Mortgages made for your dream home in Michigan
The idea of taking out a loan to purchase a house can be intimidating. Many first-time homebuyers don't even know where to start. At Community Choice Credit Union, we offer our members a variety of mortgage types, so you can choose the one that fits you and your financial situation. We help you through every step of the process, so you are never left confused about your mortgage options. Our experienced experts can make purchasing a home as stress-free and simple as possible. Contact one of our mortgage experts to answer any of your questions by calling 877.243.2528 or by email.
Types of mortgages available
The two main types of mortgages are fixed-rate mortgages (FRM) and adjustable-rate mortgages (ARM). An FRM offers the buyer a set interest rate over the length of the loan. Most loans are for 10, 15 or 30 years. An ARM gives the buyer new interest rates at different points in the life of the loan, which can fluctuate up or down, every year. Both types of mortgages have their positives and negatives.
FRMs provide the peace of mind since their monthly payments will not change from year to year. ARMs can offer lower interest rates than FRMs, but at the risk that payments will increase at a later time. There are also combination mortgages, which might be FRMs for the first 10 years, and ARMs for the last 20. Community Choice Credit Union offers both fixed-rate and adjustable-rate mortgages. Our team will help you decide which type is better for your situation, and our mortgage calculators can give you an idea of what you qualify for.
Free pre-approvals and fast closing
Many people do not know what type of mortgage they can qualify for. Community Choice Credit Union can make this easier for you with our free pre-approval online application. In as little as 20 minutes, you could be pre-qualified for a home mortgage. Once you are ready to close on your mortgage, we can get your mortgage approved in minutes, rather than days or weeks!
Another aspect of mortgages is refinancing. Refinancing is the act of securing a new mortgage, with new rates, to replace the old one. Many homeowners will refinance to lower their monthly payments and obtain a more favorable interest rate. If your credit score is low right now, you can refinance again in a few years when your score has improved.
The Home Affordable Refinance Program (HARP) is a government program to help homeowners whose home value is less than what is owed on their mortgage. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. To check if your existing mortgage is owned by Freddie Mac or Fannie Mae, visit the Freddie or Fannie loan lookup tools.
Our team has years of experience with both conventional and HARP refinancing and is ready to help get you through the refinance process.