Mortgage Products
Time to move into another home? Maybe you've outgrown the one you're living in now. Perhaps you're in a better financial position than you were when you bought your last house. Maybe you're moving to a new town with a new job. While it really doesn't matter why you need a new house, it does matter how you go about purchasing it.
No one likes the hassle of buying a home the old way, including us. That's why we've invested our energy into streamlining and updating the entire mortgage process. We're pleased to bring you a faster, more technologically advanced way to finance your home.
PLUS, make sure you ask about our Rate Drop Protection, which can help cut the cost of refinancing your home down the line! With Rate Drop Protection you'll have the option to refinance* your home at a new, lower rate at NO ADDITIONAL COST if the market conditions alter to your benefit within 2 years of the date your mortgage was funded. For full details, talk with our Mortgage Department.
FinancialEdge Credit Union offers Conventional First Mortgages up to $548,250 to qualified borrowers with flexible repayment terms. To determine which mortgage product best suits your needs, give us a call or email us.
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?
To be pre-qualified, you will be asked for:
- 2 years of federal tax returns with all W2s
- Most recent paystubs
For a list of further items that may be needed and to make an appointment to see a mortgage consultant, please email or call us today!
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.
Looking for a Home Equity loan or Line of Credit?
*Verification and product requirements: Mortgage must be existing Credit Union in-house mortgage loan. Mortgage must be current and have no payments 30 days or more late since inception. Property taxes must be current and Home-Owners insurance in force. Member must produce Mortgage Refinance Certificate from original closing date of mortgage to the mortgage department at 1199 S. Euclid Ave., Bay City, MI 48706. Member has 2 years from mortgage funding date to present refinance request to the FinancialEdge Mortgage Department. Loan will be modified by the Credit Union to new rate at time of presentment of Refinance Certificate based on the current rates and terms of the Credit Union based on the original mortgage loan term in 2023. No cash-out will apply to this request. Mortgage Refinance Certificate can only be applied once since the initial loan funding and is non-transferable. Appraisal of property must not be more than 30 months old at time of presentment of Refinance Certificate. Credit Union will use original qualifying credit score at time of the initial mortgage. Applicable on new mortgage loans beginning January 24, 2023. Mortgages funded prior to this date do not qualify.
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