Huron Valley Financial is a locally owned and operated, full-service mortgage banker. We offer our clients a variety of flexible loan programs which can be customized to fit their needs. One of our specialties is providing conventional loans, which are mortgages that aren’t insured by the government. This is the most common type of loan for home buyers, so if you are in the market, you’ll want to understand the two different types.
Referred to as ARMs, these loans are fixed only for a period of time, typically 5 – 10 years. They will be amortized over a 30-year term. ARMs will have lower start rates than fixed rate mortgages, but will adjust to current market rates when the fixed period has expired.
These loan programs are fixed for the entire term of the loan. Choices include 30, 20, 15, and 10-year terms. The rates will not change during the life of the loan. These loans can be used for the purchase or refinance of a personal residence, second home, or investment property.
In Michigan, senior citizens are entitled to a benefit called reverse mortgage. This process grants homeowners 62 years and older to access a portion of their home equity without having to pay any mortgage loan payments. A lender buys back this equity from the senior and pays for it monthly with cash. This benefit has allowed many seniors to put money toward retirement and pay for things like everyday living expenses, medical bills, home repair and debt.
If you are a homebuyer who is looking for a conventional loan, a senior citizen who is interested in a reverse mortgage, or even someone who is looking for a government loan, Huron Valley Financial will get you what you need. Give us a call today!