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*DIFS Shares Mortgage Tips During National Homeownership Month*

*Media Contact:* [email protected]   
*Consumer Hotline:* 877-999-6442, Michigan.gov/DIFScomplaints [ [link removed] ]

*FOR IMMEDIATE RELEASE:* June 30, 2025

(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is participating in National Homeownership Month [ [link removed] ] by sharing tips and providing information about mortgage options for Michiganders considering buying a home.

“Homeownership creates a financial foundation and a path towards long-term security and stability for Michigan families,” said *DIFS Director Anita Fox*. “Understanding your mortgage options will help you find an affordable loan that best fits your family’s needs and budget. DIFS encourages all Michiganders to shop around and discuss your options with a trusted lender before committing to a mortgage.”

Here are some tips to help you enter the mortgage marketplace and be loan ready:


* *Evaluate your income and savings: *Mortgage lenders want to ensure you have steady income and savings available to afford a down payment and closing costs on the property you are purchasing. Lenders will also evaluate your debt-to-income ratio (your total monthly debt payments divided by your gross monthly income) to make sure you can afford a monthly mortgage payment.
* *Build your credit: *Credit can affect more than your ability to get a mortgage and qualify for favorable interest rates – it is used in employment screenings, getting utilities, and more. Maintain a positive credit history and build your credit score by consistently making on-time payments, which is the most significant factor in calculating your score.
* *Monitor your credit: *You are entitled by law to a free copy of your credit report from each of the reporting agencies once a year. You may request your free credit report at AnnualCreditReport.com [ [link removed] ]. Looking at your reports regularly is important to ensure all the information is accurate and that your identity has not been stolen. Catching inaccuracies and reporting those immediately to the credit reporting agencies is paramount to clearing fraud from your name, getting approved for loans and other services, and protecting yourself as a consumer.
* *Scrutinize your budget: *Thoroughly evaluate your budget to ensure you have money available to pay your mortgage, including taxes and homeowners [ [link removed] ] insurance, and all other monthly bills.

When you are ready to move forward, there are several mortgage options you can agree to, each of which has risks and benefits depending on your financial situation. Many consumers focus on the loan option with the lowest monthly payment, but this may end up costing you more over the lifetime of the loan. Both *fixed-rate* and *adjustable-rate* mortgages have multiple options for borrowers, but it is important to know which mortgage type is right for you.  

A fixed-rate mortgage is a home loan with an interest rate that remains the same over the lifetime of the loan, while an adjustable-rate or variable-rate mortgage is a home loan with an interest rate that changes over the lifetime of the loan and this can increase the amount of your monthly payment.

Here are additional housing resources available to you through DIFS and other Michigan agencies:


* DIFS’ mortgage comparison resource [ [link removed] ] for fixed-rate and adjustable-rate mortgages and factors to consider in your loan decision-making process.
* DIFS’ mortgage page [ [link removed] ] includes general information about mortgages, reverse mortgages the Consumer Mortgage Protection Act, foreclosure, home loan modification, FHA loans, and more.
* Michigan Department of Health and Human Services (MDHHS) Home Ownership Services [ [link removed] ]
* Michigan State Housing Development Authority (MSHDA) Michigan Homeowner Assistance Fund (MIHAF) [ [link removed] ]
* You can also contact a MSHDA approved agency [ [link removed] ] for other free assistance such as housing counseling, resources and support to help navigate the housing market, and education about understanding your rights and preventing home foreclosure.

National Homeownership Month began in 1995, originally as National Homeownership Week, under President Bill Clinton. Its goal was to increase homeownership across America. In 2002, President George W. Bush expanded the original idea, changing the observance from one week to the whole month of June. The goal of the month is to reinforce the belief homeownership is one of the steps towards achieving the American Dream.

DIFS encourages consumers to reach out to their lender to answer questions about their mortgage and for help if they have trouble meeting their loan obligations. Consumers can also contact DIFS for assistance at 877-999-6442, Monday through Friday from 8 a.m. to 5 p.m.

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS [ [link removed] ] or follow the Department on Facebook [ [link removed] ], X [ [link removed] ], or LinkedIn [ [link removed] ].  

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This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Michigan Department of Insurance and Financial Services · PO Box 30220 · Lansing, MI 48909-7720