Questions To Ask Mortgage Companies In Michigan

by | Nov 20, 2017 | Loans

Top mortgage companies put their customers’ needs first and focus on finding the ideal mortgage for the customer. They don’t try to make the customer fit into the mortgage that they wish to promote.

It can be challenging for home buyers to evaluate different mortgage companies as all offer different rates, products, and levels of customer service. To help find a professional, ethical and customer-focused lender, take the time to ask questions of the lender and then compare answers between two or three reputable lenders with top customer ratings.

What type of loan do you recommend for my/our financial situation?

There are several types of mortgage loans that can be ideal for people with great credit or those with lower credit scores. Loans such as FHA and VA loans offer several advantages with limited or no down payment required, which can allow qualified buyers to get into a home much easier than anticipated.

There are also jumbo loans available for those with excellent credit and those that can afford a down payment. This down payment is less than in the past, which makes these loans more accessible than ever.

Interest Rates and Costs

Ask any potential mortgage company about the interest rates they offer. This will be based on the Michigan buyer’s credit score, but it can vary from lender to lender.

Make sure to also ask about the other fees that will go along with the loan. This may include PMI (private mortgage insurance) or other types of insurance based on the type of loan. Don’t forget there will also be taxes and closing costs to consider.

Ask questions to completely understand the loan, particularly if you are considering an adjustable rate mortgage. The fixed 30 or 15-year loans are easier to calculate as there is no change to the monthly payments throughout the term of the loan.

As one of the highest rated online mortgage companies, Guaranteed Rate loan experts will take the time to answer any and all questions you may have about our mortgage products. To see more about Michigan home loans, visit Guaranteed Rate online.

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