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.
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
3% Down Mortgage Solution
Looking for a home? Need a flexible, low down payment option? Consumers has a unique program to get you in your home faster and with less money out of pocket – it’s our 3% Mortgage Solution*. No Hassles. Yes! Affordable. Read more >>
- Low 3% down payment (Yes! Gifts accepted)
- No FHA hurdles
- Flexible, common sense underwriting
- Budget friendly with no mortgage insurance
- Great for first time or repeat buyers
- No income limits
- Application to close in 20 business days
You’re more than a credit score at Consumers. Our 3% Mortgage Solution brings you flexible underwriting, no minimum credit score, and no added loan fees for participation (like FHA/VA). Ease your home buying experience with a standard appraisal (vs. FHA property inspection), the seller’s ability to contribute up to 6% in prepaids and closing costs, and service by your local credit union. Your loan will never be sold!
What does this mean? Less cash out of your pocket at closing and a more budget friendly monthly payment. << Show less
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
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 >>
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!
*All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions. 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.