WELCOME HOME
Rural Development
Pre -Approval Loans
Construction Loans
10-15-20-30 Yr. Fixed
The new professionals mortgage program is for individuals starting out in the professional fields of medical, dental, and legal. The program is designed for those that don’t have a history of their new professional pay level yet in place.
You’re ready to buy the home of your dreams…so why choose FCU? Because we provide a more personalized approach. We have the best rates, the lowest fees, and when you bank local, you support your local community.
| Description | APR* |
|---|---|
| as low as | |
| Closed End Home Equity Max Term 15 yrs or 30 yr amortization with 15 year balloon | Contact Us |
| Prime Gold Home Equity equal to or less than 80% LTV, Prime 4.00% floor of 4.00% | 7.500%*** Rate tied to Prime |
| Prime Plus Gold Home Equity greater than 80% LTV, Prime 4.00%, floor of 4.00% | 8.250%*** Rate tied to Prime + .75% |
| MasterCard Gold Home Equity equal to or less than 80% LTV | 7.900%*** |
| MasterCard Gold Home Equity greater than 80% LTV | 8.900%*** |
***Loan rates and approval subject to credit score and analysis. Equal opportunity lender. For HELOC no fees charged up front. All fees are due at closing and range from $810 to $3,111. Items that can affect the amount of your costs are the dollar amount of the mortgage and number of people on the loan. All fees are disclosed at time of application and can be more than this disclosed range if there is more than two borrowers on the loan or other extenuating circumstances. As part of the closing procedures Frankenmuth Credit Union will acquire a security interest in the property. Draws are allowed for 20 years or as long as the account remains open and member is in good standing. Payment is calculated on 1% of the balance or $25, whichever is greater. HELOC rates are variable and based on the current index margin; rate floor is 4.00%APR and will not exceed 25%APR.
Neighborhood Mortgage Solutions is a mortgage Credit Union Service Organization (CUSO) that is partially owned by Frankenmuth Credit Union.
Fannie Mae’s HomeView™ Education Course
Fannie Mae launched it new home ownership education course, HomeView™ is available free of cost, and accessible online anytime on any device. HomeView™ puts home-ownership into focus for first-time borrowers by providing tools and information for every step of the home-buying journey. The course includes seven interactive learning modules that guide the user through the steps of buying and owning a home providing comprehensive, easy-to-understand content and resources designed to ensure aspiring home buyers are well equipped to become more informed and successful homeowners.
The course aligns with National Industry Standards and is available free of charge.
Purchasing a home is an extensive, yet rewarding, process which can last several months. It is very important to maintain your finances from initial application to final closing – avoiding any drastic changes. Here are some tips to assist you as along your home-buying journey.
- Maintain your current employment status – Do not quit or change jobs.
- Avoid taking on any additional long-term debt, like buying a car or pricey household items, as this will increase your debt-to-income ratio.
- Do not increase your credit card usage or miss any of your monthly payments.
- Do not change your primary financial institution, as you want to show a steady banking history.
- Do not deplete your savings or investment accounts.
- Avoid making large deposits into your accounts. Your down payment should ideally be in your account for at least two months.
- Be sure to properly manage your debts and liabilities, and represent your income accurately on your loan application.
- Do not apply or open new credit or lines of credit, including new credit cards.
- Do not co-sign a loan for anybody during this process.
- Making large purchases: cars, recreational vehicles, expensive furniture
- Career changes: quitting or switching jobs
- Opening or closing lines of credit
- Getting behind on your bills
- Failing to answer questions from your lender or broker
- Having your credit score pulled
- Making large deposits to your accounts other than your regular paycheck
- Cosigning on a loan or credit card with anybody
- Changing financial institutions
- Taking out a payday loan
Information and interactive calculators are available to you only as self-help tools for your personal use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a Frankenmuth Credit Union professional regarding all personal finance issues. Call 989-497-1600 or find a branch near you.
My Member Insurance Agency (MMIA), an affiliate of Frankenmuth Credit Union, is committed to providing competitive insurance products and exceptional customer service to FCU members. MMIA is excited to help members protect what matters most with affordable insurance solutions for your Auto, Home, Business, Farm, Life and Health.
Looking to buy a house in Florida? We can help with financing. Contact us today!
