Did you land a new job somewhere in Michigan? Maybe you want to move back home to be closer to family? Or maybe you just want a change of scenery? Whatever the reason, if you are planning on relocating to Michigan and getting a new house, you’re going to need a mortgage.
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Relocating to a new city can be stressful, especially if you aren’t prepared. We have helped thousands of people that have relocated to Michigan and needed a mortgage. Check out our guide on relocation and start planning your move the right way.
5 Easy Steps to a Relocation Mortgage
Are you relocating and going to be getting a new mortgage? This guide can help you make the process as easy as possible by providing step by step instructions and tips.
If you’ve already decided that moving to Michigan is what you want to do, then your first step is done! If you are moving to Michigan because you already landed a job, then you’re all set there too! But now you have to figure out your housing situation. If you’re currently renting and are planning on renting again then your move should be relatively simple. However, if you are needing a mortgage when you relocate to Michigan, then you’re taking the right first step by being here.
Your situation is different from the next person’s. But the steps you need to take to plan your move are almost always the same. You have to pack, whether you do it by yourself or hire a moving company, you have to get your stuff from where you are now to your new place. If you own your home currently, most likely you will have to sell your place before you move. And if you plan on buying a home in Michigan, then you’ll need to secure your mortgage more sooner than later!
Today's Michigan Mortgage Rates
30 Yr. Fixed6.500%APR 6.990%
15 Yr. Fixed5.875%APR 6.335%
30 Yr. Fixed FHA5.625%APR 6.597%
30 Yr. Fixed VA5.625%APR 6.051%
Mortgage Rates as of December, 10 2024 See All Rates | See Rate Assumptions
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$750,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
Like we said before, we have helped countless people on their move to Michigan. There are mortgage programs for almost every situation and every situation is unique. Maybe you have a house you need to sell before being able to buy a new one. Maybe this will be your first home purchase and you are concerned with how much money you will need to have for a down payment. Maybe you are moving to a more rural area of Michigan and want to know if you are eligible for a USDA loan? Whatever the case may be there is always a licensed mortgage advisor standing by to help you answer any and all questions you may have about getting a new mortgage when you relocate to Michigan.
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