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Mortgage Products Available Through Communications Family Credit Union

Communications Family Credit Union is your Home Loan Headquarters. We are committed to providing a full range of mortgage loans with competitive rates and exceptional personal service. We offer the following terms to suit a variety of mortgage lending needs: 10, 15, 20 and 30 year fixed rate mortgages along with 7 and 10 year balloon products. All loans will be serviced by Communications Family Credit Union. Homes must be owner occupied and located in the state of Michigan.

Current rates, closing costs, and disclosures are available on our rates board. (All rates are subject to change without notice.) Please call our Mortgage Department at 800-227-2328 x 8203 or 989-249-8203 to apply for any of the following mortgage products offered through Communications Family Credit Union.

Primary Residence or Secondary Home Purchase - Borrow up to 95% of the appaised value or sales price, (whichever is less). (For loans greater than 80%, PMI, Tax, and Insurance Escrow are required.)

Primary Residence or Second Home Refinance - Borrow up to 90% of the appraised value. (For loans greater than 80%, PMI, Tax and Insurance Escrow are required.)

Second Mortgage on Primary Residence or Second Home - Borrow up to 80% of appraised value less the balance owing on the 1st mortgage for up to 20 years with a 5 year balloon.

10 year Balloon - The monthly payment is based on a 30 year amortization. At the end of 10 years, refinance or payoff is required. The interest rate is lower than the 30 year fixed, resulting in lower monthly payments.

Vacant Land - Borrow up to 70% of the appraised value for up to 15 years with a 3 year balloon

Home Cash Equity Loan - Borrow up to 90% of value used (appraisal or double your State Equalized Value less the balance owing on your 1st mortgage) for up to 20 years with a 5 year balloon. To apply online for a Home Cash Equity Loan, click here.

Home Equity Line of Credit - Borrow up to 90% of value used (appraisal or double your State Equalized Value less the balance owing on your 1st mortgage) for up to 25 years with a 10 year draw period. To apply online for a Home Equity Line of Credit, click here. For special disclosure information, click here.

Mortgage Products Available Through Mortgage Center

In partnership with Mortgage Center, Communications Family Credit Union offers loans for the above mentioned properties at competitive rates and low closing costs. These loans will be serviced by Mortgage Center. Mortgage Center offers both fixed and adjustable rate mortgages. For current rates, disclosure information, and to apply on line, click here. (All rates are subject to change without notice.) Or, you may call the mortgage department at Communications Family Credit Union at 800-227-2328 x8203 or 989-249-8203.