With a DCECU Balloon First Mortgage loan, you can amortize your loan for up to 30 years while enjoying a very competitive interest rate through the balloon term of your loan.

This mortgage allows you to make a lower monthly payment and build equity in your home faster than a higher fixed rate mortgage. This mortgage also works well if you do not intend on residing in your home for an extended period of time.
 

Although your payment and interest rate remain the same through the balloon term, the remaining principal balance would have to be refinanced at the end of the balloon term. You may be eligible to roll the current balance into an available balloon mortgage through DCECU at balloon maturity with no closing costs.

Although interest rebates are not guaranteed, our Balloon First Mortgage loans also qualify for a potential year-end rebate.

For further information, contact the Mortgage Department Monday through Friday, 7:30 a.m. - 5:30 p.m. EST at (800) 835-7794 or (989) 835-7794.


Product Profile:
Details
Eligible Property Types:

Owner occupied principal residence and second residence properties (does not include income properties) located in the State of Michigan; must be developed & non-agricultural use.

*The 3 year balloon mortgage is available only for purchase transactions.

Loan Amounts:
Up to $750,000.
Closing Costs:
"Out of pocket" expenses for appraisal, closing, title and miscellaneous costs that range from $1,000 to $1,900 depending on the amount of the mortgage. Although you pay $350 up front to be applied to these costs, we do not have origination or any other credit union fees.
Prepayment Penalty:
None.
Down Payment/
Equity Requirements:
20% of the purchase price or appraised value, whichever is less without Private Mortgage Insurance (PMI). Purchase of PMI required for financing above 80%.
Interest Rate Lock:
The lowest rate offered between application and closing provided closing occurs within 3 weeks of the approval date.
Credit Life Insurance:
Available separately through MEMBERS Financial Services Center only at DCECU.
Escrow for Taxes & Insurance:
Not available.