If you are planning to buy or sell a home in the greater Ann Arbor area, you will have to do your homework before settling on a mortgage lender. Luckily, there are many lenders to choose from, and the best way to find the one that’s right for you is to shop around. You can get free rates and compare multiple lenders side by side. To find a suitable lender, you can either browse online or go to your local bank. This will help you to avoid being taken advantage of by unscrupulous loan officers. The key is to find lenders that will provide you with the mortgage that meets your budget and requirements.
For example, if you’re looking for a good deal on a 30 year fixed rate mortgage, you might want to look at a number of lenders. The best way to do this is to compare mortgage loans by type, interest rate and closing costs. Using a loan calculator, you can see how much your monthly payments will be. Once you’ve decided on a loan program, you’ll need to make a down payment. In most cases, you’ll need between 3% and 20% of the total purchase price of the home. However Ann Arbor mortgage lender, if you are lucky, you’ll be able to get a down payment as low as 0%.
Another tip is to make sure that you know what your credit score is. Many lenders will consider you if you have a 620 credit score, but you’ll be better off if you can pull off a score higher than this. Not only will this give you a lower interest rate, but it will allow you to take out a larger home loan, which can be beneficial if you plan to expand your household in the near future.
Despite its size and location, the Bank of Ann Arbor has made quite a splash in the banking industry over the years. In fact, the American Bankers Association recently deemed it as one of the top 50 banks in the nation. In addition, it has seen ten straight years of record earnings. Its trust and investment management division, meanwhile, has grown to more than $1 billion in assets. Currently, it operates eight branch offices in the greater Ann Arbor area.
Mortgages may be expensive, but shopping around can get you a competitive rate. A loan calculator can help you to get an idea of what your monthly payments will be, so you can make an educated decision about which loan to choose. While you’re at it, you can take note of other features such as the loan length, down payment and the amount of insurance you’ll be required to carry. Lastly, before you settle on a lender, check out other options such as Home Point Capital Inc., United Wholesale Mortgage Holdings Corp. and SoFi.