Credit Unions have Money for Mortgage and Auto Loans | Business ...

Banks are lending and in Michigan there are many people that are qualifying for all sorts of loans. With housing prices at a ten year low there is a number of individuals that are looking for financing of a mortgage on a new or resale home. Taking their paystubs and past two years of tax returns to the lender people that are showing their financial stability are able to secure the Ann Arbor MI loans that are allowing them to purchase a home at a very attractive mortgage rate. As the Federal Reserve Bank sets the interest rates many buyers have been able to secure a fixed loan rate that is below 4% on a home loan.

Although home loans are a major part of the business that is being conducted by the banks in Ann Arbor, there are many more people that are looking for auto loans to help them with the purchase of a new car. Depending on their credit score and the amount of money being used as a down payment on their loan a number of car buyers are able to lock in one of the auto loans in Ann Arbor Michigan for a term of 60 months that has an interest rate of 2.99%. Of course there are exceptions that can affect the amount of money being loaned out and add slightly to the interest that is accrued on the loan, but for anyone that is looking for a new car and who has a steady income from a solid job can find the loan that will fit their needs.

Where there are many big banks that have very strict lending policies in place about who can qualify for a loan and who does not meet the standards set by the bank, there are smaller institutions that are lending to all sorts of customers that have a tarnished credit score or who have a small history of working for the same employer for a number of months. Credit unions are open for business and are accepting many of the loan applications that are denied by the larger national banking institutions.

Whether looking for construction loans to help a homebuyer to build a new project or looking for automobile financing or searching for a business loan that can help them to expand an already successful enterprise people that are looking for loans in Ann Arbor Michigan are securing the funds that they need to make all sorts of purchases. Backed by the FDIC many people are turning to credit unions to help them finance all of the things that they want from life.

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