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Make your home in Michigan — with an affordable loan from a local bank you can trust.

Key Features

  • Variety of Financing Programs
  • Competitive Rates
  • Refinancing Available

If you do not have a specific Loan Officer in mind apply here!

  • Purchase or refinance your dream home
  • For primary residence, vacation homes and investment properties
  • Competitive rates
  • Terms customized to you
  • Easy application process
  • Helpful lenders with knowledge of the local real estate market
  • Attentive, personalized service every step of the way
  • Fast decisions made here in Southeast Michigan 

Wide range of financing programs available:

  • Fixed-Rate Loans
  • Adjustable-Rate Loans
  • 203K Rehab Loans
  • Fannie Mae Homepath Loans
  • Fannie Mae and Freddie Mac (HARP) Refinances
  • FHA
  • VA
  • MSHDA
  • Construction Loans

 

We'd like to make your first home purchase one of the most exciting and rewarding experiences of your life — so we make you a partner during the entire loan process.

We're here to answer any questions you may have regarding home buying. Our loan officers understand the importance of assisting first-time buyers, and a well-informed first-time buyer has a distinct advantage in searching for a new home.

We'll get to know your situation better with questions such as:

  • How much cash do you have to work with?
  • How long do you plan on staying in the property?
  • Are there any credit issues we need to address?
  • How long have you been on your job and what are your short and long-term employment objectives?
  • What value range are you looking in and what associated payment amount are you looking for?

 Some other important things to consider:

Pre-Approval

When pre-approved, you're financially qualified to purchase, and are considered to be more serious than buyers who are not. Pre-approved buyers typically get preferential treatment when negotiating a home purchase. A pre-approval will map out exactly how much home you can afford. Contact us and obtain your pre-approval today!

Selecting a Real Estate Professional

This is one of the most important steps in the process. Finding a realtor who knows the market and is worthy of your trust is an important part of a smooth home buying experience.

If you're a first-time buyer, allow us to spend the necessary time to walk you through the process, answer your questions, and alleviate your concerns.

Whether you're looking to reduce debt, obtain cash for college, or handle unforeseen expenses, we're here to help you choose the right program to meet your needs.

We'll also help you understand the current fair market value of your home, your current equity position, and what we can do to meet your financial objectives.

This includes:

  • Discussing the potential advantages of "low or no cost" refinances
  • Helping you calculate different options to determine the most economical decision in meeting your financial objectives
  • Calculating payments for you based on different payoff terms
  • Showing you how to save on interest costs over the term of your loan

We understand that your refinancing strategy must take into account many factors — such as cash flow needs, how many more years you plan on living in your home, your overall finances, and prevailing interest rate trends.

If you're looking to refinance, you won't find a lender more dedicated to educating and informing you about your options. Contact us today and let us show you how we can help.

You may be eligible for a government loan with unique benefits. We offer an array of options for veterans, first-time buyers, and more.

We can clearly explain our government loan programs and their requirements. As with all of our loans, we'll work to secure you the best rate and terms possible.

Contact us today to discuss your options or to start your application.

VA Loans

If you're a veteran of the U.S. Military, we thank you for your service. You may qualify for a federally guaranteed loan for purchasing your primary residence. Eligible military personnel may receive up to 100% financing. 

  • Up to 100% financing for veterans of the U.S. Military
  • Fixed/level payment of principal and interest for the life of the loan
  • Flexible terms up to 30 years
  • Monthly mortgage insurance not required
  • No down payment required in some cases
  • Competitive rates
  • Personalized service
  • Local decisions made here in Southeast Michigan

FHA Loans

If you're a first-time homebuyer, or have limited funds for a down payment, an FHA loan may be right for you. You may be eligible for a lower interest rate and a smaller down payment than with a conventional mortgage loan.

  • Ideal for first-time homebuyers, or buyers with limited funds
  • May be eligible for a smaller down payment
  • Fixed or adjustable interest rate
  • Flexible terms up to 30 years
  • Requires FHA mortgage insurance
  • Balloon payment options not available
  • Competitive rates
  • Personalized service
  • Local decisions made here in Southeast Michigan 

USDA Loans

People within certain income limits who want to buy a home in a rural area may be eligible for a USDA loan. Home ownership is made affordable with low to no down payment and a competitive interest rate.

