Mortgage and Refinance Options
Whether you’re buying your very first house, finally moving into your dream home or looking for a lower mortgage payment, Michigan Columbus Federal Credit Union offers a complete suite of mortgage programs with flexible terms to meet your needs.
We’re more than just a mortgage lender in our community—we’re also your resource for education and advice. Whether you’re curious about PMI or need an amortization schedule to see the life of your loan, we’re ready to provide it to you.
Mortgage options include:
- Conventional - These loans are not guaranteed by the government. These are the most popular loans, with these loans you face fewer property restrictions and remove the private mortgage insurance one you reach 20% in equity.
- FHA (First Time Home Buyer) - FHA loans are for First Time Home Buyers or those persons who haven't had a mortgage in three years. These programs are backed by the government and offer lower down payment options, as low as 3.5%.
- Refinance - Refinance mortgage loans replaces your current home loan, typically for a lower rate or to draw out equity in your home.
- Michigan Vacation Home - A vacation loan is considered a second home loan, which typically has more stringent requirements; higher douwn payment and a higher credit score rating.
Our rate options include fixed, variable and adjustable rate mortgages with terms up to 30 years.
There are 3 ways you can apply, right here online with our Mortgage Partner, MMS, visit our branch or give us a call at 734-425-5080, yep it's that simple.