Mortgage Loans

Learn More About:

Mortgage Loans
--------Construction Loans
--------Purchase Money Mortgages
--------Mortgage Refinancing
--------Secondary and Vacation Home Loans
--------Rental Housing and Investment Real Estate Loans
--------Lot loans

Construction Loans

Construction Loans are offered to builders and consumers who want to build residences that will be owner occupied. Due to the differing circumstances associated with these loans they are almost always customized to the needs of the homeowner. It isn't uncommon for a construction loan to encompass both the new home and the homeowners current residence under one loan thereby reducing the need for the borrower to sell his home before beginning the new one. Interest rates on construction loans are tied to Wall Street Journal Prime Rate and depend on the equity and time it will take to build the house. Payments on these loan types are typically interest only and due monthly. These loans require that the homeowner contract with a licensed builder to construct the house.

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Purchase Money Mortgages

Purchase Money Mortgages, this type loan is used for the purchase of a home in which the homeowner will reside. This type mortgage has a variety of repayment terms from one year to 30 years. Mortgage loan interest rates are a function of the term of the loan and the frequency with which the lender can change the rate. Hence the shorter the term of the loan or rate commitment the lower the initial interest rate. Please contact our Mortgage Department to obtain the most current rates.

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Mortgage Refinancing

Mortgage Refinancing, to reduce the interest rate or borrow additional money for any worthwhile purpose consumers can refinance their home mortgages. Over the past several years, refinancing of fixed rate mortgage loans has been a way for the consumer to reduce his housing cost and save considerable amounts of money. Interest rates on all mortgage loans, whether refinancing or purchase money loans are the same.

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Secondary and Vacation Home Loans

Secondary and vacation home loans are available to customers of the bank. Vacation homes can be located anywhere in the State of Michigan. Please contact our Mortgage Department for details and current interest rates.

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Rental Housing and Investment Real Estate Loans

Rental housing and investment real estate loans are available based on the relationship the customer has with the bank and the ability of the investment property to support the loan. Interest rates on these type loans generally vary with the prime lending rate. This type loan may not be available at all times, call the bank for information concerning the availability of loans for this purpose.

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Lot loans

Lot loans, up to 10 acres, are available with the down payment required based on the nature of the lot, whether it is in a subdivision or rural area. Interest rates vary on these loans and are determined at the time of loan application.

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