A fixed rate mortgage is a loan in which your interest rate remains the same throughout the life of the loan, providing a predictable monthly payment. This differs from an adjustable rate mortgage where the interest rate may change over time.
An adjustable rate mortgage (ARM) is loan in which your interest rate may change over time. The interest rate is periodically adjusted based on an identified index, meaning your monthly payment could increase or decrease. Often, ARM loans provide a lower initial rate compared to fixed rate mortgages.
A jumbo loan is also known as a non-conforming loan because the loan amount exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
When you are ready to contract with a licensed builder for the construction of a new home, a construction loan can help finance the building costs.
A renovation loan provides financing for home improvement and remodeling initiatives for an existing home.
A physician loan is a mortgage solution designed to accommodate the unique financial needs of doctors, dentists, veterinarians and medical residents¹. Whether you have large amounts of deferred student loan debt², need to move into a home before starting your first job, or have been practicing medicine for many years, our physician loan program can help. We can provide flexible financing to doctors, dentists and veterinarians at any career stage.
The Welcome Home Loan is a unique mortgage program created by Level One Bank to help provide affordable home ownership to local individuals and families whose income does not exceed certain limits and are purchasing or own a home in Oakland, Wayne or Macomb counties.
A FHA (Federal Housing Administration) loan is a government insured loan that offers lower down payment requirements to help first-time homebuyers and experienced homebuyers alike.
VA loans are a special type of home mortgage reserved for active military members and veterans. VA loans are government insured by the U.S. Department of Veterans Affairs and are offered by participating approved lenders like Level One Bank.
Level One Bank is passionate about investing in the communities we serve. Through a variety of affordable homeownership and grant opportunities, we are able to support local families who may need specialty programs to meet their home financing and restoration needs.
Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. A loan-to-value ratio above 80% may result in a need for mortgage insurance. Fees and charges may vary by product and state. A mortgage expert will review and provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.