Eastern Michigan Mortgage Company, LLC | May 18, 2008
Our mortgage company is a wholly owned subsidiary of Eastern Michigan Bank. It may have a different name, but we are the same professional and friendly community bankers serving your mortgage needs!
| Equal Housing Lender |
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| Rates
- A mortgage product that provides one interest rate for the entire term of the loan.
- 0-2 point rates available. *
- Minimum loan amount is $5,000.
- Maximum loan amount is $417,000.
- Single family primary residences and second home properties.
- No pre-payment penalties.
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| Rates
These mortgages generally have lower beginning interest rates (and lower payments) than fixed rate mortgages. Tailored for the person who may only stay in a home for a short period of time. Many choose this product to keep their mortgage payments at a minimum during the early years of the loan. If rates increase, the borrower's income may increase to offset the impact on their budget.
Interest rate is fixed for an initial period of time (three or five years), thereafter payments can increase or decrease over the life of the loan. Rate increases or decreases are limited to 2% annually, with a 5% ceiling over the lifetime of the loan. Adjustments are based on the U.S. Treasury securities index.
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A 5 year balloon mortgage has fixed monthly payments for the first sixty payments of the loan. A lump sum payment (balloon) is due at the end of the loan period to payoff the loan.
- No prepayment penalties.
- Bi-weekly payments are available on balloon mortgages.
- Primary and second home single family residences.
- Amortization from 15-30 years. *
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Program for the construction of your primary or second home. This program provides the borrower with one loan closing for a loan that will cover the construction of the home and provide permanent financing.
- Single family primary residences or second homes.
- During the 3-12 month construction period interest only is paid on the loan.
- 15-30 year terms available. *
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| Rates
- 1-4 family dwelling.
- Contact mortgage officer for details and rates.
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We offer you competitive rates, friendly staff, and timely turn-around. Our lenders will sit with you and tailor a mortgage that fits your needs and your budget. If you live within, or are interested in purchasing or building a home in our banking area of Michigan and would like information about our user-friendly mortgage products, please contact us by completing our product inquiry form or you may call us at (810) 679-2500. One of our mortgage originators or loan officers will be happy to speak with you at your convenience! You can easily find more information about us by clicking on our locations and hours page. We hope to hear from you soon!
* For more information and rates, please check our rates and terms page.
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