Michigan One Community Credit Union - Home Mortgage

Michigan One Community Credit Union

510 S Dexter St
Ionia MI 48846
Phone: 616-527-3900
Fax: 616-527-4211

Mortgages

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate -- and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Hybrid ARM (1/1 ARM or 5/1 ARM)
These increasingly popular ARMS -- also called 3/1, 5/1 or 7/1 -- can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

30 Year 100% Flex
This is a zero down program for purchases only with a slightly higher interest rate. This is a 30 year fixed rate mortgage. There is very little cash that the borrowers have to put into the transaction as interested parties can contribute to their closing costs. This is a great program for first time home buyers.

Interest First Mortgage
This is another great 30 year program for first time home buyers. The borrower pays only the interest, taxes, and insurance due each month for the first 15 years. The payment increases at the start of year 16 to fully amortize the loan for the remaining 15 years of the mortgage term. There is a 5% down payment required and this gives the borrower more purchasing power and more cash management flexibility.

30 Year, 15 Year, and 3/1 ARM Jumbo Loans
We also offer 30 year and 15 year jumbo loans wich are offered for loan amounts that are over $417,000 and up to $1,000,000.

Builder Construction Loans and Self-Contractor Construction Loans are also available.

Call today for an appointment or apply online!
Michigan One Community Credit Union (616) 527-3900 Ionia or (989) 584-3900 Carson City (888) 661-6862 Mortgage Department Direct or apply online at:
Member First Mortgage