MICHIGAN Underwriter

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Glossary

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Underwriter
The individual who evaluate a loan application to determine the risk involved for the lender.

Underwriting
The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.

Underwriting Fee
A fee charged by some lenders to cover the cost of the lender's analysis of the risk associated with a loan. Underwriting fee is considered to be a lender fee.

Unsecured Loan
A loan that is not backed by collateral.


Interest Rates

Current Rates

30 Yr Fixed 5.000%
20 Yr. Fixed 4.750%
15 Yr Fixed 4.500%
30 Yr Jumbo 6.000%
15 Yr Jumbo 5.750%
30 Yr Land 6.000%
15 Yr Land 5.250%
Float Land 4.000%
Prime Rate 3.250%
Commercial 6.375%

Interest rates, mortgage program terms and conditions are subject to change without notice. Loans are subject to credit review and approval. Properties securing all loans must be located in Michigan.