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To help  a refinance mortgage loan to fit your individual needs, our Lenders need to know about your current mortgage and your loan preferences. Whether you want to refinance to a 30-year fixed or an adjustable rate mortgage, Online Mortgage can help you find the loan that's right for you. Tell us about the type of financing you wish to obtain and your loan requirements. Be as accurate as you can, because the details you provide will help determine your options. Within just 24 hours, you'll receive a customized quote by phone or e-mail.

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Home Financing Referrals for Home Buyers Did you know that Online-MichiganRealEstate.com can help you with home financing as well as home buying? Online-MichiganRealEstate.com can get you competitive quotes from up to four lenders to ensure you get the most competitive interest rates and closing costs available in the marketplace today. Just go to the Online-MichiganRealEstate.com main page and click on the home mortgage or home financing tab and enter the required contact information. You will be contacted by select pre-screened highly qualified professional lenders who will give you the information you need to make an intelligent decision. All Online-MichiganRealEstate.com participating lenders are select, pre-screened professionals duly licensed under Michigan law. Online-MichiganRealEstate.com participating lenders must meet Online-MichiganRealEstate.com requirements.

FINANCING YOUR HOME In this section Online-MichiganRealEstate.com will take a look at home financing and home mortgages. Not many of us are buying a house for cash these days so being informed about home mortgages is another vital step in the home buying process. There are so many home financing options available for home buying today it may be impossible to list them all here. We will give it a try though. Traditional 10,15,20 and 30 Year Fixed Rate home mortgages have been available to home buyers for years and usually are easily understandable for anyone buying a home. Whether buying a home in Michigan or anywhere else, these mortgage products are available.  These programs are simple. With a 10 Year Fixed Rate mortgage the interest rate remains the same for the entire 10 years and you will payoff your home in 10 years. The same applies with a 15,20 and 30 year fixed rate home mortgage. Now we will go into more detail about adjustable rate mortgages. Adjustable rate mortgage were created and became popular in the early 1980’s. Back then they were called 1 year adjustable or variable rate home mortgages. Today not only are there 1 year adjustable rate mortgage, but 2, 3, 5 and 7 year adjustable rate mortgages as well. They are all 30 year home mortgages. These products offer a lower interest rate than the previous fixed rates mentioned and will afford you a lower monthly payment. Another way to describe them is 2 Year Fixed Rate, 3 Year Fixed Rate, 5 Year Fixed Rate and 7 Year Fixed Rate mortgages. At the end of the “fixed” period they then change to 1 year adjustable for the remaining term. Example: With a 5 Year Adjustable Rate Mortgage at an interest rate of 5% the rate will remain the same (will not adjust) for the entire 5 year period. In the 6th year the rate will adjust with the market every year for the remaining 25 years. It can stay the same, go up or go down depending on market conditions at the adjustment time. Those taking adjustable rate mortgages from 1999 through 2005 came out ahead of those taking 30 Year Fixed Rate mortgages and saved an amazing amount of money in comparison. Most adjustable rate mortgages are tied to either the 1 year treasury index or the Libor index. If you know you are buying a home and are going to live in that home for 7 years or less one of these products will be best for your situation. If you want a lower payment or need a lower payment to qualify when purchasing a home the adjustable rate mortgage is for you. Whenever you make a home purchase, speak with a participating Online-MichiganRealEstate.com referred loan officer for all the details on these great home buying products.