Michigan Mortgage Rates June 1, 2010
To choose a home loan in Michigan, prospective borrowers have a number of different options to choose from. To help find the loan that’s best suits an individual’s need, a good starting point is to evaluate the mortgage rates in Michigan from local mortgage lenders and some of the largest mortgage lenders in the U.S. From here the home loan search can be quickly narrowed in on the mortgage rate and costs and quick phone call can help decide which mortgage lender in Michigan offers the right level of service.
Today’s mortgage rate survey from Findlocalmortgagerates.com involves the Michigan mortgage rates from two large local mortgage lenders, Isabella Bank and Monroe Bank and Trust, as well as mortgage rates in Michigan from two of the largest bank mortgage lenders, Bank of America and Chase Bank.
The following list contains the results of the mortgage rate survey form these four banks for home loans in Michigan for a 30 year mortgage and 15 year mortgage for a $225,000 home loan amount with a 20% down payment.
Isabella Bank offers a 30 year fixed rate mortgage with a mortgage rate of 4.875% with zero points and a 4.997% APR.
A 15 year home loan from Isabella Bank has a mortgage rate of 4.25% with no points with an APR of 4.332%.
Monroe Bank and Trust offers a 30 year mortgage rate in Michigan at 4.875% with no points for a 5.003% APR.
The 15 year fixed rate mortgage with Monroe Bank and Trust is at 4.375% and no points with a 4.486% APR.
Bank of America 30 year mortgage rate is currently at 4.875% with 0.625 points and an APR of 4.977%.
The 15 year mortgage rate from Bank of America is at 4.125% with 1.5 points and a 4.43% APR.
Chase Bank, the largest US bank, offers a 30 year mortgage in Michigan with a mortgage rate of 5.00% with 0.125 points and a 5.16% APR.
A 15 year mortgage rate from Chase Bank is at 4.375% with 0.25 points and a 4.54% APR.
Mortgage interest rates in Michigan listed and/or points are subject to change without notice, and may vary based on credit profile of the borrower, the loan amount, property type and other characteristics of the loan request.
Review the current mortgage rates and costs with the lender before committing to a final loan request. Actual closing costs should be provided through a Good Faith Estimate within three business days of the application being submitted to any of these mortgage lenders.
Additional mortgage rates and point options are available from these lenders in Michigan, the following contact numbers can be used to reach the banks listed to find more about their home financing options:
Isabella Bank 800- 651-9111
Isabella Bank was founded in 1903 and has 24 bank branch locations throughout Mid-Michigan.
Monroe Bank and Trust mortgage representatives can be reached at 734-242-2204 or the bank’s customer service number at 800-321-0032
Monroe Bank and Trust is a full service bank with branch locations throughout Monroe and in Bedford, Carleton, Dundee, Erie, Flat Rock, Ida, Lambertville, Milan, Newport, Northville, Petersburg, Plymouth, Taylor, Temperance, Trenton and Wyandotte.
Bank of America mortgage department can be reached at 800-551-7975.
Chase Bank mortgage can be contacted at 800-873-6577.
For information on Chase Bank or Bank of America ceritfictae of deposit rates please visit our affiliate publication, www.selectcdrates.com under Bank of America CD rates and Chase Bank CD rates. For information on the credit cards offered by these banks visit www.bestcreditcardrates.com under best credit card rates.