Wouldn’t it be nice to stop throwing money away on rent and start building equity in a home of your own? Astera offers a variety of mortgage programs, so you can start calling your own place home.
- Save money with competitive rates
- Flexible terms
- Easy application process and pre-approval option
- Wide variety of mortgage types and programs
- First-Time Homebuyers Assistance
First Step Home Mortgage
Our First Step Home Mortgages are available to first time home buyers with an income at or below 80% of the family median income*, based on the location of the home being purchased.
- Up to $3,000 towards the closing costs from Astera
- Loan to Value up to 97%
- Debt to Income up to 50%
- Minimum credit score of 580
The HomeReady Mortgage was designed for creditworthy, low-income borrowers making it possible to not only be eligible for a home loan but to get that house you’ve been dreaming of.
Michigan Homeowner Assistance Fund (MIHAF)
Receive Federal funds that were allocated to the state as part of the American Rescue Plan designed to assist struggling homeowners facing financial hardship.
Up to $25,000 Grant Per Household to Pay:
- Delinquent mortgage/housing expenses, including property tax and insurance escrow shortages
- Delinquent land contract payments, mobile home consumer loan payments or mobile home park lot payments
- Delinquent property taxes
- Delinquent condominium/homeowners’ association fees
- Delinquent homeowner’s insurance,
- Delinquent utilities, gas, electric, water, sewer
- Delinquent internet broadband services
For more information or to apply, click here.
"Astera has done so much for me and my family. They have gotten me out of debt, given my kids loans, and now a mortgage for a house! They work hard to make things happen."Steve J.
Frequently Asked Questions
Mortgage programs, Equity Loans and Home Equity Lines of Credit each have different escrow requirements. If you’re interested in paying for your taxes and insurance outside of escrow, you may be able to. Some members even choose to pay one of the other out of pocket and Escrow the other. Please speak with one of our mortgage experts about your specific needs at 517-323-0020.
The Note is the written agreement that a property owner signs when taking out a mortgage. The mortgage note specifies the amount of money that was borrowed, the terms of the loan and the length of the loan.
An escrow account is established to hold money collected by your lender to pay your hazard insurance and property taxes when they become due. This is sometimes called an "impound account.
Lenders usually require escrow payments every month to ensure that they have enough to pay the insurance and taxes for you. This is a way for lenders to make sure their collateral is secure.
For instance, if your home were to burn down in a fire and you had failed to pay your hazard insurance premium; the lender would not be able to recoup the loss. In addition, if you fail to pay your property taxes, the government can foreclose on your property.
Insurance and taxes vary. You can find out the current taxes from the seller and seek quotes for hazard insurance coverage.
The specific amount of your closing costs will vary, here are the reasons why the fees may change:
- A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender.
- To assist you in evaluating our fees, we've grouped them as follows: third party fees, taxes and other unavoidable costs, and lender fees.
- Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
- Third party fees are fees that we'll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.
- Fees that we consider to be taxes and other unavoidable costs include: State/Local Taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume that you won't have to pay it. It probably means that the lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs.
- Lender fees such as points, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.
Astera offers our members a lot of options when it comes to finding the right mortgage or equity for each member’s unique situation. Each loan type can have different rules regarding closing costs. You may be able to roll some or all of your closing fees into your loan. When purchasing a new home you may even be able to negotiate the seller to pay some of your closing fees. Please talk with one of our Mortgage experts to find out what your options are at 517-323-0020.
By getting pre-approved, you will know exactly what your budget will be when shopping for a new home. It eliminates the stress of finding the perfect home, only to find out you cannot get financed for the amount that house is selling for.
Wouldn't it be nice to stop throwing your money away on rent and start building equity in your own home? Astera offers low-rate home mortgage loans, so you can start calling your own place "home" sooner than later.
Our stellar loan officers will be there to guide you through every step.
There are many great features to our Home Mortgage Loans
- Build equity in your home in Michigan, instead of paying rent to a landlord
- We offer free quick pre-qualifications for accurate budget shopping
- Choose from a variety of mortgage loan financing options
- Local processing ensures fast approvals and efficient processing
- Personal attentive service from start to closing
- Talk to an Astera expert lender today to get started
Make sure your debt-to-income ratio is good
Your debt-to-income ratio is an important metric that can impact your ability to get a mortgage. By taking steps now, you can get your ratio in good shape before applying.
Review your credit report years before applying for a mortgage
If you have a judgment against you on your credit report or a poor credit score, don’t wait until you want to apply for a mortgage to do something about it. You should check your credit report one or two years in advance.
Consider what type of home ownership fits your lifestyle
Your home should fit your lifestyle. For instance, if you don’t want to do yard work, then maybe you need to hire a lawn mowing service and plan for that additional cost. Or, you might consider buying a condo instead of a house. Whatever your preferences, consider your lifestyle before you buy.
Happiness is a Warm Home
Stop dreaming and start living
Astera's ready to help you buy a new home.
NMLS Registry Information for Mortgage Loan Originators
- Laura Hosey: 1221528
- Mark Fisher: 439241
- Courtney Minor: 538398
- Kelly Arnold: 1353195
- Josh Grieshaber: 2213863
- Peter Stergios: 2252682
- Becky Grieshaber: 413124
- Tanoi Miller: 1925705
- Danette Winans: 1574512
- Dinah Magbag: 1734328
- Shelia Mitchell: 1734327
- Bonnie Fillwock: 1734326
- Joan Phillips: 1734325
- Lisa Morris: 1734324
- Rachel Henry: 2365600
- Aspen Latunski: 2365591
- Courtney Mitchell: 1734284
- Justin Terry: 2344589
- Brandell Tomanica: 2365324
- Shelby Smith: 2114162