Mortgage Center

Current Rates

Check out today's low rates! For more information, give us a call at 888-429-6908 or start your application online today.

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Purchase
Refinance

Purchase

30-Year Fixed-Rate - Purchase
Effective Date: May 16 2022
RateAPRPointsPayment
5.000% 5.171% 0.625 $805.23
5.125% 5.241% 0.000 $816.73
5.250% 5.368% -0.500 $828.31

15-Year Fixed-Rate - Purchase
Effective Date: May 16 2022
RateAPRPointsPayment
4.500% 4.765% 0.500 $1,147.49
4.625% 4.835% 0.125 $1,157.10
4.750% 4.943% -0.125 $1,166.75

FHA - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.250% 6.337% 0.500 $903.31
5.375% 6.410% 0.000 $914.96
5.500% 6.532% -0.500 $926.68

VA Home Loan - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.250% 5.653% 0.500 $828.31
5.375% 5.734% 0.000 $839.96
5.500% 5.863% -0.500 $851.68

One-Time Close Construction - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.241% 0.000 $816.73

Right Choice Home Loan - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.241% 0.000 $816.73

Hobby Farm - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.241% 0.000 $816.73

PMI Saver - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.286% 0.500 $816.73

Home Renovation - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.264% 0.250 $816.73

Zero Down Payment - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.250% 5.368% 0.000 $828.31

Non-Warrantable Condo - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.241% 0.000 $816.73

Golden Jumbo - 30-Year Fixed-Rate (Over $647,200)
Effective Date: May 16 2022
RateAPRPointsPayment
5.250% 5.312% -0.250 $2,818.45

Doctor Loan - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.241% 0.000 $816.73

Best Score Family Helper - 30-Year Fixed Rate (Other Terms Available)
Effective Date: May 16 2022
RateAPRPointsPayment
5.125% 5.241% 0.000 $816.73

The information provided assumes the purpose of the loan is to purchase an existing single family detached home and will be used as a primary residence. The loan amount is $150,000 and the purchase price is $200,000. For Golden Jumbos, the loan amount is $647,200 and the appraised value is $625,000. For USDA Loans, the loan amount is $100,000 and the appraised value is $102,827. For FHA Loans, the loan amount is $150,000 and the appraised value is $152,850. The property is located in Oakland County, Michigan. There is an escrow account for property taxes and homeowners insurance. The rate lock period is 45 days and the assumed credit score is 740 or higher.

The monthly payment amount shown includes only principal and interest. The escrow for property taxes, homeowners insurance, flood and/or mortgage insurance if applicable are not included in the monthly payment amount. Your actual monthly payment will be higher with escrow account included.

The interest rates, APRs and points shown may change throughout the day due to varying market conditions. Rates effective as of May 16 2022. Rates are subject to change. To get more accurate and personalized results, please call 888-429-6908 to talk with a loan expert.


 

The Mortgage Process

Securing a mortgage is a crucial step toward achieving your homeownership goals. If you're thinking about buying a home, learn more about the mortgage process to help you get started.

What's a Mortgage Loan?

A mortgage is a type of loan used to purchase a home. It's an agreement between you, the borrower, and a mortgage lender to buy a home without paying all the money upfront. Instead, you pay the lender over time through a series of regular payments.

How Does a Mortgage Work?

When you get a mortgage, a lender gives you a certain amount of money to buy a home. You have to pay back this amount (known as the principal) with interest over an agreed-upon period. Once your mortgage is paid off, you'll have full ownership of the home. Keep in mind that if you don't pay your mortgage, your lender can foreclose your property.

Types of Mortgages

You can choose from many types of mortgages to accommodate your specific needs. Each type comes with different terms and benefits. Some common types of mortgages include:

  • Fixed-Rate Mortgages: Fixed-rate mortgages — also known as traditional or conventional mortgages — have an interest rate that doesn't change for the entire length of your mortgage. Traditional mortgage terms can be as long as 40 years and as short as five years. The most common types are 15 and 30-year fixed-rate mortgages.
  • Adjustable-Rate Mortgages (ARMs): Adjustable-rate mortgages have an interest rate that changes with the market after an initial fixed period. ARMs are typically 30-year loans with a 5, 7, or 10-year fixed period.
  • Government-Backed Mortgages: Government-backed mortgages are insured by a government agency. The most common types are Federal Housing Administration (FHA), Department of Veteran Affairs (VA) and United States Department of Agriculture (USDA) loans. Each has specific eligibility requirements and comes with unique benefits you won't get from other types of mortgages.

How to Find the Best Mortgage Rate

Different lenders offer various mortgage rates based on the type of mortgage and your qualifications. When you apply for a mortgage, the lender will review financial and personal details like your credit score, debt-to-income ratio and employment history to determine your eligibility and rate. Having a good credit score and making a sizable down payment can help you secure the best mortgage rate.

With many mortgage types and rates available, shopping around is essential to finding the best rates. Use the tables below to compare our mortgage rates to other lenders.

Importance of Finding the Best Mortgage Lender

Selecting the right mortgage lender is a crucial part of the homebuying process. Even slight variations in lender rates and fees can make a big difference over time. You also want to make sure you choose a reputable company that you feel comfortable working with.

As you shop for the right lender, consider the benefits of working with Mortgage Center. We've been a leading mortgage lender in the Midwest for over 30 years. We offer low rates and personalized service to help you make your homebuying dreams a reality.

 

Get Started

Take the first step in purchasing your dream home and Apply online today

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