Locked-IN Lending, LLC offers a large variety of home loans and mortgage programs in Michigan for every type of client. We offer conventional loans, fixed rate, adjustable rate, FHA loans, FHA 203k Renovation loans, VA loans, USDA loans, construction loans, bad credit loans, no income verification loans, non-qm loans, jumbo loans, second home or investment property mortgages, and even condo loans.
Mortgage rates are low and now is a great time to purchase a new home or refinance your existing home. Let our experienced team of mortgage experts walk you through the process of mortgage pre-approval through selection of the right type of mortgage for you. We have the right tools, products, and expertise to help you find the right mortgage or home loan that works for you.
Conventional loans are either fixed rate or adjustable rate mortgages with terms that fit your needs and follow guidelines set by Fannie Mae and Freddie Mac but are neither insured nor guaranteed by the Federal Government.
Fixed-rate mortgages are the most recognized mortgage option. As their name implies, they are a loan with a fixed interest rate for a specified length of time. By having a permanent rate and monthly payment amount you are safe no matter if interest rates rise. These type of mortgages typically come in 10, 15, 20, 25, 30, and 40-year term lengths, though most people are familiar with 15 and 30-year options.
With an ARM loan, you can lock in a very low interest rate and payment for a fixed term of 3, 5, 7, or 10 years. After this term, the rate will go up, or adjust. If you know that you will only own a home or property for this fixed amount of time (or less), this option could be perfect you as you could save thousands of dollars versus a traditional mortgage over the same time period.
FHA mortgages are one of the loans insured by the Federal Government that offer a low down payment and/or lower interest rates. These mortgages are available to qualified borrowers who may not qualify under conventional guidelines.
VA mortgages are another type of loan insured by the Federal Government that offer a low down payment and/or lower interest rates. These mortgages are specifically designed to assist both veterans and active-duty military personnel.
These loans are insured by the Federal Government for those living in rural communities. The USDA Rural Development Housing Program requires no down payment, allowing borrowers to receive 100% financing on their home purchase.
Though their may be purchase price restrictions, this program was developed to assist first-time home buyers to obtain a mortgage with a fixed rate at or below current market rates. You may also be eligible for either down payment and/or closing cost assistance depending on your annual household income. You must be qualified to obtain this type of mortgage.
Why refinance your mortgage? Well, there are two different reasons: 1. to have a lower interest rate, and thus, a lower monthly mortgage payment. 2. to take cash out of your home and keep your mortgage going. These are referred to as rate-and-term and cash-out refinancing respectively.
Jumbo loans are very much like their name implies, very large amounts of money. For 2020, that loan amount is considered to be anything above $510,400.
These type of loans are for those that don’t necessarily fit into the “normal” categories. Specialty loans are those with generally reduced amounts of paperwork, often great for self-employed borrowers. Balloon mortgages also fall into this category, which are those type of loans that have a fixed rate and monthly payment for a set amount of time, at which point the balance of the mortgage loan is due. For those borrowers with low to moderate income, community loans can assist by requiring a low down payment, little to no cash reserves, and often have lower mortgage insurance premiums.
If you’re planning on rehabbing the property you’re buying or upgrading it to today’s codes and styles, the FHA 203k Home Improvement loan could roll all associated costs into one low monthly payment. These types of mortgage loans include additional funds to be used to either repair or upgrade a home as well as the purchase price of the home. FHA 203k loans can be either fixed rate or adjustable rate mortgages. The main requirement with these types of mortgages is that all work done under its terms must be completed by a licensed contractor and then inspected by an FHA inspector, all during a specified timeline.
Many people struggle with credit card debt, medical bills, or other monthly bills. With a debt consolidation loan, you can roll of those individual payments into one monthly payment with a fixed rate. This helps make payment more manageable, keep creditors off of your back, avoid bankruptcy, and take control of your finances and credit.
Building your dream home? This type of loan can help. With a construction loan, designed for the construction of new residential homes, terms are generally for interest only payments until the home is built. Once built, the loan is modified into a mortgage that best suits your long-term (or short-term) financing needs.