Thinking of Purchasing a Home? April 17, 2015
When it comes to buying a home there are many financing options available, but it can be difficult to determine which one is right for you. We can help.
Consider DCECU’s mortgage loans which offer low rates and low down payments. We offer a variety of mortgage options, including the Conventional Fixed Rate First Mortgage, Balloon First Mortgage and Jumbo Mortgage. Additionally, many of our mortgage loans qualify for the potential year-end Member Giveback and Loan Interest Rebate.1
Eligible Property Types for All Mortgages and Equities
Owner occupied principal residence and second residence properties2 located in the state of Michigan; must be developed and non-agricultural use.
Conventional Fixed Rate First Mortgage
Our Conventional Fixed Rate First Mortgage is a great option for many members. This loan offers the same monthly payment and interest rate throughout the life of the loan.
Balloon First Mortgage
If you don’t intend to stay in a home for a long period of time, consider the Balloon First Mortgage. The Balloon First Mortgage allows you to make a lower monthly payment while building equity in your home. While your payment and interest rate would remain the same during the balloon term, the remaining balance would need to be paid off or refinanced at the end of the term. At balloon maturity, you may be eligible to roll the current balance into an available balloon mortgage through DCECU with no closing costs.
If your mortgage loan amount exceeds the conventional limit, we offer a Jumbo Mortgage. Loan amounts are available up to $1,000,000.
Unlock the purchasing power of your home with DCECU’s Prime Home Equity Line-of-Credit or our Single Advance Home Equity Loan.
Whether you are planning some home improvements, looking to consolidate debt, finance a college education, purchase a vehicle or cover other expenses, take advantage of our great Home Equity Loans!
Single Advance Home Equity Loan
Our Single Advance Home Equity Loan allows you to borrow a lump sum amount based on the value of the equity in your home. This loan has a fixed term and is ideal for members that have a particular project or purchase in mind, and therefore know the exact amount they need to borrow. Loan amounts are available up to $250,0003.
Prime Home Equity Line-of-Credit
The Prime Home Equity Line-of-Credit Loan lets members keep an open line-of-credit for 10 years so you can tackle projects now and into the future.