programs in Michigan, you’ll need:
You can refinance a home in Michigan to take advantage of favorable Michigan mortgage rates by doing any of the following:
You might be able to qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.