  • For purchasing rural housing or property
  • Long-term, fixed interest rate
  • 30-year terms
  • Income limits apply
  • Ideal for first-time homebuyers
  • Low to no down payment
  • Competitive rates
  • Personalized service
  • Local decisions made here in Southeast Michigan

MSHDA Loans

Eligible Michigan residents may purchase a home with up to $7,500 in assistance for a down payment, closing costs, and more. If the initial costs of buying a home are a concern, an MSHDA loan may be the ideal option for you.

  • State-assisted financing for Michigan residents
  • Up to $7,500 in assistance
  • Income limits apply
  • Available to select areas
  • Competitive rates
  • Customized terms
  • Personalized service
  • Local decisions made here in Southeast Michigan

Here are some frequently-asked questions (and answers).

What determines my credit score?

Payment History determines 35% of your credit score, with the most emphasis given to recent activity. Your payment history includes:

  • Bankruptcies, judgments, liens, collections, suits, and wage garnishment
  • Types of credit and payment information
  • Number of accounts paid as agreed
  • Late payment information – number of past due items, how long the items have been past due

Amounts Owed accounts for 30% of your credit score, and includes such things as:

  • Total amount owed to all
  • Amount owed on specific types of accounts (credit cards, installments, etc)
  • How many accounts show balances
  • How much available credit you have
  • How much you have paid down on installment loans

Length of Credit makes up about 15% of a person's credit score, with information about:

  • When your credit file was established
  • How long individual credit accounts have been
  • Age of the oldest account, and the average age of all accounts
  • How long it has been since certain accounts have been used

New Credit Accounts determine about 10% of your credit score, with the relevant information being:

  • How many of your accounts are new
  • The ratio of new accounts to established
  • How long has it been since a new credit account was established
  • How many credit inquiries have been made on your credit
  • How long has it been since these inquiries were made

The Types of Credit in Use determines approximately 10% of your credit score. A mixture of account types generally scores better than reports with only revolving accounts, such as credit cards. Types of credit include:

  • Credit cards
  • Installment
  • Mortgage loans
  • Finance company accounts retail

How is an index and margin used in an ARM?

An index is an economic indicator that lenders use to set the interest rate for an ARM. Initially, most ARM's are at a discounted rate. Future adjustments you pay are a combination of the index and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

How do I know which type of mortgage is best for me?

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial situation and how long you intend to keep your house. Main Street Bank can help you evaluate your choices and help you make the most educated decision.

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts:

  • Principal: Repayment on the amount you borrowed.
  • Interest: Payment to the lender for the amount borrowed.
  • Escrows: Monthly payments are normally made into a special escrow account for items like hazard insurance, flood insurance, and property taxes. If your loan includes Private Mortgage Insurance (PMI) it would also be included in this portion of your payment. This feature may be optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

How much cash will I need to purchase a home?

The amount of cash that is necessary depends on a number of items. A Main Street Bank loan officer will provide you with an explanation of total fees. Generally speaking, though, you will need to supply: 

  • Earnest Money: The deposit amount that is supplied when you make an offer on the house.
  • Down Payment: A percentage of the cost of the home that is due at closing. This amount represents your entire down payment minus any Earnest Money Deposits already paid.
  • Closing Costs: Fees associated with processing paperwork and 3rd party fees to purchase or refinance a house. Closing costs include items like the Appraisal and Title Insurance Policy etc.
  • Pre-Paid and Pro-Rated items: Pre-paid items are any Interest, Property Taxes, PMI (if applicable) or Homeowner's insurance that need to be paid at closing or put into your Escrow account upfront. Pro-Rated items are the reimbursement to the seller for taxes and other items they've already paid.

What is the difference between a fixed-rate loan and an adjustable-rate loan?

A fixed-rate mortgage offers a constant principal and interest payment throughout the life of the loan. However an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index and margin. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by speaking to one of our experienced loan officers.

How do I know how much house I can afford?

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon several factors including employment history, credit score, other debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home. Give us a call, and we can help you determine exactly how much you can afford.