A DCECU Conventional Fixed Rate First Mortgage provides you with the same monthly payment and interest rate throughout the life of the loan. Terms of 20, 25 & 30 years may have limited availability.

Although interest rebates are not guaranteed, the above mortgages qualify for the potential year-end loan interest rebate.

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 located in the State of Michigan; must be developed & non-agricultural use.
Loan Amounts:
Up to $750,000.
Closing Costs:
"Out of pocket" expenses for appraisal, closing, title and miscellaneous costs 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:
If the loan is paid in full within the first 3 years through a refinance with a lender other than Dow Chemical Employees' Credit Union, the prepayment premium will amount to the full amount of any interest rebate paid on the loan during the calendar year the loan is paid in full, up to 1.0% of the principal amount.
Down Payment/
Equity Requirements:
20% of the purchase price or appraised value, whichever is less without Private Mortgage Insurance (PMI). Purchase of PMI is 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 the MEMBERS Financial Services Center, located at DCECU.
Escrow for Taxes & Insurance:
Not Available