Residential Mortgage Loans

Are your interest rates going up on your home mortgage? Are you looking to purchase a new home, second home or investment property? Call the mortgage experts at Level One Bank for competitive rates and excellent service at 888.880.5663 or 248.737.0300.

Home ownership is something everyone aspires to–and something that you can well afford with the right mortgage solution from Level One Bank. We offer competitive interest rates, flexible terms, and quick approvals. Our experienced mortgage specialists will help you find the mortgage that best suits your financial needs, and explain how refinancing may save you money. Level One has the ability to lend in all the continental United States.

Mortgage Tips and Foreclosure Q & As

Conforming Loans (up to $417,000)

Fixed Rate Loans	Mortgages anywhere from 10-40 years offering stability by giving a predictable monthly payment and a fixed interest rate for the life of the loan.
Adjustable Rate Loans (ARMs)	Adjustable Rate Mortgages (ARMs) are fixed for a specified period then would adjust based on the terms of the loan.
Lender Paid Insurance Option	For borrowers having a loan balance greater than 80% of their property’s value and wanting to eliminate mortgage insurance.

Jumbo Loans (greater than $417,000)

Fixed Rate Loans	15 and 30 year fixed rate loans.
Adjustable Rate Loans (ARMs)	Adjustable Rate Mortgages (ARMs) are fixed for a specified period then would adjust based on the terms of the loan.
Lender Paid Insurance Option	For borrowers having a loan balance greater than 80% of their property’s value and wanting to eliminate mortgage insurance.

Specialty Loans

First Time Homebuyer Program	These loan products feature lower down payments and higher loan to value limits.
Portfolio Program	Level One has the ability to create customized lending solutions tailored to your borrowing needs.

Conforming Loans (up to $417,000)

Fixed Mortgages anywhere from 10-40 years

This mortgage offers stability by giving a predictable monthly payment and a fixed interest rate for the life of the loan. This payment and rate ensures that the loan is paid off in full with the interest at the end of its term. Mortgage terms range from 10-40 years.

Available Products

10-Year
15 Year
20-Year
30-Year
40-Year

Features
Predictable payment with a fixed mortgage rate (this payment amount is independent of the additional cost on a home sometimes handled in escrow, such as property taxes and property insurance. Consequently, payments made by the borrower may change over time with the changing in escrow amount, but the payments handling the principle and interest on the loan will remain the same.

Adjustable Rate Mortgage Loans (ARMs)

An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indexes. Among the most common indexes are the rates on 1-year constant-maturity Treasury (CMT) securities, the Cost of Funds Index (COFI), and the London Interbank Offered Rate (LIBOR). A few lenders use their own cost of funds as an index, rather than using other indexes.

Available Products

3/1 ARM -Fixed for three years then adjust according to the terms.
5/1 ARM -Fixed for five years then adjust according to the terms.
7/1 ARM -Fixed for seven years then adjust according to the terms.
10/1 ARM- Fixed for ten years then adjust according to the terms

Features

ARMs generally permit borrowers to lower their initial payments if they are willing to assume the risk of interest rate changes.
Adjustable rates transfer part of the interest rate risk from the lender to the borrower. They can be used where unpredictable interest rates make fixed rate loans difficult to obtain. The borrower benefits if the interest rate falls and loses out if interest rates rise. Caps are placed on the adjustment s allowed during the terms
Cap structure is sometimes expressed as initial adjustment cap / subsequent adjustment cap / life cap, for example 2/2/5 for a loan with a 2% cap on the initial adjustment, a 2% cap on subsequent adjustments, and a 5% cap on total interest rate adjustments. When only two values are given, this indicates that the initial change cap and periodic cap are the same. For example, a 2/2/5 cap structure may sometimes be written simply 2/5.
For the borrower, adjustable rate mortgages may be less expensive, but at the price of bearing higher risk

Lender Paid Mortgage Insurance

The lender will cover the mortgage insurance requirement if a borrower has less than the 20% down payment needed.

Available Products

5/1, 7/1, 10/1 LIBOR ARM’s (10 Year Interest Only option available)
15- and 30-Year fixed
30-Year Interest Only (Interest Only for the first 120 months-fully amortized over the last 240 months)

For rate information or assistance with questions:
Call 888-880-5663 OR 248-737-1104

Jumbo Loans (greater than $417,000)

Available Products

5/1, 7/1, 10/1 LIBOR ARM’s
15- and 30-Year fixed

Features:

Loans up to $2,000,000

Note: 1/0 option may be available on some products (1/0 only for the 1st 120 months. Fully amortized over the last 240 months)

For rate information or to assist with questions:
Call 888-880-5663 OR 248-737-1104

Specialty Programs

First Time Homebuyer Programs

These loan products feature lower down payments and higher loan to value limits.

Portfolio Program

Customizable lending solution
1/1, 3/1, 5/1 Adjustable Rate Mortgages

Features:

Loans to $1,500,000
Minimum decision credit score 680
Purchase and Rate and Term refinance up to 80%
Primary Residence, Second Homes
Consideration for portfolio loans is based on Level One banking relationship

For rate information or to assist with questions:
Call 888-880-5663 OR 248-737-1104