Michigan Mortgage Lending

The Latest News and Developments For
Detroit Michigan Mortgages

Michigan Home Loans Latest Breaking News

• Reverse mortgages have downsides, too  Seattle Post-Intelligencer - Oct 17 5:20 PM For homeowners 62 years and older, a reverse mortgage may seem like an excellent way to tap into home equity, generating much-needed retirement income. After all, the loan typically doesn't have to be repaid as long as the last surviving borrower lives in the home or until the home is sold.



• State issues conditional license to Countrywide in mortgages case  The Pantagraph - 1 hour, 9 minutes ago CHICAGO -- Illinois regulators issued a conditional license to Countrywide Home Loans Inc. on Thursday so the company can meet its obligations under a national settlement over deceptive mortgage practices.



• Rates on 30-year fixed mortgages rise  San Diego Union-Tribune - Oct 17 3:01 AM Rates on 30-year fixed-rate mortgages rose to 6.46 percent this week from 5.94 percent last week, Freddie Mac reported in its national survey. It marked the third increase out of the past four weeks and pushed rates to the highest level since Aug. 21.



• Yes, there is money available for mortgages  New London Day - Oct 17 4:55 AM  Washington - Credit squeeze, credit freeze, credit system seizures: Everybody knows how severe and painful the global financial breakdown has been - with banks



• Canada Buys First C$5 Billion of Mortgages From Banks (Update2)  Bloomberg - Oct 16 12:14 PM Oct. 16 (Bloomberg) -- The Canadian government bought C$5 billion ($4.2 billion) of mortgages from banks, the first installment of a plan to buy up to C$25 billion worth to ease the higher borrowing costs that have crippled lending.

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Fixed Rate Mortgages Rates are fixed for the life of the loan and are available for various amortization periods: 10 years; 15 years; 20 years; 25 years; 30 years. Adjustable Rate Mortgages (ARM) --1 month ARM: rate adjusts monthly after a 3-month intro period --6 month ARM: rate adjusts each six months --1 year ARM: rate adjusts annually --3/1 ARM: rate fixed for 3 years, then adjusts annually --5/1 ARM: rate fixed for 5 years, then adjusts annually --7/1 ARM: rate fixed for 7 years, then adjusts annually Two-steps --5/25: Rates adjust once at end of first 5 years then remains fixed for 25 years --7/23: Rates adjust once at end of first 7 years then remains fixed for 23 years Balloons 5/25 or 7/23; Rate is fixed for first 5 years or 7 years.

Lakeland Mortgage Corporation offers refinancing for home loans, first and second mortgages, home equity loans, and lines of credit in Michigan. Nationwide service that matches borrowers with local Michigan lenders.