Learn About Your Troy, Michigan Home Financing Options
As the housing market in our area continues to recover, many homeowners in Troy, Michigan are looking at their choices for refinancing their mortgage or getting new financing. Since interest rates are still pretty low, now might be a great time to see what’s out there. But it can be hard to keep track of all the different loan kinds, programmes, and lenders. The goal of this guide is to give readers a thorough but easy-to-understand look at a nearby lender, Towne Mortgage in Troy, so they can make an informed decision about their financial needs.
Getting to Know Towne Loan
Since it began in 1992 and has its main office in nearby Shelby Township, Towne Mortgage has become a name that homeowners in Southeast Michigan trust when they need help with funding. This company has been around for more than 25 years and has a team of dedicated loan officers, processors, and inspectors. Towne Mortgage is proud to offer personalised service that is tailored to each client’s specific needs. They have a lot of different loan types, such as portfolio, jumbo, commercial, and government-backed loans.
There are licences for Towne banking in several states, so they can do all kinds of banking work. In other words, they don’t hold on to the loans they make; instead, they sell them to buyers on the secondary market. Because of this, they can offer rates and programmes that are much more affordable than those offered by traditional private banks. They can get loans from a wide range of investors, so borrowers can get the best choices across the country at any given time.
An office for making loans for Towne Mortgage is right in the middle of Troy on Big Beaver Road, so they can directly serve the city. This local presence is important for people who want to get help during the process in person. For extra convenience, applications can also be sent online, by fax, or by email. No matter what, each client is given a special loan officer who will help them from the beginning to the end of the loan process.
Products and programmes for loans
Now, let’s take a closer look at the individual loans that Towne Mortgage offers that might work for Troy homeowners:
Conventional loans need a down payment of at least 5 to 20 percent of the home’s purchase price or refinanced value. These loans are only available to people with good credit and enough income. Most of the time, rates are cheaper than with FHA or VA loans.
FHA Loans: Because they are backed by the Federal Housing Administration, FHA loans have more open requirements, such as lower credit score requirements and down payments as low as 3.5%. Mortgage insurance is required every month, but there are affordable choices for first-time buyers and people with bad credit.
VA Loans: This type of loan is only available to veterans, current duty military, or surviving spouses who meet the requirements. It offers 100% financing with no down payment or mortgage insurance because it is backed by the government. Most of the time, VA loans have the lowest interest rates.
USDA Loans: Under the U.S. Department of Agriculture, USDA loans can also offer 100% financing without PMI to people who want to buy a home in certain rural places or small towns.
Portfolio Loans: Towne Mortgage’s portfolio programme loosens some of the rules on traditional loans so that applicants who are on the edge of qualifying can get better rates. They do this by using their own underwriting standards. Manual screening looks at how strong a loan is overall.
Jumbo Loans: You can get jumbo loans up to $2 million to buy or refinance a home that costs more than the current maximum for a standard conforming loan in southeast Michigan, which is $548,250. There are higher down payment requirements, but big rates are appealing.
Commercial Loans: Towne Mortgage can help businesses get mortgage loans for investment properties, multi-family units, and commercial real estate holdings like office and retail space. There are options for both buying business properties and refinancing them.
Towne Mortgage also works with a number of local, state, and government programmes that help people become homeowners. For example, Home Possible through Fannie Mae or Michigan’s HARP and Bond programmes offer rebates or grants to borrowers who qualify to help pay for closing costs.
How to Go About Getting a Loan
Now that we’ve talked about the main products, let’s go over the basic steps a homeowner in Troy would take to get a new mortgage or refinance through Towne Mortgage and close on it:
Talk to a Loan Officer—Go to the Troy office in person, by phone, or by email to talk to a loan officer about your goals and get some basic prequalification papers, such as paystubs, W2s, or tax returns.
Fill out the Application—Give more detailed information about yourself and your property, along with a driver’s licence and the most recent records for all of your asset and liability accounts.
Need an evaluation—For purchase loans or cash-out refis, Towne Mortgage will get an evaluation from a licenced third party to find out how much the home is worth.
Underwrite the Loan—The underwriting team looks at the applicant’s credit, income, assets and debts, and the value of the collateral to decide whether to fully approve or reject the loan application based on secondary market rules.
Clear Conditions—In order to meet lender conditions to close, you may be asked to provide extra items such as title work, insurance policies, third-party verifications, or repair quotes.
Closing—Go to a closing meeting to sign the last papers and get the loan money. Closing documents that list all fees and payoffs are looked over ahead of time.
Funding and Recording—Once records, final inspections, and investor standards are met, Towne Mortgage arranges for funds to be wired to the title/escrow company. After that, your loan is sold to an investor.
It takes about 30 days to refinance a loan. To allow for the appraisal and other due research, the whole process of buying something takes 45 to 60 days. At every step of the way, clients work closely with their loan manager.
How to Pick the Right Lender
This guide should have given you some useful information about the different ways you can get credit from a lender like Towne Mortgage, which is based in Troy. Here are a few more things that homeowners might want to think about when choosing a lender:
Rates and fees: Always look at the upfront prices of loans from several suitable lenders that are the same. Different fees can be as much as a few thousand dollars.
Reputation and reviews: Look up online information about a lender’s image, how well they’ve paid back loans in the past, and customer satisfaction reviews.
Service model: Personal service is better at local branches, but technology is better at internet lenders. Get the right mix.
Special products: Look at lenders that focus on specific types of loans, like USDA loans, loans that need to be approved by hand, or business loans.
Timeliness and communication: Make sure that the lender’s stated response times and timeliness are in line with your wants and preferences.
Towne Mortgage has become a trusted local choice thanks to its commitment to customer service, wide range of loans, and years of experience in Southeast Michigan areas. But make sure you shop around to make sure you get the best rates. The best loan option will be found by a homeowner who knows their options and is well-informed.
Now that Troy homeowners have carefully thought about loan types, programmes, fees, timelines, and service levels, they can confidently look at their refinancing or financing options straight through Towne Mortgage or other lenders. If you do your research, choosing the right mortgage partner can help you save a lot of money on interest or even become a renter.
