Home Loans

Home Loans - Best Home Loans

We offer so many different types of home loans, it would just make our customers confused if we were to list them all. Although we will present a few of the common standard mortgage programs here, it is always the best solution to let us offer you a few choices. Since the home loans and refinance boom began a few years ago, lenders have come up with just about every way possible to loan money (some good and some not). Even the government's home loan institutions (Fannie Mae and Freddie Mac) have come up with some new programs and guidelines to fit the public's needs. Therefore, if you tell us your goals, how long you plan to own the property, and your income outlook and we will analyze the information, and present you with several different updated home loana and options that will make financial sense. You pick the loan that you like, and we'll make it happen. However, if you already know what your looking for, we will be happy to quote you based on the mortgage program you're interested in.

Our home loans service begins with a quick FREE analysis of your situation. That includes a FREE tri-merged credit report (for mentioning visiting this site which is the only credit report that matters when it comes to your true overall credit score. After we analyze your credit report, we'll tell you what you can do to get your credit score up. Even if you already have a really good credit score, it is important to know what to watch out for and how to prioritize should you be faced with some difficult times. If you have challenged credit, you will be extremely happy you contacted us. Not only will we be able to quickly guide you to much better credit, but we also have many home loans specifically designed for people with credit issues. With the loans and advice we can provide, the help and the advice you're looking for is HERE!

If you have good credit or excellent credit, you may be in for a real treat. There are benefits to having high FICO scores and we have exploited all of them with the mortgage lenders. From providing us with very little documentation and or income proof, to getting amazing special exceptions-like waiving the 6 month waiting period before refianancing a home that was listed for sale-you will be financially rewarded and truly feel like your getting a celebrity loan.

After we have analyzed your situation and given you a detailed proposal, you decide which home loans fit your comfort level best and we'll lock in your interestrate for you right away. Depending on your home loan amount, you may be able to get some or all of your closing costs paid for. Concerning costs, In the last few years, we have recommended to all of our customers to pay as little in closing costs as possible. This has saved our customers tens of thousands. It doesn't make sense to put up money to get a better rate if you think rates are going down. In fact, it can take about 7.5 years just to get back the $1000 you paid closing costs for .125 better rate. However, the future of interest rates are uncertain but likely on the rise. So buying down the rate may make sense for you if you plan to live in your home for more than a few years. We'll be happy to quote you.

We'll overnight you our simple home loans package within 24 hours. Unlike most companies, it only takes us 5 days or less to get a full appraisal value and your completed title work. This allows us to work much more efficiently. After we receive the homeloans package back, it usually takes our lenders between 5-10 days to underwrite and approve the file. We'll call you the second your home loan is ready close to set up a date and time that fits with your schedule.

We can assure you that in all of your home loans experiences, this will be the most pleasant and helpful experience you have ever had. Just take a look at a couple of our home loan (Testimonials).

Home Loans - Types of Home Loans

30 YEAR FIXED HOME LOANS - (360 months) Our most common homeloan program designed to keep your payment relatively low by amortizing it over 30 years. Throughout the life of the loan there is a slightly increasing amount of principal dollars each month put in with each payment. This means slowly over time your principal portion of your payment grows while your interest portion decreases. Because it is amortized over 30 years this process is very slow. Therefore we recommend this loan only when finances are limited, qualification is difficult, or when the borrower knows they will stay in the home for a long time and desires a low fixed payment. We do not recommend this loan for persons staying in the home for 5 years or less.

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20 YEAR FIXED HOME LOANS - (240 months) The perfect homeloan match between a low payment and paying down more principal. The rate is usually only about .125% better than the 30 year fixed rate. However, anytime you can decrease your term on a loan it will be a huge savings in the long run on interest.

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15 YEAR FIXED HOME LOANS - (180 months) The second most common type of home loan. This is the number one loan that we recommend, if affordable, as it is usually the perfect balance between principal and interest payments. Often you can get an interest rate of about .50% better than the 30 year fixed. Therefore many times if you can afford it, the drop in rate helps to offset the increase in principal payment. This loan can literally save you hundreds of thousands of dollars over the 30 year fixed.

