Buying a home can be an exciting experience — but it also involves a lot of big decisions such as choosing the right mortgage lender. Since different lenders offer different types of mortgages and incentives, it’s important to find a lender who will work with you to meet your financial goals.
We’ll walk you through everything you should know about getting a mortgage in Michigan, complete with a list of the best mortgage companies in Michigan so you know you’re getting the best lender for you.
Get a Mortgage in Michigan
Tip: compare 2-3 lenders
The Best Mortgage Companies in Michigan:
There are several types of mortgages available for Michigan home buyers. They’re financed differently, have specific eligibility requirements and provide distinct benefits. Let’s look at 5 of the most common mortgage types below.
A conventional loan is a home loan that’s funded through traditional means, from a bank or credit union. Conventional loans often have high interest rates, since they aren’t backed by the government. On the upside, these loans offer more flexible requirements, which makes it easier for many buyers to get approved for financing.
Many conventional loans have low down payment options, which is perfect if you don’t have a lot of cash saved to put down on your home. Let’s say you put less than 20% down. You’ll have to purchase private mortgage…