Mortgage

Home Loans

West Michigan Community Bank offers a complete selection of conventional and portfolio mortgage loan products designed to meet your needs. We understand that relationships matter and we are here to help you determine the option that works best for you.




Fixed Rate Mortgages

Summary & Benefits: With Fixed Rate Mortgages you can rest at ease knowing your monthly mortgage payment will remain the same for the life of the loan. Down payments as low as 3%. Gift funds allowed.
Good option for you if: you plan to live in your home for several years.
Available Fixed Rate Terms: 10, 15, 20, or 30 year.




Adjustable-Rate Mortgages (ARMs)

Summary & Benefits: ARMs offer an initial fixed rate for a set period of time. After that the rate adjusts annually. ARMs can provide a lower interest rate compared to Fixed Rates.
Good option for you if: you don't plan to stay in your home long term or you plan to pay off your mortgage before your rate can change.
Available ARMs Terms: 5, 7, or 10 year.




Jumbo Loans

Summary & Benefits: Jumbo Loans are loan amounts over $510,400 (amount adjusts annually) and don't fall within Fannie Mae and Freddie Mac guidelines.
Good option for you if: you need to borrow more than $510,400.




Construction Permanent Loans

Summary & Benefits: Keep your construction loan simple with our one-time closing, combined construction and permanent loan. Your loan will start off as a construction loan and, when your home is finished, turn into a permanent loan with the interest rate remaining the same.
Good option for you if: you're building a home.




Lot Loans

Summary & Benefits: Lot Loans give you the opportunity to purchase your ideal residential lot for that new home you're planning on building.
Good option for you if: you plan to build a new home.




USDA Rural Development Loans

Summary & Benefits: These loans are offered by the United States Department of Agriculture and are available to home buyers buying in rural areas. They provide lower down payment options, lower mortgage insurance amounts, and permit 100% financing. 
Good option for you if: you have a low-to-moderate income and are buying a home in a less densely populated area.




FHA Loans

Summary & Benefits: An affordable mortgage option that is insured by the Federal Housing Administration and allows you to provide as low as 3.5% down.
Good option for you if: you have low-to-moderate income and unable to make a large down payment.




VA Loans

Summary & Benefits: A mortgage program, guaranteed by the United States Department of Veterans Affairs, for Veterans and military families that provides competitive interest rates and doesn’t require a down payment or PMI (Private Mortgage Insurance). You don't have to be a first time home buyer to take advantage of these loans.
Good option for you if: you are a veteran, service member, or eligible military spouse.



For more specific rate information, or to speak with a retail / mortgage lender, contact WMCB or the Retail/Mortgage Lending Team today!

 
All loans are subject to approval.
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