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10 YEAR FIXED HOME LOANS - (120 months) The lowest of the fixed interest rate home loans. This loan short term loan is beneficial for the borrower who can afford higher payments. The interest rate is usually only .125% better than the 15 year loan but if you can afford the payment, it makes perfect sense.

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7 YEAR ARM HOME LOANS - (360 months) This is basically the next in line home loan program designed for the borrower who knows that they are going to move or pay off the loan within about 8 years. The reason that we say 8 years instead of 7 is the loan can and probably will start to move up in interest rate after the 7th year. Since arms generally can only move up a maximum amount of about 2.0% per year, it can often make sense for a person who is on an 8 year plan. The rate for the 7 year arm is usually around the same as the 15 year but gives the borrower the flexibility of being able to make a much lower payment since it is amortized over 30 years. When choosing this homeloan, please keep in mind that the wholesale lenders don't pay the brokers quite as much compensation for this type of loan. Therefore you may have to pay more closing costs for this program.

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5 YEAR ARM HOME LOANS - (360 months) Much like the 7 year arm but usually about . 25% better in interest rate. We usually only recommend this loan for the individual who knows they are moving in less than 5 years or by some chance plan on paying it off. Just like the 7 year arm there may be more closing costs associated with this loan due to a decreased margin of revenue for the broker.

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3 YEAR ARM HOME LOANS - (360 months) Just like the other arms but usually .25% to .375% better in rate than the 5 year arm. We only recommend this loan for individuals who are going to move in the near future or know there finances are going to improve substantially and need the extra cash flow right now. Keep in mind that the revenue paid to the broker by the wholesale lender on these 3 year arms may dictate that more money will be needed from the borrower to cover closing costs.

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5 YEAR INTEREST ONLY ARM HOME LOANS - (360 months) Interest only loans are the new craze. They just came out recently and everyone just loves them. The truth is these loans are best suited for the person who has plenty of capital to work with. However, most of the time the person who has little capital to work with is the one requesting them. After the term expires on these loans they turn into a normal principal paying arm. Therefore should you get near the expiration, you could be facing a significant jump in monthly payment. In addition, since the borrower has made no dent in the principal of the loan, it could be disastrous. Therefore we recommend these loans with caution for persons who know there cash flow will get much better or know they are going to move within the specified period of time. Again arms don't pay the brokers well, so the borrower could face increased closing costs.

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3 YEAR INTEREST ONLY ARM HOME LOANS - (360 months) Same as the 5 year interest only but usually .25% to .375% better in rate. This is about as low as a person could get their payment. If you wish to calculate your interest only payment here is the formula ( Loan Amount multiplied by Interest Rate divided by 12 months ). Keep in mind that this will not be your actual payment if your property taxes and home owners insurance need to be escrowed. As you can imagine this loan is one of the the worst revenue providers to the broker so plan on paying some closing costs unless you have a large loan amount of about $250,000 or more.

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5 AND 7 YEAR BALLOON HOME LOANS - These loans are somewhat of a dying breed. The reason is nobody wants to be under the pressure of paying back the entire loan at the expiration of the term. In addition, the rates and wholesale lender payback to the broker do no dictate much if any benefit to the borrower. Therefore we don't really recommend these loans. In particular situations at particular times, they can be beneficial if you catch them on the right day. However, all too often it just makes sense to get an 5 or 7 year arm instead. Should you be interested in one, plan on paying some closing costs unless your loan amount is large.

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OTHER NEW HOME LOANS - The change in mortgage loan demand has brought about some new exciting homeloan options that were inconceivable before. Such as a new 1-year ARM that starts out at 1% and allows you lock in your minimum interest only payment each year. We also have the ability to do reverse mortgages which in combination with an annuity can actually provide an additional steady income and a sum of cash for the older borrower(s). As we have stated earlier, the homeloan market is constantly changing. The best way to find out what is new and what makes the most sense for your

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Best Home Loans in Michigan and the U.S.

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