Compare Mortgage Rates in Michigan

Michigan Real Estate Market Reflects Stagnant Economy
A quick search of Michigan's newspapers and business blogs confirms that its economy is extremely troubled, following as it does the fortunes of Detroit's massive automotive industry. In October, Comerica Bank's Michigan Business Activity Index fell 2 points to its lowest level in over 14 years. However, the bright spot for those who have steady jobs is that Michigan is quite affordable--its wages are higher than the national average and its housing costs considerably lower, making homeownership more accessible.

Refinancing in Michigan
Mortgage companies in Michigan are offering the lowest rates in many years. And, unlike many areas in the country, Michigan didn't experience the crazy run-up of home prices and the subsequent crash. So Michigan homeowners have a better chance at retaining some equity than those in many parts of the country. FHA refinancing in Michigan can be done at high loan-to-values and can help homeowners with adjustable rate mortgages refinance into fixed rate loans. Mortgage underwriting guidelines remain fairly rigorous, and the best rates and terms will go to borrowers with unblemished credit, good assets, and stable income.

Michigan: Good for Home Buyers
Michigan real estate offers a significant opportunity to those in a position to buy. Low but stable home prices, miniscule interest rates, new federal tax credits, more FHA opportunities, sellers under pressure, and a flock of bank-owned properties create unusual possibilities for investment in home ownership.