Current Michigan Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What are Points?Points are a method of buying down the interest rate. One point is equal to 1% of the loan amount. For example, 2 points on $100,000 equal $2,000.
What is a Teaser Rate?
A teaser rate is the low start rate on an adjustable rate mortgage. The low start rate looks attractive, but you need to be careful and make sure you understand the details of the loan.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
