Find The Right Home Loan For Your Needs
BrightSide Lending offers a wide range of home loan options for buyers and homeowners throughout Michigan. Whether you’re purchasing your first home, moving into your next one, buying before selling, refinancing, or looking for a more specialized mortgage solution, the right loan can depend on your goals, down payment, credit profile, income, property type, and how long you plan to own the home.
As an independent Michigan mortgage broker, we can help you compare multiple financing options instead of forcing every borrower into the same type of loan. Our programs include conventional loans, FHA loans, VA loans, USDA loans, jumbo financing, adjustable-rate mortgages, renovation loans, down payment assistance, Non-QM options for self-employed borrowers, and several refinance and home-equity solutions.
The goal isn’t simply to find a mortgage you qualify for. It’s to understand the differences between your options and choose a loan structure that makes sense for your monthly budget, cash available at closing, and long-term plans.
Explore the home loan options below to learn how each program works and which ones may be worth considering for your situation.
Purchase
Should You Refinance Your Current Mortgage?
Refinancing can be useful for much more than simply lowering your interest rate. Depending on your situation, refinancing may help reduce your monthly payment, change your loan term, access home equity, consolidate higher-interest debt, or move from one type of mortgage into another.
A traditional mortgage refinance may make sense when current rates and your remaining loan balance create enough savings to justify the closing costs. A cash-out refinance allows qualified homeowners to replace their existing mortgage with a larger loan and receive a portion of their available equity in cash.
Homeowners who want access to equity without replacing their existing first mortgage may also consider a HELOC or home equity loan. This can be particularly attractive for homeowners who already have a low interest rate on their current mortgage.
The best option depends on what you're trying to accomplish. Rather than looking only at the new monthly payment, it's important to consider the interest rate, closing costs, loan term, amount of equity being accessed, and how long you expect to keep the financing.
Refinance
Frequently Asked Questions About Home Loans
What type of mortgage is best for buying a home?
There isn't one mortgage that's best for every buyer. Conventional, FHA, VA, USDA, jumbo, and other loan programs have different advantages and qualification requirements. The best choice depends on factors such as your credit, income, down payment, property type, and financial goals.
How much do I need for a down payment?
You don't necessarily need 20% down to buy a home. Some conventional loans allow low down payments, FHA loans may require as little as 3.5% for qualified borrowers, and eligible VA and USDA borrowers may have zero-down options. Down payment assistance programs may also be available to qualifying buyers.
Can I get a mortgage if I'm self-employed?
Yes. Self-employed borrowers can qualify for traditional mortgages, although documenting income may be different than it is for salaried employees. Bank statement and other Non-QM loan programs may also provide alternatives for borrowers whose tax returns don't fully reflect their cash flow.
Should I choose the mortgage with the lowest interest rate?
Not necessarily. Interest rate is important, but you should also consider closing costs, discount points, mortgage insurance, loan term, required down payment, and how long you expect to own the home. The lowest advertised rate isn't always the lowest-cost mortgage overall.
Can BrightSide Lending compare different loan programs for me?
Yes. As an independent mortgage broker, BrightSide Lending can compare available programs from multiple wholesale lenders and help you evaluate the differences in payment, upfront costs, qualification requirements, and overall loan structure.
Want to learn more before deciding which mortgage option is right for you? Visit our Mortgage Resource Center for additional guides covering home buying, refinancing, loan programs, credit, home equity, and more.
