Take advantage of lower initial interest rates with our exclusive Adjustable-Rate Mortgage option.
Use your assets to help qualify for a home loan.
Financing a barndominium is easier than you think with Mortgage Center.
Leverage a family member’s strong credit to help you qualify for better loan terms.
A flexible home loan with great rates and terms. Very popular for homebuyers.
Tailored mortgage program for doctors and medical professionals with flexible terms.
Competitive fixed rates backed by Fannie Mae or Freddie Mac — predictable payments for the life of the loan.
Government-backed home loan with flexible credit guidelines and low down payment.
Mortgage financing for homes with small-scale farming or hobby farm use.
Lower down payments and PMI costs, with more flexibility to fund the purchase of your dream home.
Purchase and renovate your home with one convenient mortgage solution.
Financing for high-value homes with flexible terms and competitive jumbo mortgage rates.
Second-chance mortgage program for buyers rebuilding their financial future.
Mortgage solutions for condos that expand upon traditional lending guidelines.
Finance your build and permanent mortgage with one simple, streamlined construction loan.
Lower or eliminate private mortgage insurance (PMI) costs for greater monthly savings.
Low down payment financing for experienced buyers.
An exclusive VA home loan option for veterans, active-duty service members and eligible military families.
Purchase with no down payment and make homeownership more accessible. Perfect for First-time homebuyers.
Simplify your refinance with reduced paperwork.
Refinance your hobby farm property with flexible loan options designed for unique homes with agricultural use.
Get the most from your home’s equity with a maximum cash-out refinance. Use funds for home improvements, debt consolidation, or major life expenses.
Refinance your non-warrantable condo with flexible mortgage options that work for properties outside traditional lending guidelines.
This option can fund construction costs when you already own the land. This option can also pay off an existing land loan, if applicable.
Lower or eliminate PMI costs with our PMI Saver refinance option.
Ideal for borrowers who would like expanded qualifying options.
Saves you money if you’re active military or a veteran by allowing you to put no money down and avoid the cost of mortgage insurance.
Home equity loans are a great way to gain some extra cash for home improvements, debt consolidation, or other big purchases you’re looking to make. Like any loan, it’s important to understand how a home equity loan works before getting one.
Discover the answer to your questions regarding home financing, billing, documentation, and more.
A fixed-rate mortgage is a home loan option with a particular interest cost for the entirety of the loan. Even if you have a fixed-rate mortgage the monthly payment amount may fluctuate during the life of the loan. A fixed-rate loan offers a fixed term (for example, 15 or 30 years) as well as a fixed interest rate, so the monthly amount for the payment of principal and interest will not change during the term of the mortgage. However, your monthly mortgage payment may also include interest, taxes, and insurance. While your principal and interest amounts will not change, the amount needed for taxes and insurance may.
Once a year, on the anniversary date of the mortgage, Mortgage Center will perform an escrow analysis to determine if current monthly deposits balances will provide sufficient funds to pay property taxes, hazard insurance and other bills when they come due. Please be aware that property taxes may go up considerably on purchase transactions from what the previous owner paid. The municipality where the property is located reassesses the taxable value of the property when it transfers ownership. As the property’s taxable value is no longer governed by the rate caps used when the property remains under the same owner, the required property taxes may increase considerably. If your payment amounts have fluctuated, Mortgage Center will have to adjust the amount needed in your escrow accounts to compensate for these changes.hat goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone.
PMI or Private Mortgage Insurance is provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. It can make a big difference in how quickly your mortgage loan is approved and how much money you spend on a down payment. It is required if the loan amount is more than 80% of the home’s value.
This insurance benefits lenders and investor, but it also helps homebuyers too. Because Mortgage Center is protected by mortgage insurance, we can offer loans with low down payments. Without mortgage insurance, we would need to require a down payment of at least 20% of the loan amount. We understand that even if you have enough money for a large down payment, you may prefer to use it for other purposes. And if you don’t have a 20% down payment, it can take a long time to save it. While you’re saving, the price of your dream home is likely to rise – perhaps faster than you can save! Private Mortgage Insurance can be a big help if you’re like most borrowers in this type of situation. Contact a loan expert for more information at 800-353-4449.
Unless you have signed Mortgage Center’s Escrow Waiver Agreement, real estate tax payments will be made by our servicing department on your behalf with funds drawn from your escrow account.
Please be aware that property taxes may go up considerably on purchase transactions from what the previous owner had paid. In the state of Michigan, the municipality where the property is located reassesses the taxable value of the property when it transfers ownership. As the property’s taxable value is no longer governed by the rate caps used when the property remains under the same owner, the required property taxes may increase considerably.
This Department of Treasury Property Tax Estimator can help you determine how your property taxes may adjust.
On new home purchases and construction properties, it is the responsibility of the borrower to submit the paperwork to the applicable municipality for Homestead Exemption. Michigan’s cutoff date for the year is May 1st. Your closing officer will review this with you at closing or you may contact a Mortgage Center representative for more information at 800-353-4449.
Mortgage Center will set up an escrow account to collect funds for the payment of your real estate taxes, homeowner’s insurance, and private mortgage insurance, if necessary. Each month a portion of your payment will be held in your escrow account to make sure the funds are available when these payments are due. At that time, funds are drawn from the escrow account. You may pay your own real estate taxes and insurance if you meet Mortgage Center’s Escrow Waiver Requirements.
Our goal is to have your loan ready for closing as soon as possible! Generally the items that take the longest to receive are things such as the appraisal and the title work and the conditions that you need to provide us with. We’ll want to get the appraisal and title work ordered as soon as possible to avoid any delays. If you are purchasing a new home, we’ll do our best to meet the date you and the seller have agreed upon.
