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Home Loan Options

There’s plenty of options when it comes to home loans to get a roof over your head. Whatever you’re looking for, we’ve got you covered.

 

Mortgage

When you find the one, you know. We’ll help you get there with Conventional, Adjustable, and Jumbo Mortgages.

First Time Home Buyer

Get started with as little as 3% down. Choose a fixed or variable rate and terms from 10 to 30 years.

SmartLineSM Home Equity

SmartLine℠ offers HELOC flexibility with the ability to lock in portions at a fixed rate.

Refinance

Lower your rate and pay less interest over time by refinancing your current home loan.

Professional Mortgage Loan

Qualifying professionals enjoy flexible financing to support you as you focus on career development.

Heroes Mortgage Loan

Access perks like no down payment as thanks for your commitment and service to your community.

Construction

Build your dream home with as little as 10% down and interest-only payments during construction.

Land Loans

Buying land in Michigan or Illinois? Finance your purchase with MSUFCU’s Vacant Land Loan.

Home Improvement

Build a deck, update your bathroom, or renovate your kitchen without breaking your budget.

Streamline Refinance

Already have an MSUFCU mortgage? Lower your rate or shorten your term with a quick Streamline Refinance.

 

Mortgage

When you find the one, you know. We’ll help you get there with Conventional, Adjustable, and Jumbo Mortgages.

First Time Home Buyer

Get started with as little as 3% down. Choose a fixed or variable rate and terms from 10 to 30 years.

Construction

Build your dream home with as little as 10% down and interest-only payments during construction.

Heroes Mortgage Loan

Access perks like no down payment as thanks for your commitment and service to your community.

Professional Mortgage Loan

Qualifying professionals enjoy flexible financing to support you as you focus on career development.

 

Refinance

Lower your rate and pay less interest over time by refinancing your current home loan.

SmartLineSM Home Equity

SmartLine℠ offers HELOC flexibility with the ability to lock in portions at a fixed rate.

Streamline Refinance

Already have an MSUFCU mortgage? Lower your rate or shorten your term with a quick Streamline Refinance.

 

Construction

Build your dream home with as little as 10% down and interest-only payments during construction.

Land Loans

Buying land in Michigan or Illinois? Finance your purchase with MSUFCU’s Vacant Land Loan.

 

SmartLine℠ Home Equity

SmartLine℠ offers HELOC flexibility with the ability to lock in portions at a fixed rate.

Home Improvement

Build a deck, update your bathroom, or renovate your kitchen without breaking your budget.

Construction

Build your dream home with as little as 10% down and interest-only payments during construction.

Frequently Asked Questions

Do you have home loan calculators?
Yes, we have a variety of calculators to help with mortgage payments, how much you can afford, refinancing, fixed rate vs. variable rate, etc.

The difference between a fixed rate and an adjustable rate mortgage is that, for fixed rates the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down.

With our Conventional Fixed-Rate Mortgage you can select from 10, 15, 20, 25 and 30-year terms with a fixed rate for the length of the loan. A down payment of at least 3% is required.

With our Adjustable-Rate Mortgage your home loan will be at a lower rate for the first 3 to 5 years. Adjustable-Rate Mortgages are perfect for short-term home ownership, large payments towards the loan in the first few years, or for members simply looking to save money with a lower fixed rate for the first 3 to 5 years. Select from 7-1, 5-1, 3-1, and 5-5 ARMs for a 30-year term. The monthly payments are based on a 30-year amortization, and can change throughout the life of the loan. After the initial term, the interest rate adjusts higher or lower based on the 1 year US Treasury market. The rate changes are limited to an increase or decrease of up to 2% at each annual adjustment, and subject to both a minimum rate (floor) and maximum rate (ceiling) over the life of the loan. Our Mortgage Loan Officers can help you identify which option may be best for you.
 

For a conventional mortgage, you have several down payment options. Mortgage loans are available with a down payment as low as 3% of the purchase price, in addition to the closing costs. Members will have closing cost expenses including the costs to originate the loan, the first year of homeowners insurance, prorated property taxes, prepaid interest, and initial escrow funding. The costs will vary depending on the property value and be based on the actual costs associated with your home purchase.

Members can use gift funds from a qualified donor. Examples of a qualified gift donor include:
  • Fiance
  • Domestic partner
  • Immediate relative by blood
  • Marriage
  • Adoption
  • Guardianship
 

The total cost to close a mortgage loan can vary for a variety of reasons. The average loan costs or what you pay to originate the loan, can range from $3,500 to $5,000. Included in the costs are the origination fee, credit report, flood determination, tax and insurance service, verification of employment, home inspection, appraisal, lender's title insurance, and settlement fees. Additionally, members will have expenses related to their first year of homeowners insurance, prorated property taxes, prepaid interest, and initial escrow funding. Members that need Private Mortgage Insurance (PMI) or elect to escrow property tax and insurance will have prepaid costs related to initial funding of their escrow account. The costs will vary depending on the property value and be based on the actual costs associated with your home purchase. The closing costs will vary based upon your mortgage type and the amount financed.
 

No matter the reason you've fallen behind on your mortgage payment, MSUFCU wants to help keep you and your family in your home.

Don't wait! If you are having trouble making your monthly payment, act now. Communication with MSUFCU is very important for us to help you maintain your home. Not making your loan payments and not communicating with your lender about your situation can have serious consequences. As each situation differs, please contact us at 517-333-2424 or toll-free at 800-678-4968 to discuss any possible options.

Privacy Notice, Consumer Caution and Home Ownership Counseling Notice, Electronic Correspondence Disclosure and Agreement, Mortgage Information, Nationwide Mortgage Licensing Systems IDs, Home Mortgage Disclosure Act Notice, Consumer Handbook on Adjustable-Rate Mortgage, CFPB Your Home Loan Toolkit, Reconsideration of Value

Home loans available for homes in the following states: Michigan, Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. Construction home loans are available in Michigan and Illinois. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, your rate may be higher.

APR is annual percentage rate, and is subject to change. Your rate will depend on your credit score and the term. The loans subject to credit approval.

 

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All products and services available on this website are available at all MSUFCU full-service locations.
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