Michigan Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Michigan's location is much different than the other states, in that the state consists of two pieces connected by the Mackinac Bridge over the Straits of Mackinac. The upper portion is connected to the north of Wisconsin and the southwest of Ontario, Canada with its remaining sides surrounded by water, Lake Superior, Lake Huron, and Lake Michigan. The second bigger piece is bordered by Lake Michigan, Lake Huron, Lake Erie, Indiana, Ohio, and Ontario. The largest cities are Detroit, Grand Rapids, Warren, Flint, Sterling Heights, Lansing, Ann Arbor, Livonia, Dearborn and Westland. Fruit farming is prevalent in Michigan with a large production of apples, cherries, blueberries, peaches, grapes, strawberries, pears and plums.

Because of the heavy concentration of farming and agricultural products, home owners in Michigan may be eligible for Michigan mortgage refinance through the USDA (United States Department of Agriculture) Loan Program. The program is hugely popular because although the informational material indicates that properties must be rural, when looking at the map of available areas, many seem to be close enough to the city that they are attractive to buyers. Further, credit scores are not as important, and individuals who are not farmers can apply as long as the property is outside a major metropolitan area, and it is on the approved map. Monthly mortgage payments can be lowered since the loans are offered up to thirty years, and there is no private mortgage insurance to pay.

But not all sectors of Michigan are doing well. Formerly known as the Motor Capital of the World, loss of the bustling automotive industry has had serious effects on the housing market throughout the whole state. Dearborn was particularly hard hit by the demise of American automakers. Consequently, Michigan was approved for federal funding and created "The Helping Hardest-Hit Homeowners Fund". In addition, Attorney General Mike Cox is focused on keeping residents in their homes and preventing foreclosures. His official office website has several PDFs that can be downloaded including Michigan Lending and Foreclosure Guide, Avoiding Foreclosure, Beware of Foreclosure Scams, Understanding the Foreclosure Process, and a Borrower Worksheet. Any residents interested in Michigan mortgage refinance will be well served to review these documents, and use the worksheet to assess their situations.

Moreover, as foreclosures take over more neighborhoods, properties are sitting vacant because they cannot be sold. This in turn devalues all the houses in the area, so people who own homes and are making payments, their homes have depreciated significantly. The governor's office wishes to stabilize these areas so that the pattern is reversed. And if home owners have equity, then it is less difficult to obtain a Michigan mortgage refinance, and hopefully lower their monthly mortgage payments in some way.

Home owners are encouraged to watch the continually updating list of loan service providers who are participating in programs to make loan modifications for those in need due to unemployment or medical obligations. Also, Governor Jennifer M. Granholm holds a weekly radio address which can be downloaded. Residents can hear valuable information and become aware of new programs that are created.

The automotive industry may not be the same as years ago, but Michigan will work to find new industries as they have done in farming markets.

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