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Mortgages

To apply, click the Apply Now button or contact the Mortgage Department directly at 517-333-2424.

Conventional Fixed-Rate Mortgage

Select from 10, 15, 20, 25, and 30-year terms. A down payment of at least 3% is required.

Adjustable-Rate Mortgage

Select from 7-1, 5-1, 3-1, and 5-5 with a 30 year term.

Jumbo Fixed-Rate Mortgage

Select from 10, 15, 20, 25, and 30-year terms. A down payment of at least 5% is required.

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Contact the Mortgage Team at 517-333-2424 x2105

Contact the Mortgage Team at 517-333-2424 x2105 or Schedule an Appointment in a Branch

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Current Rates

Check out our latest mortgage rates!
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Affiliated Moves

Earn Cash-Back Rewards on the purchase or sale of your home with Affiliated Moves

Apply in the Mobile App

On-the-go looking at houses? With just a few taps of your finger, you can apply for a mortgage from anywhere with our mobile app.

As Low as 3% Down
With as low as 3% down on your mortgage, you'll be able to save the rest of your money for the expenses that come with owning a new home.

Frequently Asked Questions

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.
 

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

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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