A DCECU Conventional Fixed Rate First Mortgage provides you with the same monthly payment and interest rate throughout the life of the loan.

This mortgage does not qualify for the Dow Chemical Employees' Credit Union potential year-end interest rebate.

 
Previously, DCECU has paid an interest rebate on all of its mortgage loans if the credit union's financial performance warranted it. However, in an effort to make additional mortgage funding available to our members, DCECU has established a business relationship with outside investors (secondary market) like Fannie Mae.

Because DCECU MAY sell this loan to the secondary market, it WILL NOT qualify for the credit union's potential year-end interest rebate. Nevertheless, if DCECU sells your loan to the secondary market, Dow Chemical Employees' Credit Union DOES intend to retain the servicing of your loan.

For further information, contact the Mortgage Department Monday through Friday, 7:30 a.m. - 5:30 p.m. EST at (989) 835-7794 or (800) 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.
Loan Amounts:
Up to $417,000.00.
Closing Costs:
"Out of pocket" expenses for appraisal, closing, title and miscellaneous costs range from $1,100 to $1,600 depending on the amount of the mortgage. Also, prepaid interest costs will apply depending on loan amount and closing date. 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:
No Prepayment Penalty.
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:
Members have the choice to lock the interest rate at the time of completed application or at the time of final approval.
Credit Life Insurance:
Available separately through MEMBERS Financial Services Center located at DCECU.
Escrow for Taxes & Insurance:
Escrow is available for taxes and insurance.
Payments:
Due on the 1st of the month.