Every mortgage is different. Let our team of experienced lenders help you find the right program, while simplifying the process along the way.

Details
  • Competitive low rates for purchase, refinance, or construction
  • Second home, lake home, and cabin financing available
  • Accommodating terms, custom-tailored to your situation
  • A wide range of financing options available:
    • Conventional Loans
    • Construction Loans
    • First-time Home Buyer Loans
    • USDA Rural Development Loans
    • FHA Loans
    • VA Loans
  • Low-to-no down payment options
  • Mortgage protection programs available
  • Lenders with experience in the local real estate market
  • Helpful service, centered on your needs
  • Local decision-making and processing by people you know

Assumptions for Current Mortgage Rates

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Purchase Price: $125,000.00 Loan Purpose: Purchase
Down Payment:  $25,000.00 Property Use: Primary Residence
Loan Amount: $100,000.00 Property Type: Existing Single Family Home
State: Michigan Lock Period: 0 Days
County: Chippewa Assumed Credit Score: 740
City: Sault Ste. Marie Escrow Account: Available
At a 4.125% interest rate, the Annual Percentage Rate, APR, for this loan type is 4.230%. The payment schedule would be:
  • 359 payments of $484.65
  • 1 payment of $484.60

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums.

Loan Programs

Here are some additional details about the loan programs we offer.

    Conventional Loan – Fixed Rate Mortgage

    A conventional, fixed rate mortgage is the most popular type of mortgage loan and can be approved with as little as 5% down.

      • Security of a consistent monthly payment
        • Fixed interest rate for the life of the loan
          • Competitive market rates
            • Terms that match your financial needs up to 30 years
              • Private Mortgage Insurance available for equity positions under 20%
                • No prepayment penalties
                  • Ideal if you plan to occupy the residence for more than 3-5 years

                    Conventional Loan – Adjustable Rate Mortgage (ARM)

                    An adjustable rate mortgage, or an “ARM” as they are commonly called, is a loan that offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.

                      • Payments and rate are locked for a set period of time at the beginning of the loan
                        • Competitive market rates
                          • Payment caps will be in place to limit how much your payment can increase after the initial period
                            • No prepayment penalties
                              • Private Mortgage Insurance available to equity positions under 20%

                                For many people in a variety of situations, an ARM is the right mortgage choice, particularly if your income is likely to increase in the future or if you only plan on being in the home for 3-5 years. However, it can be an affordable long term financing option as well.

                                Construction Loans

                                Get the perfect home with a construction loan from Old Mission Bank. A construction loan can help cover a majority of the cost to build a new home.

                                • A construction loan is typically a short term loan used to pay for the cost of building a home. When the home is completed, the loan is converted to a conventional mortgage loan.
                                • Draws are taken, usually monthly, to pay for materials and the contractor. Each draw is protected with title insurance.
                                • The borrowers only pay interest monthly on the outstanding loan balance.
                                • Flexible loan terms are offered to accommodate the length of the construction period, typically 6 to 9 months.
                                • The loan amount is based on the lesser of project cost or appraised value. Private mortgage insurance is available for borrowers with down payments less than 20%.
                                • Competitive market rates and fees
                                • No prepayment penalties

                                VA Loans

                                If a borrower is a veteran of the U.S. Military, or in active military service, they may qualify for a federally guaranteed loan for purchasing a primary residence. Eligible military personnel may receive up to 100% financing.

                                • May be eligible for 0% down payment / 100% financing
                                • Fixed/level payment of principal and interest for the life of the loan
                                • Flexible terms up to 30 years
                                • No monthly mortgage insurance
                                • Competitive rates
                                • Personalized service
                                • Local decisions made here in Michigan
                                • The ability to get Seller paid closing costs/points (up to 4%) PLUS up to 4% Seller concessions to aid in covering pre-paid items
                                • VA loans may be used to purchase or refinance a primary home
                                • Condos must be on an approved VA list

                                FHA Loans

                                If a borrower has limited funds for a down payment, credit blemishes in the past, or a need to qualify for more house than conventional will allow, an FHA loan may be right. Borrower may be eligible for a lower interest rate and a smaller down payment than with a conventional mortgage loan.

                                • Ideal for buyers with limited funds
                                • 5% down payment requirement; funds can be gifted from family
                                • The ability to get seller-paid closing costs up to 6% to aid in covering your closing costs and pre-aid items
                                • Fixed or adjustable interest rate
                                • Flexible terms up to 30 years
                                • Requires FHA mortgage insurance
                                • Potential financing for borrower with a recent bankruptcy: after 2 years if house re-affirmed and 3 years if house foreclosed
                                • Competitive rates
                                • No income limitations with this loan
                                • Personalized service
                                • Local decisions made here in Michigan
                                • FHA loans may be used to purchase or refinance a primary home
                                • Condos must be on an approved FHA list
                                • Home inspection and condition requirements outlined by FHA
                                • Does not have to be a first time homebuyer

                                USDA Loans

                                Buyers falling within certain income limits, who want to buy a home in a rural area, may be eligible for a USDA loan. Home ownership is made affordable with low to no down payment and a competitive interest rate.

                                • For purchasing residential housing (cannot be a working farm) in USDA-eligible areas. Many suburban areas qualify.
                                • Long-term, fixed interest rate
                                • 30-year terms
                                • Household income limits apply based on county of property location
                                • Ideal for first-time homebuyers, but not mandatory (although you can’t own another home at time of purchase)
                                • May be eligible for 0% down payment / 100% financing
                                • The ability to get seller-paid closing costs up to 6% to aid in covering your closing costs and pre-paid items
                                • Competitive rates
                                • Personalized service
                                • Local decisions made here in Michigan
                                • Refinances are only available with houses that are currently financed RD
                                • There is not an approved list for condos using RD financing. Property needs to be able to qualify in the same way that Fannie Mae properties are eligible

                                All rates and programs are subject to change without notice. 

                                We make it easy with our switch kit in PDF.
                                Email one of our representatives today or call 1-888-998-1662 during normal working hours.