Getting the Best Grand Rapids Mortgage Rates (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Are you in the market to buy a home in Grand Rapids? As a home buyer in Grand Rapids, one of the biggest challenges is finding a competitive Grand Rapids mortgage rate that won’t break the bank.
Whether you are a first-time home buyer in Grand Rapids or a homeowner looking for the best refinance rates in Grand Rapids, taking the time to examine your options is key to saving money in the long-term.
Mortgages are subject to change from one day to the next, so it’s important to weigh in your options between mortgage companies in Grand Rapids, MI to get the best rates and terms.
Conventional vs Adjustable Rate Grand Rapids Mortgages
Grand Rapids mortgage lenders provide a wide range of conventional and adjustable rate loans, including those listed below.
Conventional Grand Rapids mortgages include:
- 10-year mortgage loans
- 15-year mortgage loans
- 20-year mortgage loans
- 30-year mortgage loans
A conventional Grand Rapids mortgage is a loan that has a fixed-interest rate that won’t change throughout the life of the loan.
These types of mortgages conform to established industry and regulatory guidelines based on size of the loan and your financial situation. Terms for conventional Grand Rapids mortgages typically range between 10 to 30 years.
Conversely, adjustable rate Grand Rapids mortgages will have fluctuating interest rates, meaning that if the real estate market begins to offer more favorable rates, so will your mortgage.
With typically shorter terms and the opportunity to get better rates on a Grand Rapids mortgage over time, these types of loans are popular options for homeowners looking to refinance existing Grand Rapids mortgages.
Adjustable rate Grand Rapids mortgages include:
- 5/1 ARM
- 7/1 ARM
- 3/1 ARM
Banks vs Online Lenders
In the past, getting a Grand Rapids mortgage meant sitting down with a representative and filling out paperwork in an office.
Today, new homeowners have the advantage of choosing between online lenders or brick-and-mortar banks to apply for Grand Rapids mortgages.
Should you choose a local bank or an online lender for a Grand Rapids mortgage? Which one will offer the best mortgage rates in Grand Rapids, MI?
See the below sections for a quick explanation of what sets these types of mortgage companies in Grand Rapids, MI apart.
While most banks will offer online mortgage applications, the bulk of the Grand Rapids mortgage application process will occur in-person.
For some borrowers, brick-and-mortar banks are a huge benefit, since these mortgage lenders in Grand Rapids, MI provide the benefit of one-on-one support.
If you have an established relationship with a local bank, you may even be able to get better rates on a Grand Rapids mortgage as a result. However, because these mortgage lenders in Grand Rapids, MI have higher overhead, banks may charge higher percentages to cover maintenance costs.
Additionally, the application process may be more time-consuming, since you’ll need to make an appointment with a loan officer, gather all of your documents, and wait anywhere between 30-45 days for Grand Rapids mortgages to process.
Online Mortgage Lenders
With the rise of online mortgage lenders, searching for mortgage rates in Grand Rapids, MI is more convenient than ever.
For many borrowers, the application process for Grand Rapids mortgages will be much easier, too. Rather than bringing physical copies to an office, borrowers can send digital copies or authorize automatic retrieval for Grand Rapids mortgage documents.
Without brick-and-mortar locations, online lenders often have the best rates for Grand Rapids mortgages, since they don’t need to pay for the operational costs of running a physical office.
No matter what kind of mortgage companies in Grand Rapids, MI you prefer, you’ll want to do your own research to ensure that they are offering the best Grand Rapids mortgage rate for your unique financial situation.
Conclusion – Getting a Top Mortgage Loan for a Home in Grand Rapids
Once you know what type of Grand Rapids mortgage you are interested in, your next step is to start evaluating lenders to find the best rates and terms.
Just as with any other shopping experience, it’s important to weigh in your options and compare offers from multiple Grand Rapids mortgage lenders to ensure that you are getting the best deal possible.
Don’t forget that affordable and manageable Grand Rapids mortgages are determined not just by monthly payments, but also by interest rates and Grand Rapids mortgage terms.
As such, don’t be afraid to shop around until you find the best rates and terms from mortgage companies in Grand Rapids, MI to fit your unique financial needs.
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