All mortgage 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 Mortgage is a great option for many members.
Not planning to stay in a home for a long period of time? Consider an Adjustable-Rate Mortgage (ARM). This mortgage allows you to make a lower monthly payment and build equity in your home faster than a higher fixed rate mortgage.
Our Adjustable-Rate 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.
To learn more, stop by or call us.
| Term | Rate as low as2 | APR3 |
|---|---|---|
| 10 years | 2.875% | 3.003% |
| 15 years | 3.000% | 3.088% |
| 20 years | 3.625% | 3.694% |
| 25 years | 3.875% | 3.933% |
| 30 years | 4.000% | 4.051% |
| Term | Rate | APR3 |
|---|---|---|
| 10 years | 3.875% | 4.005% |
| 15 years | 4.000% | 4.090% |
| 20 years | 4.375% | 4.446% |
| 25 years | 4.875% | 4.936% |
| 30 years | 5.000% | 5.054% |
| Term | Rate6 | APR7 |
|---|---|---|
| 5/18 | 3.375% | 3.424% |
| 7/19 | 3.625% | 3.675% |
| Term | Rate6 | APR7 |
|---|---|---|
| 5/18 | 3.875% | 3.925% |
| 7/19 | 4.125% | 4.176% |
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. ↩︎ ↩︎2
Purchase of Private Mortgage Insurance (PMI) required for financing above 80%. Some limitations may apply. ↩︎ ↩︎2 ↩︎3 ↩︎4
Properties located in Special Flood Hazard Area not eligible for this loan type. ↩︎
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. ↩︎ ↩︎2
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. ↩︎ ↩︎2
Rate has a fixed-rate period of five years and then may adjust yearly based on index plus margin. ↩︎ ↩︎2
Rate has a fixed-rate period of seven years and then may adjust yearly based on index plus margin. ↩︎ ↩︎2
Current rates for balloon loans which are ballooning. Not available for new loans.
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
