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Detroit Michigan Home Mortgage
Type of Loan:
Home Description:
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Michigan Mortgage
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

 Rate disclaimer

PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
PRODUCT Rate
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%

Mortgage Brokers & Lenders Directory

You can search our directory or Mortage Brokers & Lenders and get a current quote on 30 year fixed mortgage rates as well as current mortgage interest rate for other loan programs.

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What to ask when Refinancing Mortgage in Detroit, Michigan

Even if interest rates are at an all time low, that does not mean they are applicable to each and every potential home owner. Different financial situations beget different goals which are ultimately responsible for the direction a home loan takes. The following are some typical home loan queries and their answers property owners (or prospective ones) can use to chart their own financial course:

What are your Finances Like?

This includes figuring out personal credit to see if it has gotten worse or remained the same. For instance, the value of the property may have gone down due to a poor housing market, the owner might have lost his/her job or maintains a variable income etc. All of it will depend on one answer i.e. whether the owner wishes to pay his/her mortgage sooner rather than later. The answer can help them narrow down their choices and help them come to a decision that can aid them in maintaining their financial goals.

Is PMI or Private Mortgage Insurance Preferable?

For those property owners who wish to acquire monetary compensation after refinancing their home’s equity, PMI or Private Mortgage Insurance is their best option. This is usually a wise choice if a property loses value by 80% or more.

What are the Conditions for the Loan?

Interest rates may not be better than current ones and home owners would be wise in doing some research before making a choice. This includes analyzing the terms of the loan, the payment duration, whether there is a balloon payment to be taken care of, what kind of mortgage the owner needs to pay etc.

What are the Charges?

Refinancing a mortgage always comes with charges. This includes a lawyer fee, charges for handling documents and closing costs that can amount to 2% of the loan’s total.

Figuring out home loans, mortgage rates, refinancing options etc can become easier with MortgageRefinancing.com. The mortgage calculators on the website can allow users to figure out a budget that can allow them to save enough money to take care of their basic needs without going in the red.

More About Mortgage Refinance