Mortgage Center

Current Rates

Check out today's low rates! For more information, give us a call at 800-353-4449 or start your application online today.



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7/1 Adjustable Rate Mortgage
Effective Date: July 12,2024
5.875% 6.914% 0.000 $1,183.08

5/1 Adjustable Rate Mortgage
Effective Date: July 12,2024
5.750% 7.096% 0.000 $1,167.15

*Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as the stated effective date rounded to the nearest 1/8th of one percent. View more details here.

30-Year Fixed-Rate - Purchase
Effective Date: July 12,2024
6.500% 6.644% 0.000 $1,264.14

15-Year Fixed-Rate - Purchase
Effective Date: July 12,2024
6.875% 7.119% -0.125 $1,783.71

One-Time Close Construction - 30-Year Fixed-Rate (Other Terms Available)
Effective Date: July 12,2024
6.750% 6.898% 0.000 $1,297.20

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 $200,000 and the purchase price is $250,000. For Golden Jumbos, the loan amount is $800,000 and the appraised value is $1,000,000. 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 780 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 July 12,2024. Rates are subject to change. To get more accurate and personalized results, please call 800-353-4449 to talk with a loan expert.


The Mortgage Process

Securing a home loan is a vital step in the journey to achieving your homeownership goals. Loan offers from lenders can vary greatly, and it's important to understand the costs associated with a mortgage loan, including the monthly payment, closing costs, and down payment amount.

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.

What is a Loan Estimate?

A loan estimate is a statement provided by a lender that gives you an estimated cost of your home loan. It includes an estimate of the interest rate, monthly payment, and other costs associated with the loan, such as closing costs, lender fees, and more. This estimate gives you a good idea of what to expect when you get your mortgage. It can also help you set a reasonable budget as you search for a home.

Home Loan Options

When it comes to home loans, there are several options available to accommodate your specific needs. Each loan type comes with different loan terms, interest rates, and benefits. Some common types of home loans include:

  • Fixed-Rate Mortgages: These mortgages have a fixed interest rate for the entire loan term, which can be anywhere from 5 to 40 years. The most common loan terms are 15 and 30-year fixed-rate mortgages.
  • Adjustable-Rate Mortgages (ARMs): ARMs have an interest rate that adjusts after an initial fixed period. They are usually 30-year loans with a 5, 7, or 10-year fixed period.
  • Government-Backed Mortgages: These mortgages are insured by a government agency, such as the Federal Housing Administration (FHA), the Department of Veteran Affairs (VA), or the United States Department of Agriculture (USDA). Each of these loan products has specific eligibility requirements and comes with unique benefits.

Finding the Best Home Loan Rates

Different lenders offer different home loan rates based on the type of loan and your qualifications. The lender will consider factors such as your credit score, debt-to-income ratio, and employment history to determine your eligibility and interest rate.

Making a sizable down payment can also help you secure the best mortgage rate. Conventional down payments are usually 20% of the home’s value. However, the more money you put down, the less you’ll be paying in interest over time.

Lastly, discount points, or more simply, points, can help you decrease your rate. Points are bought by the borrower in an exchange for a discounted rate. Usually, points cost 1% of the loan value and reduce the borrowers rate by 0.25%.

The Importance of Choosing the Right Lender

Selecting the right 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 interest rates and personalized service to help you make your homebuying dreams a reality.


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


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