Get Submission Form - Michigan Mutual Inc

MiMutual Mortgage is a national mortgage lender tailoring a personalized mortgage experience to fit each individual borrower's unique needs. What makes MiMutual Mortgage different than all other mortgage companies is our people. Simply put, we are great people, building a great company, and serving our communities.

A 15-year mortgage means larger monthly payments, but a lower rate and substantial savings on interest. A 30-year mortgage gives you a more affordable monthly payment, but expect higher borrowing costs overall. You can also take out an interest-only mortgage or pay your loan off early to maximize interest savings.

You'll be able to stop paying them once you reach 20 percent equity in your home — if you request cancellation — or automatically when your mortgage balance reaches 78 percent of your home's value.

Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan.

Choosing a 25-year term will be cheaper in the long run, but make sure you can afford the higher monthly payments. If a shorter term makes repayments too expensive, consider the longer 30-year term.

Most homebuyers choose a 30-year fixed-rate mortgage, but a 15-year mortgage can be a good choice for some. A 30-year mortgage can make your monthly payments more affordable. While monthly payments on a 15-year mortgage are higher, the cost of the loan is less in the long run.

Our hours of operation are from 9:00 AM to 5:00 PM, EST, Monday through Friday (excluding holidays). Please contact our Servicing Department at (855) 664-4968 or via e-mail at servicing@mimutual.com.

Disadvantages of a 30-Year Mortgage Higher interest rate. Loan balance remains higher for longer. Spend more in interest over the life of the loan. Home equity is slow to build. Making monthly payments over a long period of time.

MiMutual Mortgage is a national mortgage lender tailoring a personalized mortgage experience to fit each individual borrower's unique needs. What makes MiMutual Mortgage different than all other mortgage companies is our people. Simply put, we are great people, building a great company, and serving our communities.

Disbursement in homeowners insurance can refer to claim payouts and premium payments through escrow. When you have a mortgage, your home insurance premiums are paid through an escrow account set up by your lender.

A 15-year mortgage means larger monthly payments, but a lower rate and substantial savings on interest. A 30-year mortgage gives you a more affordable monthly payment, but expect higher borrowing costs overall. You can also take out an interest-only mortgage or pay your loan off early to maximize interest savings.

Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance.

You'll be able to stop paying them once you reach 20 percent equity in your home — if you request cancellation — or automatically when your mortgage balance reaches 78 percent of your home's value.

Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan.

It's half the length of a 30-year mortgage, which means the lender will receive the entirety of the amount they loaned you in half the time. This quicker payback is generally less risky for lenders and comes with less inflation, so they typically offer a lower interest rate on 15-year mortgages.

Choosing a 25-year term will be cheaper in the long run, but make sure you can afford the higher monthly payments. If a shorter term makes repayments too expensive, consider the longer 30-year term.

Mortgage rates are affected by market factors like inflation, the cost of borrowing, bond yields and risk. Mortgage rates are also affected by personal financial factors, such as your down payment, income, assets and credit history.

Most homebuyers choose a 30-year fixed-rate mortgage, but a 15-year mortgage can be a good choice for some. A 30-year mortgage can make your monthly payments more affordable. While monthly payments on a 15-year mortgage are higher, the cost of the loan is less in the long run.

Our hours of operation are from 9:00 AM to 5:00 PM, EST, Monday through Friday (excluding holidays). Please contact our Servicing Department at (855) 664-4968 or via e-mail at servicing@mimutual.com.

Disadvantages of a 30-Year Mortgage Higher interest rate. Loan balance remains higher for longer. Spend more in interest over the life of the loan. Home equity is slow to build. Making monthly payments over a long period of time.

Disbursement in homeowners insurance can refer to claim payouts and premium payments through escrow. When you have a mortgage, your home insurance premiums are paid through an escrow account set up by your lender.

Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance.

It's half the length of a 30-year mortgage, which means the lender will receive the entirety of the amount they loaned you in half the time. This quicker payback is generally less risky for lenders and comes with less inflation, so they typically offer a lower interest rate on 15-year mortgages.

Mortgage rates are affected by market factors like inflation, the cost of borrowing, bond yields and risk. Mortgage rates are also affected by personal financial factors, such as your down payment, income, assets and credit history.