The minimum credit score for a mortgage depends on the loan program and other qualifying factors. MiMutual Mortgage offers loan programs that allow credit scores as low as 580. Your MiMutual Loan Officer will be able to help you determine what loan program will work for your credit score and situation.
Mortgage interest rates change daily, and the interest rate on your mortgage will be determined by a variety of factors. Some of these factors include credit score, down payment amount, loan program, income, and purchase price or value of the property. Our Mortgage Loan Officers can give real-time estimates of interest rates. If you find a mortgage rate that works for you, talk to your loan officer about locking in the rate before it rises.
Checking your credit score is necessary to approve your loan. The hard credit inquiry may temporarily lower your score but if you are shopping around for a mortgage, you have a 45-day window in which multiple credit checks from mortgage lenders will only count as a single inquiry. And keep in mind, paying the mortgage on time each month will build your credit in the long run.
Typically, a mortgage loan application will require the following documents to be reviewed: income documentation (pay studs, retirement income, disability, etc.), identification (driver’s license or other government-issued I.D.), bank statements, and last two years’ W2s.
Some cases require full tax returns to be reviewed. Other factors could require additional documents. Your Mortgage Loan Office and processing team will help you stay on-top of required documents throughout the loan process.
A down payment on a house is the cash that the buyer pays upfront in a real estate transaction. Down payments are a percentage of the purchase price and can range from as little as 3% to 20% or more.
MiMutual Mortgage offers programs that have a 0% down payment requirement. This means, you can borrow the full sales price of the home and do not need to put any cash down. However, a 0% down payment might not make the most sense financially. A MiMutual Mortgage Loan Officer can explain all down payment options and help you pick a loan program and down payment that is right for you.
MiMutual Mortgage also offers multiple forms of Down Payment Assistance nation-wide. Talk to a MiMutual Mortgage Loan Officer today to learn more about down payment and closing cost assistance options.
The amount of closing costs paid at closing will depends on a number of factors including purchase or refinance, loan type, and geographical location.
For purchase transactions, closing costs can be between 3% and 6% of the purchase price.
For most refinance transactions, closing costs can be rolled into the transaction and no money out of pocket is required.
A MiMutual Mortgage Loan Officer can provide a more specific breakdown of closing costs based on your location and situation.
Our MiMutual Mortgage Loan Officers can help you determine if now is time time to refinance. They will review your financial status, interest rate, outstanding principal balance, and other factors to help you make an informed decision. We work one-on-one with our borrowers to make sure a refinance makes sense for you!
If your interest rate is higher than the current market, or your home value has increased enough to remove PML, now might be the time to consider a refinance! Contact a MiMutual Mortgage Loan Officer today for a refinance review.
Many lenders offer Pre-Qualifications and Pre-Approvals, but MiMutual Mortgage offers something unique – a TBD Approval. A TBD Approval is a complete mortgage underwrite with a To Be Determined (TBD) property. A TBD Approval allows you to complete most of the mortgage process BEFORE you make an offer on a property. The underwriter will review your credit, income, debts, and assets. Then, once you find a property and make an offer you can close much faster. Typically, all that is needed is the appraisal and title work. Your offer will be more competitive and have a shorter time frame for closing.
Most financial advisors agree that people should spend no more than 28 percent of gross monthly income on housing expenses, and no more than 36 percent on total debt. Your MiMutual Mortgage Loan Officer will help you determine what you can afford and offer helpful guidance in deciding on what to spend on a home! We are dedicated to being your mortgage advisor throughout the process, even before you start home shopping!
In general, a 15-year mortgage will have a higher monthly payment, but a lower interest rate. If you need lower monthly payments to free up your money for other financial goals, a 30-year mortgage may be right for you. Your MiMutual loan officer will help you determine which one would be best for your financial situation.
When you do a cash-out refinance loan, you are replacing your current mortgage with a new one and taking advantage of your home’s equity by walking away with cash at closing. You can then use the funds however you see fit.
A rate and term refinance loan allows you to change the terms of your current mortgage by getting a new loan with more favorable terms. (Either a better interest rate or longer/less time to pay back the loan)
Title Insurance is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of purchase. As a buyer, you are required to purchase a lender’s policy of title insurance as part of your standard closing costs, which protects the mortgage company. If you want protection against legal issues related to the title of your home, you would also need an owner’s policy of title insurance. This coverage typically is paid for and provided by the seller of the home. Please check with your realtor and loan officer to ensure this is the case with your transaction.
Private Mortgage Insurance (PMI) is required on Conventional loans if your down payment equals less than 20% of your new home’s purchase price. This coverage protects MiMutual in case you were to default on your mortgage. The lower your down payment, the more you can expect to pay for PMI. This insurance is paid for by you, the borrower. In some cases, there may be ways for you to avoid paying PMI at the time of purchase, or you may be able to stop paying for coverage at some point in the future.
MiMutual Mortgage offers all of the speed and technology of many large mortgage lending institutions, but with the care and customer service we like to call “The hometown lending experience.”
When you work with MiMutual Mortgage you will have a team of mortgage professionals dedicated to your success. You can rely on this team as little or as much as you need. Wither you are an experienced real estate investor or a first-time home buyer we will offer a mortgage experience that you can feel comfortable with!
Yes! At MiMutual Mortgage we meet our customers where they’re most comfortable weather that be in a brick and mortar office or through our user friendly online loan application: MiMutual Mortgage Online Loan Application.
If you would prefer to apply online, you can complete a full mortgage application using our user-friendly MiMutual Mortgage Online Loan Application. MiMutual Mortgage Online Loan Application updates its questions based on your responses and you can check the status of your application at any time. The MiMutual Mortgage Online Loan Application also allows you to securely upload and submit required documents to your mortgage team.
If you would prefer assistance when applying, our Loan Officers can also complete the loan application in-person or over the phone.
Yes, MiMutual Mortgage is a Direct Lender. This means our company will take your application, process, underwrite, fund, and immediately service your loan. Working with a Direct Lender cuts down on processing, underwriting, and closing time frames. It also means your personal data stays within our company. As a Direct Lender we are able to offer excellent customer service at any stage of the mortgage process.
MiMutual Mortgage services many loans after closing. If servicing transfers we make sure to provide all information so that you have a smooth transition to a new loan servicer. If you ever have any questions about the servicing of your loan you can reach our loan servicing department at (810) 982-9948.
MiMutual Mortgage is licensed in 39 states and the District of Columbia. Check out our state licenses here. We have mortgage branches in many states and operations centers employees across the United States. However, we are always available online and over the phone! We offer the hometown lending experience across all states we are licensed in! Not sure who to talk to? Complete our short application now to get in contact with a Mortgage Loan Officer experienced in your local area!
MiMutual Mortgage is a direct lender that offers the standard Conventional, FHA, USDA, VA, and Jumbo loan programs. We also offer more unique loan programs for doctors, self-employed borrowers, retirees, and more! Our more unique programs include reverse mortgages, down payment assistance, renovation loans, construction loans, bank statement programs, and second mortgages. See all loan types here.
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