Mazimize Your Buying Power with a Custom Mortgage from Consumers
Your dream of home ownership can become a reality with Consumers Credit Union's wide range of mortgage options. Mortgages are available for primary residences and vacation homes. Or refinance to save money. A home may be your biggest investment, so let Consumers help with every phase of your mortgage. Benefits include:
You can apply for your mortgage at any Consumers office or online. We’ll review your home financing needs and help you find the best solution.
Consumers Mortgage Loan Officers
A fixed rate mortgage from Consumers gives you peace of mind by offering a consistent payment amount for the entire term of your loan.
A longer term will enable you to get more house for your money with a lower monthly payment. A shorter term enables you to save money by paying off your balance more quickly and reducing your interest expense. Read more >>
A variety of terms ranging from 10, 15, 20, or 30 years.
Low closing costs to save you money.
Prepay at anytime without penalty. << Show less
Lot loans enable you to obtain a mortgage for the property of your dreams. A low fixed rate will save you money keeping costs down until you’re ready to start construction. Read more >>
High Five Refi
This unique home loan can help reduce your monthly payments and increase cash flow; it's our version of the federal government's Home Affordable Refi Program (or HARP loans) for refinancing loans owned by Fannie Mae. If you currently have a mortgage with us or somewhere else ask yourself these questions... Read more >>
- Do I owe more on my mortgage than my home's appraised value?
- Have I been making payments on schedule?
- Did my mortgage originate before June 1, 2009?
- Do I want to refinance at today's lower rates to save money or reduce my monthly payment?
If you answered yes, Consumers has the solution to get you into a more affordable mortgage. It's called our High Five Refi**, and it's designed to help homeowners who owe more on their mortgage than the home is worth on paper**. Call our mortgage department for more details at 800.991.2221. See if the High Five Refi program can fit your needs and help you get into a more affordable mortgage and payment. << Show less
Celebrate your hometown or choose the town that your kids will call home. Consumers’ Hometown Mortgages can help you or your customers purchase or refinance rural, suburban, or small town property. Read more >>
A Consumers Hometown Mortgage is available in select areas in Michigan, in communities and rural areas of fewer than 20,000 residents. The goal of the Hometown Mortgage is to expand home ownership in rural communities by making home ownership more affordable with limited down payment and credit requirements. Visit http://eligibility.sc.egov.usda.gov to see if your community qualifies.
- NO money down – up to 102% financing.***
- Reduced monthly guarantee fee, when compared to other loan options like conventional or FHA. That means lower monthly payments!
- Closing costs can often be included in the loan or can be paid by the seller up to 6% of the loan amount.
- There is NO maximum loan amount.
- You do NOT need reserves after closing.
- More flexible credit qualifying with FICO scores of 640+.
- Hometown Mortgages offer secure 30-year fixed rate loan terms with low market interest rates.
- Hometown Mortgage loans are for any new or existing site-built single family residence located in a Rural Development eligible area. The home being purchased must meet USDA/HUD standards.
Connect with a Mortgage specialist today to learn if you can take advantage of a Hometown Mortgage. << Show less
Affordable Alternative Mortgage
—Combining the best features of low-cost conventional financing with the most popular characteristics of FHA financing! The Affordable Alternative Mortgage eliminates many of the expenses typically requried by similar loans. Read more >>
- Up to 97% loan to value.
- 3% down payment may be grant money or a family gift; it is not obligated to be borrower funds.
- Flexible credit qualificaitons.
- No property location restrictions.
- The borrower does not need to be a first-time homebuyer and may own other real estate.
- Eligible properties include one unit single family homes or condos, which must be owner-occupied as the primary residence.
This mortgage program provides members with five year mortgage insurance savings of $3,000 to $5,000 and lower monthly payments. Additionally, it does not require mortgage insurance for the life of the loan; that requirement is dropped at 78% loan to value. The single–premium mortgage insurance policy could be paid by the lender or seller to enable additional savings.
- First time homebuyers.
- Homebuyers with minimal to no down payment or reserves.
- Homebuyers with credit scores of 680+. << Show less
Get all the benefits of Consumers service, now with your construction or major renovation loan! Lock in your rate for up to 12 months, with your choice of rate options. Never one-size-fits-all!
Are you a builder? How about easy draws off your client's construction loans? Call to apply for our Builder Approval!
*Some restrictions apply. Offer subject to verification and credit approval. An active checking is required.
**As with any major financial decision, we encourage members to consult with a tax advisor. High Five Refi is only available for loans currently owned by Fannie Mae.
***A Consumers Hometown Mortgage is a Section 502 Guaranteed USDA loan available through Consumers Credit Union. Some restrictions apply. Offer subject to verification and credit approval. An active checking is required. Please consult with your tax advisor regarding the deductibility of interest and charges.