Mortgage Loans

Mortgage programs, Equity Loans and Home Equity Lines of Credit each have different escrow requirements. If you’re interested in paying for your taxes and insurance outside of escrow, you may be able to. Some members even choose to pay one of the other out of pocket and Escrow the other. Please speak with one of our mortgage experts about your specific needs at 517-323-0020.

The Note is the written agreement that a property owner signs when taking out a mortgage. The mortgage note specifies the amount of money that was borrowed, the terms of the loan and the length of the loan.

An escrow account is established to hold money collected by your lender to pay your hazard insurance and property taxes when they become due. This is sometimes called an "impound account.

Lenders usually require escrow payments every month to ensure that they have enough to pay the insurance and taxes for you. This is a way for lenders to make sure their collateral is secure.

For instance, if your home were to burn down in a fire and you had failed to pay your hazard insurance premium; the lender would not be able to recoup the loss. In addition, if you fail to pay your property taxes, the government can foreclose on your property.

Insurance and taxes vary. You can find out the current taxes from the seller and seek quotes for hazard insurance coverage.

The specific amount of your closing costs will vary, here are the reasons why the fees may change:

• A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender.
• To assist you in evaluating our fees, we've grouped them as follows: third party fees, taxes and other unavoidable costs, and lender fees.
• Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
• Third party fees are fees that we'll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.
• Fees that we consider to be taxes and other unavoidable costs include: State/Local Taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.
• Lender fees such as points, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.

Astera offers our members a lot of options when it comes to finding the right mortgage or equity for each member’s unique situation. Each loan type can have different rules regarding closing costs. You may be able to roll some or all of your closing fees into your loan. When purchasing a new home you may even be able to negotiate the seller to pay some of your closing fees. Please talk with one of our Mortgage experts to find out what your options are at 517-323-0020.

By getting pre-approved, you will know exactly what your budget will be when shopping for a new home. It eliminates the stress of finding the perfect home, only to find out you cannot get financed for the amount that house is selling for.

Wouldn't it be nice to stop throwing your money away on rent and start building equity in your own home? Astera offers low-rate home mortgage loans, so you can start calling your own place "home" sooner than later.

Our stellar loan officers will be there to guide you through every step.

There are many great features to our Home Mortgage Loans

• Build equity in your home in Michigan, instead of paying rent to a landlord
• We offer free quick pre-qualifications for accurate budget shopping
• Choose from a variety of mortgage loan financing options
• Local processing ensures fast approvals and efficient processing
• Personal attentive service from start to closing
• Talk to an Astera expert lender today to get started

Visit our Mortgage Web Center and apply now!