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Ann Arbor State Bank Ann Arbor State Bank
125 West William St.
Ann Arbor, MI 48104 (734) 761-1475


Proud to be serving you in Washtenaw & Jackson – (734) 418-0186 or Toll Free at 1 – (844) 418-0186

Ann Arbor State Bank (NMLS #420032)

If you’re looking to purchase, build, or refinance a home, let Ann Arbor State Bank help you navigate the loan approval process. Our experienced team of professionals are devoted to helping you every step of the way. We offer a number of mortgage options to meet your needs.

Construction loan financing

Did you know Ann Arbor State Bank is a leader in residential construction loan financing?  Building or renovating your home can be a stressful experience.  We want to help take the stress out of getting your construction loan financing.  Let us put our expertise to work for you. Let Jeremy Shaffer, our construction-loan expert, or any of our Mortgage Loan Officers help ease the process of building or enhancing the house of your dreams.

Items for consideration

Some items we may need to collect from you:

  • Your building contract
  • Plans and specifications for your project
  • Tax returns
  • Builder information

It’s easy to become overwhelmed. Let us be your friendly consultants during this exciting time of change.

Fixed rate loan

A fixed-rate mortgage is one of the most common loan products available for buying or refinancing. Ann Arbor State Bank offers fixed-rate loans with a variety of term options allowing you to choose the option that best fits your situation.

Advantages of a fixed-rate mortgage

  • Stability – the interest rate will stay the same for the life of the loan
  • Budgeting – the principal and interest amount of your monthly payment stays constant. This makes it easier to set a household budget
  • Options – Choose a 30-year term to take advantage of low monthly payments, or select a shorter-term loan, such as a 15-year loan, to pay down your loan balance and grow equity in your home faster

Adjustable rate loan (an “ARM” loan)

Adjustable-rate mortgages are a popular choice among market-savvy home buyers who are willing to accept potential fluctuations in their interest rate over time.

Advantages of an adjustable-rate mortgage

  • Initial rate – ARM loans offer a lower initial interest rate making them an attractive choice for financially stable borrowers.
  • Plan ahead – buyers who are planning to sell their home in the near future have the potential to get a lower fixed rate for a short period of time.
  • Potential savings – if market interest rates change after the initial fixed rate period, your interest rate and monthly payments may go up or down as well.

Government loans

Government loans are insured by the Federal Agencies that sponsor them.  This means that the government sponsor will guarantee payment of the mortgage to the lender holding your mortgage loan. These agencies include FHA, VA, and Rural Development. The goal of these loan programs is to promote home ownership and offer eligible consumers additional benefits.

Advantages of a government loan

  • Down payment – the lower required down payment makes government loans attractive to eligible borrowers when compared to conventional loans.
  • Using gift money– government loans are often times more flexible than conventional programs when using gift funds for a down payment.
  • Qualification – the Federal Government guarantees FHA, VA, and Rural Development loans. This means that borrowers who do not qualify for a conventional loan may be eligible for a government loan.

Portfolio loans

A portfolio loan is one that’s not backed by an agency or government program but instead is made and held by Ann Arbor State Bank. As a local community bank we have the resources to offer portfolio loans when necessary depending upon your unique circumstances — something you won’t find with mortgage brokers or lenders that are not associated with a full-service bank.

Advantages of a Portfolio Loan

  • Qualification for loans – some borrowers whose individual circumstances might not fit traditional mortgage underwriting standards can benefit from the flexibility we have when making the underwriting decision in house. Our portfolio loan product may qualify you for a mortgage loan when traditional conventional mortgage loans will not.