Most Competitive Michigan Mortgage Rates
With licensing to offer mortgages in the state of Michigan, we can offer some of the most competitive mortgage and refinance rates to applicants seeking to purchase or refinance a home in Michigan.
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About Homesite Mortgage Interest Rates
Take advantage of Homesite Mortgage’s Michigan mortgage rates through one of the many available home loan options. We put special attention into each loan application we receive and personally work with applicants to help them qualify for the home loan that’s best suited for their situation.
Which Mortgages are Available Through Homesite Mortgage?
Conventional loans—also known as “Fannie Mae/Freddie Mac loans” are traditionally the best option for home seekers with a stable financial history and a moderate to excellent credit score. One of the most appealing factors of conventional loans are that they don’t require private mortgage insurance (PMI) because borrowers are able to provide a 20% down payment. The lowest and most competitive interest rates usually accompany conventional loans.
If you are ready to purchase a home, but don’t have a large down payment to offer, an FHA loan may be the perfect solution. FHA loans are government-backed loans, and while FHA loans require mortgage insurance, they are available to applicants with a down payment as low as 3.5%. Additionally, borrowers with less than stellar credit are able to qualify. FHA loans are open to loan applicants with credit scores as low as 580.
USDA loans are government-backed loans available to applicants looking to purchase a home in a rural area of the U.S. Because USDA loans don’t have a down payment requirement, they give borrowers the chance to qualify for a home loan that they may not have been able to attain through other loan options. PMI is required for USDA loans, but it’s available at lower rates than what’s usually available when it comes to mortgage insurance. USDA loans are guaranteed by the U.S. government and also allow for gift and grant funds to be put toward the down payment.
VA loans are great home loan opportunities for active-duty military members as well as veterans. VA loans are government-backed loans and offer competitively low interest rates and have no down payment requirement (and no mortgage insurance requirement!). Similar to FHA loans, they too have a flexible stance on accepting applicants with low credit scores—credit scores as low as 580 are allowed. Additionally, as a way of saying thank you to our troops, for every closed VA loan, Homesite Mortgage will donate $250 to your local American Legion chapter.
If you’re looking to purchase an unconventional home, you need more than a conventional loan. That’s where jumbo loans come in handy. With a jumbo loan, you can access the loan you need to purchase your dream home. Jumbo loans extend beyond the conforming limit that conventional loans are capped at (between $417,000–$625,000). Jumbo loans have higher credit score requirements since the lender is taking a larger chance on agreeing to the loan. The average credit score for jumbo loan applicants is 680. Jumbo loans offer flexibility in setting up the kind of loan you want (fixed-rate, ARM, etc.), and have appealing tax deduction benefits.
Why Homesite Mortgage?
If you work with Homesite Mortgage for your Michigan home loan, you can have confidence that your loan will be in trustworthy hands. We have over ten years of experience handling loans of all sizes and with applicants of all credit scores. At Homesite Mortgage, your loan will have one of the most competitive rates in the industry, while you benefit from working with a consumer-direct lender.
Have questions about getting the best Michigan mortgage rate?