Working With Mortgage Lenders in Michigan

What to expect from mortgage brokers in Michigan

Your expectations when working with mortgage lenders in Michigan depend on the type of lender. A lender that works directly for a lending institution will provide all of the options that particular lender allows and that you qualify for. Other lenders actually work as brokers that shop your loan to a variety of lending institutions.

Brokers that provide Michigan mortgage loans can provide access to more lenders, but may not share your best interests. Brokers usually receive a commission from the lender and will tend to push mortgages that offer the greatest profit for them. There are three points you should discuss with a mortgage lending company in Michigan when considering which one to use:

1. Interest rate on the loan. Rates change quickly in the volatile housing market and your credit rating will also affect the rate you can expect from Michigan mortgage companies.
2. Points on the loan. Prepaid mortgage interest points will lower your interest rate, but other types of points may not benefit you at all.
3. Closing costs. Lenders charge fees for various services and you will want to know what they are as soon as possible.
   

 

Get loan offers through Michigan mortgage brokers

Talk with several of the Michigan broker's recent clients before getting a loan through that broker. Find out if the broker was able to meet all of their clients' expectations.
Try: The Mortgage House is in Holland and offers brokerage services in addition to other real estate services. Executive Mortgage of Michigan provides mortgage brokerage services for a variety of home loans.

Obtain a referral for mortgage lenders in Michigan from a real estate agent

Real estate agents in Michigan usually send a substantial amount of business to their preferred lenders. A smart mortgage lender will take good care of these referrals.
Try: Jack Christenson Realtors is a real estate firm in Michigan that provides links to preferred vendors, including mortgage lenders. Max Broock Realtors offers a variety of resources, such as preferred mortgage lenders.

Solicit quotes directly from mortgage companies in Michigan

You may want to contact a lender directly if you are already comfortable with one. Local lenders in Michigan should be familiar with specific factors that affect the housing market in your area.
Try: Atlantis Mortgage offers online applications, along with a variety of resources on mortgages. Indigo Financial Group is based in Lansing and is approved to provide FHA loans in Michigan.

 

• Michigan mortgage lenders may sell your loan to another company. Don't be surprised if you receive a notice from both the old and new lending company advising you of the change and providing instructions for making your payments to the new lending company. The right to service your loan also includes managing your escrows for insurance and property taxes.

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