Dow Chemical Employees’ Credit Union

 
 

Mortgage Loans

DCECU has helped make the dream of home ownership come true for many members with our affordable rates, easy terms and low down payment options. DCECU offers Conventional Fixed Rate First Mortgages, Balloon First Mortgages and Home Equity Loans on primary Michigan residences. In addition, DCECU offers Conventional Fixed Rate First Mortgages and Balloon First Mortgages on secondary Michigan residences. We'll also gladly refinance mortgage loans from other lenders!

Conventional Fixed Rate First Mortgage 10, 15, 20, 25 and 30 years (Not Eligible for Rebate)

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 potential year-end Loan Interest Rebate.

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 vary depending on the amount of the mortgage. Also, prepaid interest costs will apply depending on loan amount and closing date.

Escrow for Taxes & Insurance

Escrow is available for taxes and insurance.

Instant Rate Modification Program

This mortgage is not eligible for the Instant Rate Modification Program.

back to topConventional Fixed Rate First Mortgage 10, 15, 20, 25 and 30 years

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

Although interest rebates are not guaranteed, the above mortgages qualify for the potential year-end Loan Interest Rebate.

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 $750,000.

Closing Costs

"Out of pocket" expenses for appraisal, closing, title and miscellaneous costs vary depending on the amount of the mortgage.

Escrow for Taxes & Insurance

Not Available.

Instant Rate Modification Program

This mortgage is eligible for the Instant Rate Modification Program.

back to topBalloon First Mortgage 5 and 7 years

With a DCECU Balloon First Mortgage loan, you can amortize your loan for up to 30 years while enjoying a very competitive interest rate through the balloon term of your loan.

This mortgage allows you to make a lower monthly payment and build equity in your home faster than a higher fixed rate mortgage. This mortgage also works well if you do not intend on residing in your home for an extended period of time.

Although your payment and interest rate remain the same through the balloon term, the remaining principal balance would have to be refinanced at the end of the balloon term. You may be eligible to roll the current balance into an available balloon mortgage through DCECU at balloon maturity with no closing costs.

Although interest rebates are not guaranteed, our Balloon First Mortgage loans also qualify for the potential year-end Loan Interest Rebate.

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 $750,000.

Closing Costs

"Out of pocket" expenses for appraisal, closing, title and miscellaneous costs vary depending on the amount of the mortgage.

Escrow for Taxes & Insurance

Not available.

Instant Rate Modification Program

This mortgage is eligible for the Instant Rate Modification Program.

back to top“Prime Home Equity” Line-of-Credit

With a “Prime Home Equity” Line-of-Credit Loan from DCECU, you can complete home improvements or a home addition, purchase a new car, pay for college tuition, consolidate existing bills and more!

With this type of equity loan, the interest rate varies on a quarterly basis with the Wall Street Journal® prime rate +0%. Likewise, your payment will vary at the rate of $18 per $1,000 based on your outstanding balance with a minimum payment of $54.

Although interest rebates are not guaranteed, our ”Prime Home Equity” Line-of-Credit loans also qualifies for the potential year-end Loan Interest Rebate.

Eligible Property Types

Owner occupied principal residence located in the state of Michigan.

Loan Amounts

Up to $100,000. Certain loan limits may apply.

Closing Costs

$395 paid up front at the time of application to be applied to our "out of pocket" expenses.

back to topSingle Advance Home Equity Loans 5, 10 and 15 years

With a Single Advance Home Equity loan from DCECU, you can complete home improvements or a home addition, purchase a new car, pay for college tuition, consolidate existing bills and more!

Although interest rebates are not guaranteed, our Single Advance Home Equity loans also qualify for the potential year-end Loan Interest Rebate.

Eligible Property Types

Owner occupied principal residence located in the state of Michigan.

Loan Amounts

Up to $100,000. Certain loan limits may apply.

Closing Costs

$395 paid up front at the time of application to be applied to our "out of pocket" expenses.

Instant Rate Modification Program

This mortgage is eligible for the Instant Rate Modification Program.

back to topHelp for Struggling Homeowners

If you are experiencing financial difficulty in making your mortgage payments, you may want to know about a program that DCECU is now participating in. It's called The Michigan Hardest Hit Funds Program and is a state program administered by the Michigan State Housing Development Authority (MSHDA). If approved, the homeowner may receive state funds to help cure delinquency, match unemployment benefits, and even save a mortgage from foreclosure. There may also be assistance with property taxes. Simply go to www.stepforwardmichigan.org to apply and to find out more! All decisions are made by MSHDA, not DCECU.

back to topInstant Rate Modification Program

Qualified borrowers who already have a DCECU rebate-eligible mortgage may be eligible for the Instant Rate Modification Program, which allows members to apply to lower their interest rate as frequently as they wish when the rates fall – without a full refinance. For a small fee, members may be able to lower their rate a minimum of 0.125% to the current rate. To apply, simply complete the Mortgage Rate Modification Request form. This form may be faxed to the Loan Servicing department at 989-832-9291.

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