Michigan 15-Year Fixed Rate Mortgage as low as 3.0% (3.293% APR)
The 15-Year fixed rate mortgage is for the more aggressive borrowers in Michigan. It’s similar to a 30-year fixed in the fact that the payment will be fixed for the next 15 years. However, the payment is much higher because the mortgage will be paid off in 15 years instead of 30 years.
If you can afford the payment on a 15-year fixed rate mortgage, you will save thousands of dollars in interest because the term is cut in half. Plus, 15-year mortgage rates can be a full 3/4 % lower than a 30-year fixed rate. Also, if mortgage insurance is required, 15-year mortgages have a lower mortgage insurance premium than 30-year mortgages which may help you decide which is best for your situation.
Why Should You Choose Michigan Mortgage Solutions?
- We have an A+ rating with the Better Business Bureau
- We don’t charge any upfront “Good Faith” fees as we believe that we should show you good faith by not charging you for yours…lol!
- As a licensed mortgage broker since 1998, we actually have to do industry specific training and we’re required to carry state licensing for our company and our loan officers. This means that you’ll be speaking to a knowledgeable mortgage professional, not an untrained desk clerk or representative.
- 30-Year Fixed-Rate Mortgage: The payment on a $200,000 30-year Fixed-Rate Loan at 3.875% and 70% loan-to-value (LTV) is $940.47Â with 1.5 points due at closing. The Annual Percentage Rate (APR) is 4.022%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. State and county maximum loan amount restrictions may apply. Based on September 8th, 2015 rates.
- 15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 3.0% and 70% loan-to-value (LTV) is $1,381.16 with 1.75 points due at closing. The Annual Percentage Rate (APR) is 3.293%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. State and county maximum loan amount restrictions may apply. Based on September 8th, 2015 rates.
- Mortgage rates could change daily.
- Actual payments will vary based on your individual situation and current rates.
- Some restrictions may apply.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 760.
- The lock period for your rate is 30Â days.
- The loan to value (LTV) rate is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
- Michigan Mortgage Solutions provides a wide variety of mortgage options. Please remember that we donâ€™t have all your information. Therefore, the results you see from this calculator may not reflect your actual situation. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (248) 674-6450 to talk to one of our mortgage consultants.