All mortgages loans are not the same, and it’s important to understand the differences. There are many options when it comes to buying a home. Let us help you find the best solution for your needs.
Purchasing a home? Refinancing your home? Before you start searching the Web and local real estate guides, talk to us about which mortgage option is right for you. DCECU offers mortgages with available loan amounts up to $1,000,000 for primary and secondary homes.1 In addition to affordable rates and easy terms, many of our mortgage loans qualify for the potential year-end Member Giveback and Loan Interest Rebate.
With predictable monthly payments throughout the entire loan term, DCECU’s Fixed Rate First Mortgage is a great option for many members.
Not planning to stay in a home for a long period of time? Consider a Balloon First Mortgage or an Adjustable-Rate First Mortgage (ARM). Both mortgages allow you to make a lower monthly payment and build equity in your home faster than a higher fixed rate mortgage.
With a Balloon First Mortgage, your payment and interest rate would remain the same during the balloon term and the remaining balance would need to be refinanced or paid off at the end of the term. You may even be eligible to roll the remaining balance into an available balloon mortgage through DCECU at balloon maturity with no closing costs.
Our Adjustable-Rate First Mortgages have a mix of a fixed-rate period and an adjustable-rate period. The interest rate is fixed for the first 5 or 7 years and then may adjust yearly based on the index plus margin applicable at the yearly review.
|Term||Rate as low as2||APR3|
Limited to developed, non-agricultural, non-income producing homes located within Michigan. Other loan limitations may apply. ↩︎
Interest rates are based on member's credit score. ↩︎
APR = Annual Percentage Rate. APR based on a no point $100,000 loan with 80% loan-to-value and a 30 year amortization. ↩︎
Initial interest rate is not based on the index plus margin used to make later rate adjustments. Ask us for the current amount our adjustable-rate mortgages are discounted. ↩︎
APR = Annual Percentage Rate. APR based on a no point $100,000 loan with 80% loan-to-value and a 30 year amortization. After initial fixed-rate period, rate may adjust yearly. APR may increase after the original rate period. ↩︎
Rate has a fixed-rate period of five years and then may adjust yearly based on index plus margin. ↩︎
Rate has a fixed-rate period of seven years and then may adjust yearly based on index plus margin. ↩︎
Qualified borrowers may be able to lower their interest rate at DCECU.
NMLS numbers for DCECU & our loan officers
How to escalate a dispute regarding Mortgage Servicing