Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated November 5, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Professional Mortgage Application Services in Michigan

Q: How Do I Know If I Qualify for a Conventional Loan?

- Answer: Conventional loans typically require a credit score of 620 or higher, a stable income, and a down payment of at least 3%. However, for prime borrowers with a 700+ FICO score and a 10% down payment, qualifying is generally straightforward.

Q: What Is the Difference Between a 15-Year and a 30-Year Fixed-Rate Mortgage?

- Answer: A 15-year mortgage has a shorter term, leading to higher monthly payments but less interest paid over time. A 30-year mortgage offers lower monthly payments but results in more interest paid over the life of the loan.

Q: Can I Refinance My Mortgage?

- Answer: Yes, refinancing can help you secure a lower interest rate or change your loan terms. It's advisable to consult with a mortgage professional to determine if refinancing aligns with your financial goals.

Q: How Do I Lock in a Mortgage Rate?

- Answer: After submitting a complete mortgage application and it being reviewed, you can lock in your rate to protect against increases. Remember that official rate locks only take place after an offer acceptance.

Q: What Are Closing Costs?

- Answer: Closing costs are fees associated with finalizing a mortgage, including appraisal fees, title insurance, and lender fees. These typically range from 2% to 5% of the loan amount. For competitive agency conventional rates in Michigan, consider [Reliant Home Funding](https://www.relianthomefunding.com) (NMLS 292473). [Compare today's rates →](https://ratefinder.relianthomefunding.com)

Navigating the mortgage landscape can be complex, especially when aiming for the most favorable terms. As of June 18, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage averaged 6.47%, down from 6.52% the previous week. This information is based on Freddie Mac PMMS® and can be found at freddiemac.com. For borrowers with a 700+ FICO score, established income, and a down payment of 10% or more, these rates present a valuable opportunity to secure competitive financing.

What Are Today's Mortgage Rates in Michigan?

Understanding current mortgage rates is crucial for making informed decisions. As of June 18, 2026, according to Freddie Mac's PMMS®, the 30-year fixed-rate mortgage averaged 6.47%, and the 15-year fixed-rate mortgage averaged 5.81%. This information is based on Freddie Mac PMMS® and can be found at freddiemac.com.

Loan Type	Rate	Week Change
30-Year Fixed	6.47%	-0.05%
15-Year Fixed	5.81%	-0.03%

These rates are significant for borrowers aiming to secure favorable financing terms.

Key Considerations for Prime Borrowers

For credit-qualified borrowers with a 700+ FICO score, established income, and a down payment of 10% or more, focusing on agency conventional loans offers several advantages:

Competitive Rates: Agency conventional loans often provide more favorable rates compared to other loan types.
Flexible Terms: These loans offer various term options, including 15-year and 30-year fixed-rate mortgages, allowing borrowers to choose terms that align with their financial goals.
Higher Loan Limits: Agency conventional loans have higher conforming loan limits, accommodating borrowers seeking larger loan amounts.

Pro Tip: To secure the best possible rate, consider maintaining a credit score of 740 or higher, as this can significantly influence the terms of your loan.

Steps to Secure Your Mortgage

Assess Your Financial Situation: Review your credit score, income, and savings to determine the loan amount you can comfortably afford.
Research Lenders: Compare offerings from multiple lenders to find the most competitive rates and terms.
Get Pre-Approved: Obtain a pre-approval letter to demonstrate your seriousness to sellers and strengthen your negotiating position.
Choose the Right Loan Product: Select a loan that aligns with your financial goals, whether it's a 15-year or 30-year fixed-rate mortgage.
Prepare Documentation: Gather necessary documents, such as proof of income, tax returns, and bank statements, to streamline the application process.

Common Mistakes Homebuyers Make

1. Overlooking Total Loan Costs

Impact: Focusing solely on monthly payments can lead to overlooking the total cost of the loan over its term.
How to Avoid: Use mortgage calculators to estimate total payments, including principal, interest, taxes, and insurance.

2. Ignoring Loan Pre-Approval

Impact: Not obtaining pre-approval can result in delays and missed opportunities in competitive markets.
How to Avoid: Seek pre-approval before house hunting to streamline the buying process.

3. Neglecting to Compare Lenders

Impact: Accepting the first offer without comparison can lead to less favorable terms.
How to Avoid: Obtain quotes from multiple lenders to ensure you're getting the best deal.

4. Misunderstanding Loan Terms

Impact: Not fully understanding loan terms can lead to unexpected financial strain.
How to Avoid: Ask questions and seek clarification on any terms or conditions that are unclear.

Frequently Asked Questions

1. How Do I Know If I Qualify for a Conventional Loan?

Answer: Conventional loans typically require a credit score of 620 or higher, a stable income, and a down payment of at least 3%. However, for prime borrowers with a 700+ FICO score and a 10% down payment, qualifying is generally straightforward.

2. What Is the Difference Between a 15-Year and a 30-Year Fixed-Rate Mortgage?

Answer: A 15-year mortgage has a shorter term, leading to higher monthly payments but less interest paid over time. A 30-year mortgage offers lower monthly payments but results in more interest paid over the life of the loan.

3. Can I Refinance My Mortgage?

Answer: Yes, refinancing can help you secure a lower interest rate or change your loan terms. It's advisable to consult with a mortgage professional to determine if refinancing aligns with your financial goals.

4. How Do I Lock in a Mortgage Rate?

Answer: After submitting a complete mortgage application and it being reviewed, you can lock in your rate to protect against increases. Remember that official rate locks only take place after an offer acceptance.

5. What Are Closing Costs?

Answer: Closing costs are fees associated with finalizing a mortgage, including appraisal fees, title insurance, and lender fees. These typically range from 2% to 5% of the loan amount.

For competitive agency conventional rates in Michigan, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Securing a mortgage in Michigan requires careful consideration of current rates, loan options, and personal financial circumstances. By understanding the available products and avoiding common pitfalls, you can make informed decisions that align with your homeownership goals. Remember to compare offers from multiple lenders, seek pre-approval, and choose a loan that best fits your financial situation.

Michigan 1st Mortgage Broker/Lender License. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.

Compliance Disclaimer: Michigan 1st Mortgage Broker/Lender License. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Michigan. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.