Mortgage Calculator

Compare Current Mortgage Rates

Mortgage Rates  |  Mortgage Widgets

Last updated: Apr 12, 2021
2.789% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $5,398
Lock: 45 days
Points: 1.959
View Details
SPONSORED
2.912% APR 30 Year Fixed
$1,021 / month
Rate: 2.750%
Fees: $5,266
Lock: 30 days
Points: 1.455
View Details
SPONSORED
2.777% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $5,000
Lock: 45 days
Points: 2.000
View Details
SPONSORED
3.020% APR 30 Year Fixed
$1,038 / month
Rate: 2.875%
Fees: $4,702
Lock: 60 days
Points: 1.611
View Details
3.573% APR 30 Year Fixed
$1,106 / month
Rate: 3.375%
Fees: $6,250
Lock: 45 days
Points: 2.000
View Details
3.447% APR 30 Year Fixed
$1,089 / month
Rate: 3.250%
Fees: $6,250
Lock: 45 days
Points: 2.000
View Details
2.777% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $5,000
Lock: 45 days
Points: 2.000
View Details
2.789% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $5,398
Lock: 45 days
Points: 1.959
View Details
3.029% APR 30 Year Fixed
$1,038 / month
Rate: 2.875%
Fees: $5,000
Lock: 30 days
Points: 2.000
View Details
2.912% APR 30 Year Fixed
$1,021 / month
Rate: 2.750%
Fees: $5,266
Lock: 30 days
Points: 1.455
View Details
  • Certified Pre-Approval Process
  • Customized Rate Quotes, no SSN or Hard Credit Pull
  • 24 x 7 Online Customer Portal Access
View Details
  • Good/Excellent Credit; 15 & 30 year term, jumbo refi available -30 year only
  • Easily see your rate in a few minutes
  • Refinance with option to pull up to $500k cash out
  • 100% online app done from the comfort of your home
View Details
Interest Rates By State
  Alabama
  Alaska
  Arizona
  Arkansas
  California
  Colorado
  Connecticut
  Delaware
  District of Columbia
  Florida
  Georgia
  Hawaii
  Idaho
  Illinois
  Indiana
  Iowa
  Kansas
  Kentucky
  Louisiana
  Maine
  Maryland
  Massachusetts
  Michigan
  Minnesota
  Mississippi
  Missouri
  Montana
  Nebraska
  Nevada
  New Hampshire
  New Jersey
  New Mexico
  New York
  North Carolina
  North Dakota
  Ohio
  Oklahoma
  Oregon
  Pennsylvania
  Rhode Island
  South Carolina
  South Dakota
  Tennessee
  Texas
  Utah
  Vermont
  Virginia
  Washington
  West Virginia
  Wisconsin
  Wyoming

Michigan Mortgage Overview

Michigan is the state of the Great Lakes. It's largely surrounded by bodies of water which helps create its beauty and wonder. Michigan has many first-time homebuyer programs available and the cost of living is affordable. The average home costs $155,000, making it an affordable place to live.

If you're thinking of buying a home in Michigan, here are the home loan options:

Michigan FHA loans

You don't need perfect credit to get a loan. The FHA loan requires just a 580 credit score, which is almost 100 points lower than conventional loans. FHA loans require just 3.5 percent down and they even allow credit scores as low as 500 - 579 if you put down 10 percent. FHA loans have flexible underwriting guidelines and require mortgage insurance for the life of the loan.

Michigan VA loans

Veterans of the military often don't have a lot of money saved to buy a home. The VA solves that problem by providing 100 percent financing and flexible underwriting guidelines. Veterans need just a 620 credit score and a decent debt ratio to qualify. VA loans don't require mortgage insurance.

Michigan USDA loans

If living in less populated areas don't bother you and you have low to moderate income, you may be eligible for a USDA loan. This 100 percent financing loan makes it easy to buy a home to live in (investment properties aren't allowed). You need just a 640 credit score and a 41 percent debt ratio to qualify.

Michigan conventional loans

Conventional loans are the loans everyone wants. They have low interest rates and only charge Private Mortgage Insurance until you owe less than 80 percent of the home's value. You need a 660+ credit score and a low debt ratio to qualify.

First-Time Homebuyer Programs in Michigan

If you're a first-time homebuyer, Michigan has many first-time homebuyer programs to help:

MI Home Loan

This low interest loan provides up to $7,500 in down payment assistance to help you buy your first home. You need a 640 credit score and the home must cost $224,500 or less.

MI Home Loan Flex

This is another low interest loan for MI buyers with more flexible guidelines, but you need a 660 credit score to qualify. Like the MI Home Loan the Flex loan provides up to $7,500 in down payment assistance.

Michigan Mortgage Credit Certificate

If your income limits are within the regulations, you may deduct up to 20 percent of the annual interest paid on your mortgage. You may take the credit for the entire term of the loan up to 30 years.

Copyright © 2008-2021 MLCALC.COM. All rights reserved. Terms of Use  |  Privacy  |  Contact Us

Mortgage Rates
$250,000
Points, Loan Types and Products