home mortgage rate in michigan

home mortgage rate in michigan calculator

thousands of people home mortgage rate in michigan refinanced and this didn't even enter into their equation,'' said Grant Nelson, a law professor at the University of California-Los Angeles. ``They didn't even think about it.'' There are many types of mortgage loans. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM). In a FRM, home mortgage rate in michigan interest rate, and hence monthly payment, remains fixed for the life (or term) of the loan. In the U.S., the term is usually for 10, 15, 20, or 30 years. In the UK the fixed term can be as home mortgage rate in michigan as five years, after which the loan reverts to a variable rate (which makes the loan an ARM). In an ARM, the interest rate is fixed for a period of time, after home mortgage rate in michigan it will periodically (annually or monthly) adjust up or down to some market index. Common indices in the U.S. include the Prime Rate, the LIBOR, and the Treasury Index ("T-Bill"). Other indexes like 11th District Cost of Funds Index, COSI, and MTA, are also available but are less popular. Adjustable rates transfer part of the interest rate risk from the lender to the home mortgage rate in michigan and thus are widely used where unpredictable interest rates make fixed rate