Frequently Asked Questions
Q: News reports are stating mortgage rates are at a 40 year low. Should I refinance my mortgage loan now?
A: In most cases, it pays to refinance now. We offer competitive rates on balloon mortgages and also offer low FIXED rate mortgages in co-operation with Cuna Mutual Mortgage. Call our Mortgage Deptment today to discuss refinanacing and to find out which mortgage option best suits your needs.
Click here for a "refi break even" calculator, or call us at 989-249-8203 or 800-227-2328 x 8203.
For information on Mortgage products available through Communications Family Credit Union, click here.
Q: Does Communications Family Credit Union offer student loans?
A: Yes, we do. We now offer education loans through the Federal Family Education Loan (FFEL) Program including subsidized and unsubsidized Federal Stafford loans and Federal Plus loans. We also have applications for the MI-LOAN Program student loans. Once you have received the acceptance letters from the colleges you have applied to, visit the Free Application for Federal Student Aid (FAFSA) website at www.fafsa.ed.gov to fill out the electronic application form.
Another good website for both students and parents to visit for your education planning needs is www.mapping-your-future.org.
For more information, please call Laurie at 989-249-8252 or 1-800-227-2328 ext. 8252.
Q: Can I take collision insurance off an auto, motorcycle or other RV that I have financed at Communications Family Credit Union so I can put it in storage?
A: Yes, you can. Before you take collision insurance off, however, you will need to contact our call center at 989-249-8200 or 1-800-227-2328, option 5, to ask that a storage affidavit be mailed or faxed to you. The storage affidavit will ask for the description of the collateral offered on your loan, the date you will be removing collision coverage, the date collision coverage will resume, and your insurance information.
Once this form is signed and returned, we will contact our insurance tracking company and make them aware of the change in coverage so that you do not receive letters requesting proof of insurance.
Q: Why should I purchase Credit Life Insurance protection on my loan?
A: For just pennies a day you can provide peace of mind for your surviving family members. This protection pays off your balance up to $50,000 on each consumer loan, home equity line of credit, and credit card for which coverage has been chosen in the event of your death. Both single and joint coverage, when a spouse is co-applicant on a loan product, is available, and the premium is calculated right into your payment. In the event of a death the family income is typically reduced. It makes sense then that debts should also be reduced. Many times collateral, such as a vehicle, can be retained as debt-free items, also easing the financial burden on the family. When you consider the extent of coverage you carry on your regular life insurance policies, have you also considered the impact of any loan balances that may also need to be eliminated? This protection can be selected on each qualifying loan.
