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Mortgages

Making your dream home a reality.

Why not turn to the credit union you trust for one of the biggest financial decisions you will make? Through our partnership with the Mortgage Center, we offer:

  • Competitive rates
  • Low fees and closing costs
  • Fast processing
  • Knowledgeable staff

A no-cost pre-qualification can help discover how much you can afford and to make your purchase offer more appealing to sellers.  With a pre-qualification in hand, the seller will know you are a serious buyer and can afford the price of their home.

Refinancing

Do you already have a home and wonder if you should refinance? That question is unique to each homeowner’s circumstances.  Since your home is likely to be one of your biggest expenses, making sure you aren't paying too much for your mortgage is an important part of your overall financial plan.  Here are some things to consider when looking at your existing situation:

  • How much longer do you anticipate being in your current home?
  • What’s your current rate and what rate might you qualify for by refinancing?
  • Is your current mortgage an adjustable rate or balloon loan?
  • Are you looking to do a home improvement project and want to leverage the equity by doing a cash-out?
  • Are you looking to reduce your term to pay off your mortgage sooner?

Let one of the experienced professionals through the Mortgage Center help walk you through the process to determine if refinancing is right for you.

Rates

Mortgage Rates

Mortgage Purchases
Effective Date: Tuesday, October 22nd, 2019

Rates quoted are for conventional purchase with no points; lower rates available. 

Visit Mortgage Center for more options. 

TermFixed APR As Low As
30 Year Fixed 3.99%
20 Year Fixed 3.89%
15 Year Fixed 3.56%
10 Year Fixed 3.57%

FNMA Maximum Amount: $484,350.00

The information provided assumes the purpose of the loan is to purchase an existing single family detached home and will be used as a primary residence. The loan amount is $150,000 and the purchase price is $200,000. For Golden Jumbos, the loan amount is $500,000 and the appraised value is $625,000. For USDA Loans, the loan amount is $100,000 and the appraised value is $102,827. The property is located in Oakland County, Michigan. There is an escrow account for property taxes and homeowners insurance. The rate lock period is 45 days and the assumed credit score is 740 or higher.

The monthly payment amount shown includes only principal and interest. The escrow for property taxes, homeowners insurance, flood and/or mortgage insurance if applicable are not included in the monthly payment amount. Your actual monthly payment will be higher with escrow account included.

The interest rates, APRs and points shown may change throughout the day due to varying market conditions. Rates are subject to change. To get more accurate and personalized results, please call 800-353-4449 to talk with a loan expert.

APR = Annual Percentage Rate

What You Need to Get Started

To help expedite your application, please make sure you have the following information available when you are ready to apply. 

  • Current and previous addresses (2 years)
  • Property information (if applicable)
  • Current and previous employment information and dates including monthly salary
  • Bank account statements
  • Current monthly housing expenses such as rent and mortgage payments
  • Address and market value information for properties you own, including taxes & insurance
  • Sources and income amounts for all borrowers. If you are a W-2 employee, pay stubs for the last 30 days.
  • If working with a real estate agent, their name, company and phone number

We offer several options to start the mortgage application process.  If you are comfortable, you can start the process online or, if you prefer to speak to someone, call 800.353.4449 Monday – Friday 8 a.m. to 7 p.m and Saturday 9 a.m. – 1 p.m.

Start your loan process online

Testimonial

Their Dreams. Our Ideas.

I have been a happy LOC member since 1978. LOC has continuously worked to lower my interest rate on all my auto loans and home mortgages.

Diane and LOC

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