Michigan Mortgage Rates
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MICHIGAN CONFORMING 30 YEAR FIXED RATESToday's Average: 4.89% What does this mean?
About Mortgage Rates in Michigan
Home buyers all over Michigan, from Detroit, Lansing, to Grand Rapids are all searching for the best possible deal on a mortgage loan. The Michigan market has been hard hit with the difficulities in the auto industry and has with over 4.5 million housing units that are 73% owner occupied. Although deals abound, the a wide variety of loan options can make the process confusing.
If you are looking for the best loan package, Mortgage 101 is here to help. You will have the option of loans with the lowest interest rates, fixed or adjustable rates, low monthly payments and many other desirable features. The online tools will help you determine your monthly payment as well as your tax benefits.
Fixed Rate Mortgages in Michigan
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.