Some of the Most Competitive Michigan Mortgage Rates are at New Executive Mortgage
- Adjustable Rate Mortgages
- Construction Loans
- Conventional Fixed Rate loans, between 10 and 30 Years
- FHA 203K (Renovation Loan)
- FHA Streamline Refinance
- HARP Refinance
- Home Equity Loans
- HomePath and HomePath Renovation
- Investment Properties
- Lot-Vacant Land Loans
- Reverse Mortgage
- Rural Development
- Second Homes
Read the fine print when comparing Michigan mortgage rates
Many lenders will advertise a very low rate but include discount points or undisclosed fees that you will have to pay at closing. Look at these carefully, and don’t be reluctant to challenge fees that seem too high. Compare offers using the annual percentage rate (APR), which includes both the interest rate and the fees.
I am fully licensed in the state of Michigan and can work with anyone, anywhere in the state. Contact me to get started.
I will secure the best possible loan package for you, along with competitive mortgage rates in Michigan. The Briggs family recently refinanced through me and had this to say:
“During our refinancing market search from various lending institutions, Kelly provided the lowest available rates with the least expensive closing costs. Ms. Dais was extremely knowledgeable in the various types of loan opportunities, programs, and terms available. I appreciated her taking the time to examine my loan specific needs, rather than blanket selling a product which may have not been in my family’s long-term best interest. Ms. Dais’ follow-up and follow-through was excellent, and our loan closed on time. We would not hesitate in utilizing Kelly Dais again in the future, and wish her continued success.”
Understand Points and how they affect Michigan mortgage rates
Points are a one-time fee that is paid to a lender and are used to secure a loan below the current mortgage rates in Michigan. Each point represents 1% of the mortgage amount. So if you have a mortgage for $100,000, one point would be equal to $1,000. A borrower would pay points on a loan to reduce the interest rate of the loan, which could potentially save them much more than the points cost up-front, over the life of the loan.
You must determine whether or not it makes sense for you to pay for points. A rather simple way of doing this is to determine the payback period or length of time it takes you to pay back the points you purchase up-front. First, determine your monthly payment amount without points and then with points. If you are paying $900 without points and $800 with points, then your monthly savings is $100. Now take the total cost of the points, say 2 points on a $100,000 mortgage, which would be $2,000, and divide the cost by the monthly savings: $2,000/100 = 20 months. it will take you 20 months to realize your monthly savings of $100 per month. For a 30 year loan, it would make a lot of financial sense to purchase the 2 points up-front, if you can afford them. You also have to keep in mind how long you’re planning to live in your house. Points can add significant up-font costs, which is why it’s a wise move only if you plan on occupying the house for a long period of time and have significant cash up front, to be able to afford it.
One final note about points – they are tax deductible, as they are considered pre-paid interest. They are deductible by the buyer, even if the seller pays for them. Points are deductible fully in the year they are paid for a new purchase and over the life of a loan for a refinance.
I can work with you, to help figure out whether buying points works for your situation.
More considerations for your Michigan mortgage rate
- When you’re ready, lock in your rate. I’ll give you your rate in writing with the complete terms spelled out
- The rate you get will depend upon your credit score. I can determine your credit score for you and even help you to improve it, if needed. Learn more here:
Contact me about our Michigan mortgage rates
Contact me to discuss your mortgage or ask me any questions you may have, at 989.245.2230. If you prefer, you can e-mail me at KDais@newexecmtg.com.