Michigan Mortgages

Now is a great time to purchase or refinance a Michigan Mortgage, while the interest rates are still attractive. As of late, interest rates are slowly increasing, and market trends indicate interest rates will continue to rise into the New Year. Due to the uncertainty of the market, many residents are opting for Michigan Fixed Rate Mortgages. Michigan Fixed Rate Mortgages offer a fixed interest rate and monthly payment for the life of the loan. This offers security and peace of mind to many borrowers, and ensures there will be no future surprises if interest rates increase. Typical Michigan Fixed Rate Mortgage terms are 15 or 30-year terms, however 10 and 20 year fixed rate loans also exist.

If you are investing in a property or plan to stay in a home for a shorter period of time, a Michigan Adjustable Rate Mortgage (ARM) may be more what you are looking for. Michigan Adjustable Rate Mortgages are fixed for an initial period of the loan, and then adjust periodically thereafter. Typical Michigan ARM products are: 3/1 ARM, 5/1 ARM, or 7/1 ARM (other ARM products are also available). The Michigan 3/1 ARM, for example, has a fixed interest rate for the first 3 years of the loan, and then adjusts annually thereafter. The introductory interest rates on Michigan ARM loans are typically lower than Michigan fixed rate mortgages. This means lower monthly mortgage payments, and allows many borrowers to afford more house than they could otherwise afford. The down side to Michigan ARM loan products is that the rate is not set in stone and could take a sharp increase after the introductory fixed period depending on market trends. Call Alerio Today to find out about all the Michigan Mortgages we offer.