DIFS Shares Mortgage Tips During National Homeownership Month Media Contact: [email protected] FOR IMMEDIATE RELEASE: June 30, 2025 (LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is participating in National Homeownership Month 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:
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:
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 or follow the Department on Facebook, X, or LinkedIn. ####
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