Purchase a New Home or Refinance Your Current Home
We offer a variety of mortgage options suited to your needs, whether you are purchasing a new home or refinancing your current home. Our experienced mortgage team is here to help you every step of the way by answering your questions, explaining your options, and providing the personal support you need to move forward with confidence.
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Start your home-buying journey with confidence. Once submitted, a member of our mortgage team will reach out to guide you through your next steps.
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How much will your monthly mortgage payment be? Use this calculator to figure out your monthly payment, including your mortgage’s principal and interest payments as well as insurance and taxes.
Mortgage Rates
What Does This Announcement Mean?
ELGA CU and COPOCO CU have applied to their regulators to merge into one credit union. The merger requires approval of the NCUA, Michigan Department of Insurance and Financial Services, and members of COPOCO CU.
1st Mortgage Purchase or Refinance ELGA Portfolio
| Years | Rate | Discount Points | APR |
|---|---|---|---|
| 10 Year Fixed | As low as 5.775% | 0.000 | 6.254% |
| 15 Year Fixed | As low as 5.875% | 0.000 | 6.214% |
| 20 Year Fixed | As low as 6.125% | 0.000 | 6.397% |
| 15 Year Balloon – 30 Year Payment | As low as 6.375% | 0.000 | 6.583% |
| Vacant Land | As low as 7.375% | 0.000 | 7.596% |
Investment Property 1st Mortgage Purchase or Refinance ELGA Portfolio
| Years | Rate | Discount Points | APR |
|---|---|---|---|
| 10 Year Fixed | As low as 7.025% | 0.000 | 7.516% |
| 15 Year Fixed | As low as 7.125% | 0.000 | 7.476% |
| 20 Year Fixed | As low as 7.375% | 0.000 | 7.661% |
| 15 Year Balloon – 30 Year Payment | As low as 7.625% | 0.000 | 7.849% |
1st Mortgage Purchase or Refinance (Fannie Mae and Government Programs)
| Years | Rate | Discount Points | APR |
|---|---|---|---|
| 30 Year Fixed | As low as 6.375% | 0.250 | 6.608% |
| 20 Year Fixed | As low as 6.375% | 0.125 | 6.666% |
| 15 Year Fixed | As low as 6.000% | 0.000 | 6.340% |
| 10 Year Fixed | As low as 5.750% | 0.125 | 6.257% |
| FHA | As low as 6.625% | 0.375 | 6.874% |
| Rural Development (RD) | As low as 6.625% | 0.375 | 6.874% |
| VA | As low as 6.625% | 0.625 | 6.899% |
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Mortgage FAQs
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ELGA CU and COPOCO CU have applied to their regulators to merge into one credit union. The merger requires approval of the NCUA, Michigan Department of Insurance and Financial Services, and members of COPOCO CU.
What does my credit score have to be to qualify for a mortgage?
We have several types of loans. Fannie Mae, FHA, RD, and VA will require at least a 620 minimum. We do have in-house loans that do not require a minimum credit score but require a 20% down payment.
Do I need to have money saved for Down Payment and Closing Costs?
In most cases, you will need to have money saved to purchase a home. Most loans require a down payment and closing costs. Some loans, like a Rural Development loan, have a 0% down payment but still require closing costs.
I have cash saved at home. Can I use that for a down payment and closing costs?
No, any cash deposited into your bank account must be there for 60 days before it can be used for a mortgage.
Do I have to use a realtor?
No, you do not have to use a realtor. However, we advise that you do. A realtor can help you list your house, make a reasonable offer on a new home, and give you information on what to look out for in your new home. Realtors also handle a lot of the legal paperwork involved with a mortgage.
Should I continue paying my debts even though you are paying them off?
Yes, continue making the monthly payments until the debt is paid off. This will avoid late fees and penalties, and if you overpay the debt, you will be refunded by the creditor.
Can I open new lines of credit during a mortgage?
Yes, you can, but it is best to avoid doing this during a mortgage. Those new debts may increase your monthly payments enough to deny the mortgage ultimately.
Does my employment history matter for this mortgage application?
Yes, it does. Gaps between employers can ultimately deny a loan. The steadier your employment history is, the higher the chances of approval.
Can I take out a personal/unsecured loan for the down payment and closing costs?
No, unsecured loans cannot be used for the down payment and closing costs. Your chances of approval are higher when your liabilities are lower.
How much are closing costs?
Closing costs are typically between $3,000 and $4,500 for a first mortgage and $800+ for a second mortgage. Those funds are used to pay for items such as an appraisal, title work, an origination fee, etc. If your mortgage includes escrow, you should factor in roughly another $3,000 to $4,500 to account for funding these prepaid items, which consist of 1 years’ worth of taxes and insurance.
Annual Percentage Rate (APR) based on an estimated loan amount of $175,000. The actual interest rate to you may vary based on several factors including but not limited to down payment, occupancy type, property type, and your credit history.
All rates subject to change without notice. Rates based on your credit bureau score. The rates listed above are for members who have excellent credit. Rates increase if there have been previous credit problems and for other applicable loan level price adjustments. All rates quoted “as low as”. APR = Annual Percentage Rate. The payment example does not include taxes or insurance and the actual payment obligation may be greater.
