If now is the time in life when you are ready to purchase a home in Michigan then it is very important that you do proper research to make sure you are working with the best Michigan Mortgage Company to help with your specific situation. As we always say, "no two mortgages are alike" meaning that there are several mortgage programs like a 30 year fixed mortgage or FHA mortgage that are similar however the borrowers themselves are always different.

How is a Mortgage Company different than a bank?

If you choose to walk into a retail location, such as a local bank, then you will be another number with very strict mortgage options that may not fit your objectives and goals. If do not have 2 years on the same job, 2 years of established credit history, 20% down payment and high credit scores then you may want to consider speaking with a Michigan Mortgage Company like Riverbank Finance LLC.

Mortgage companies in Michigan are all licensed through the NMLS (National Mortgage Licensing System) and the state of Michigan. Not only must mortgage companies maintain their licensing and take training courses and exams but also every mortgage loan officer of the company must be licensed. To be a licensed Mortgage loan officer you must have taken hours of training courses and have passed extensive mortgages exams to prove your knowledge. A loan officer that you will find in a bank or credit union is not subject to the same licensing requirements and is able to do loans on their first day with no experience! Who would you rather advise you on your largest investment?

Lending programs for mortgages these days group into two main categories: Government Loans, like FHA mortgages, Rural housing mortgages or VA loans and secondly, Conventional loans, like the 30 year fixed of a 15 year fixed mortgage. Both banks and mortgage companies follow the same guidelines and sell their mortgages to the same pool of investors: Ginnie Mae for government loans and Fannie Mae or Freddie Mac for conventional mortgages.

Michigan Mortgage Company loan types

Mortgage products have the same terms of financing from Michigan Mortgage Companies and from banks. The largest different is that banks are very strict on their underwriting and have fewer options that a mortgage company may have. If one bank does not offer the best mortgage program for you, a Mortgage company like Riverbank can send your loan to a different bank they work with that has better mortgage options or less strict requirements.

If you are looking to buy a new home or refinance a home loan that you already have, it may be in your best interest to speak with a Michigan Mortgage Company immediately so you can review mortgage programs at multiple banks. Without this step of research, you may be paying too much or getting a higher than necessary interest rate.

Call Riverbank today at 1-800-555-2098 and get information on how you can save money on your mortgage.