Mortgage Products

Conventional Mortgages
FinancialEdge Community Credit Union offers Conventional First Mortgages up to $417,000 to qualified borrowers with repayment terms of either 10, 15, 20, or 30 years. Give us a call to determine which mortgage product best suits your needs.

FHA Mortgages
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.

FHA loan programs are designed to help creditworthy individuals or families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA financing:

• Only a 3.5% percent down payment is required.
• Closing costs can be financed.
• More flexible underwriting criteria than conventional loans.

Rural Development Mortgages
USDA loans are offered by the United States Department of Agriculture and are often commonly referred to as Rural Development loans. Similar to FHA and VA loans, USDA loans are backed by the Government and are designed to promote home ownership in underserved areas of the country.

While not all property locations will qualify for a USDA backed loan, generally speaking, homes located outside of the city limits (or in cities with fewer than 50,000 people) are often eligible. In addition to physical location restrictions, household income is also a criteria for eligibility.

Qualifying income is based upon the median income for the region and number of individuals planning to occupy the home. Since no monthly mortgage insurance is required on USDA loans, monthly payments on this program are often lower then other Government backed loan options.

Other benefits of a USDA loan include:

• No down payment requirement (will finance 100% of the home purchase).
• Closing costs are comparable to other financing types and can typically be financed into the loan (no money out of pocket).
• 30-year fixed rates are available.
• Credit score and credit history is more flexible then most other loan products.
• Right to prepay loan without penalty.
• No monthly mortgage insurance requirements.

Balloon Mortgages
With a FinancialEdge Community Credit Union Balloon First Mortgage, you can amortize your loan for up to 30 years while enjoying a very competitive interest rate through the balloon term of your loan.

This mortgage works well if you do not intend on residing in your home for an extended period of time.

Although your payment and interest rate remain the same through the balloon term, the remaining principal balance would have to be refinanced after the balloon term. 

Home Equity Lines of Credit
A Home Equity Line of Credit Loan from FinancialEdge Community Credit Union is a great way to attain your financial goals. Use your home's equity to maximize your purchasing power for those home improvements, college education, purchase a new car, or any other worthy initiative.

Features:

1. Variable rate based on prime lending rate
2. Borrow up to $100,000 
3. Payroll deduction available
4. Loans up to 90% of appraised value or 2X's SEV - (Minus existing liens)

Home Equity Loans
FinancialEdge Community Credit Union offers Fixed Home Equity Loans to qualified borrowers. Use the equity in your home to pay for expenses related to home improvements, college expenses, or to purchase a new car or truck.

No matter the purpose, FinancialEdge Community Credit Union has the mortgage product that fits your needs.

For more information, you may reach our Loan Department at 989-892-6088 or 800-610-2764 and press 4.

Getting Qualified
Should you talk to a mortgage professional before house hunting?

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?

When we pre-qualify you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!

Once you qualify, we give you what's called a Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.

When you find a house that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre-qualified is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!

You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage program that fits your needs better.