Ann Arbor Mortgage: Refinance,Home Mortgage Loan Rates

Ann Arbor Mortgage Loan Rates

The amount and length of a Ann Arbor mortgage loan rates are important factors that influence your mortgage payments. Your mortgage rate can increase if the amount exceeds the conforming limit. Shorter-term loans can save you considerable money in the long run though the monthly payments will be higher. An adjustable rate mortgage has lower initial payments than a fixed rate, but can increase over time when the rate changes. Compare rates and avail impartial advice to help you choose an option that suits your budget, goals and life style.

The following table features housing preferences and mortgage loan trends in Ann Arbor.

Statistics Type

Category Value

Ann Arbor Mortgage Statistics

Mortgage-Free Homes 25% Mortgaged Homes 75% With First Mortgage Alone 59% Second Mortgage or Home Equity Loan 16% Home Equity Alone 12% Second Mortgage Alone 4%

Ann Arbor Housing Expenses

Owner expenses as % of Income 18.3% Median Real Estate Taxes $3,588

Ann Arbor Housing Stocks

Median Year Constructed 1978 Year Constructed - Owner Occupied 1980 Year Constructed - Renter Occupied 1974

Ann Arbor Housing Market Data

Median Household Income $80,431 Total Housing Units 26,898 Average Home Price $269,462

Ann Arbor Michigan Mortgage

Ann Arbor is located in Southeast Michigan and is home to the University of Michigan, one of the country's top Universities. It shapes the composition of the city's economy, population and cultural awareness. Ann Arbor Michigan Mortgage interest rates differ, so check with different lenders for the lowest rates.