Inter-Lake Mortgage Company, LLC
2675 44Th Street SW
Wyoming, MI 49519

FHA & VA Approved Lender
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Michigan New Home Purchase

Michigan Home Purchase
You have decided to buy a new Michigan home. This page will help you take this big financial step by describing the residential buying, mortgage financing, and settlement statement loan process. You can Apply Online Now.

Lenders and mortgage brokers are required by federal law, the Real Estate Settlement Procedures Act (“RESPA”), to give you, Buying A Home booklet. You should receive it when applying for a loan, or within three business days.

Real estate brokers frequently hand out a Michigan Home Purchase Booklet as well.

BUYING AND FINANCING A HOME
Role of the Real Estate Broker. Frequently, the first person you consult about buying property is a real estate agent or broker. Although real estate brokers provide helpful advice on many aspects of residential buying, they may serve the interests of the seller, and not your interests as the buyer. The most common practice is for the seller to hire the broker to find someone who will be willing to buy the house on terms and conditions that are acceptable to the seller. Therefore, the real estate broker you are dealing with may also represent the seller. However, you can hire your own real estate broker, known as a buyer’s broker, to represent your interests.

If you have any questions concerning the behavior of an agent or broker, you should contact your State’s Real Estate Commission or licensing department.

Sales Price
For most Michigan home purchasers, the sale price is the most important term. Recognize that other non-monetary terms of the agreement are also important.

Title
“Title” refers to the legal ownership of your Michigan home purchase. The seller should provide title, free and clear of all claims by others against your new property. Claims by others against your new home are sometimes known as “liens” or “encumbrances.” You may negotiate who will pay for the title search which will tell you whether the title is "clear."

Mortgage Clause. The agreement of sale should provide that your deposit will be refunded if the sale has to be canceled because you are unable to get a mortgage loan. For example, your agreement of sale could allow the purchase to be canceled if you cannot obtain mortgage financing at an interest rate at or below a rate you specify in the agreement.

Pests. Your lender will require a certificate from a qualified inspector stating that the dwelling is free from termites and other pests and pest damage.

Home Inspection. It is a good idea to have the home inspected. An inspection should determine the condition of the plumbing, heating, cooling and electrical systems. The structure should also be examined to assure it is sound and to determine the condition of the roof, siding, windows and doors. The lot should be graded away from the house so that water does not drain toward the house and into the basement.

Other Environmental Concerns. Your city or state may have laws requiring buyers or sellers to test for environmental hazards such as leaking underground oil tanks, the presence of radon or asbestos, lead water pipes, and other such hazards, and to take the steps to clean-up any such hazards. You may negotiate who will pay for the costs of any required testing and/or clean-up.


Current Rates

30 Yr Fixed 5.250%
15 Yr Fixed 5.125%
30 Yr Fixed Jumbo 7.875%
15 Yr Fixed Jumbo 7.375%
Interest Only 5.500%
15 Year Land Loan 5.800%
2/1 ARM 6.000%
3/1 ARM 6.000%
5/1 ARM 5.500%
Prime Rate 3.250%
FHA Rate 5.375%
Commercial 6.500%
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Interest Rates, Mortgage program terms and conditions are subject to change without notice. Not all products are available in all states or for all loan amounts. Loans are subject to credit review and approval. Properties securing all loans must be located in the U.S. Other restrictions and limitations may apply