Homebuyers are unique and require mortgage options that fit their specific needs. MSGCU offers a variety of mortgages that are designed with different budgets and purchasing goals in mind. Buying a home takes a significant investment of time and money, and we also offer special incentives and programs to support you during the homebuying process and help you achieve your homeownership dreams.
Mortgage advantages
Not all mortgage partners are considered equal. As a not-for-profit credit union, MSGCU gives back to members with fewer fees and lower rates. Plus, MSGCU offers several innovative programs to champion your dream of homeownership.
0% down for first-time homebuyers
Saving for a down payment can be a barrier to entering the housing market. MSGCU removes it with our 0% down program for first-time homebuyers, including those who have been out of the housing market for three years. Check out the specifics.
True Preapproval
Pre-qualification is just a discussion with your lender. We go the extra mile to provide you with a true preapproval. “We’re pulling your credit report, looking at your financial picture, figuring those numbers out, so that when you’re out shopping, you can be confident you have the ability to purchase that dream home,” Bryan Genovich, Mortgage Lending Director at MSGCU explains.
In as little as one to two hours, you can get a true preapproval. And it can be done right on your mobile phone with MSGCU’s Mortgages and Refinance App or you can start an application online.
Rate Lock and Shop
With rapidly changing interest rates, MSGCU gives you peace of mind you’ve got the best rate with the 90-day Rate Lock and Shop.
Friendly MSGCU team members in your corner
With our mortgage consultants by your side, buying a home can be exciting and fun. Once you move from house hunter to homeowner, MSGCU will continue to service your loan through the life of it, so you can count on MSGCU’s friendly team being on your side for the long haul.
Mortgage products to meet your needs
Whether you’re a first-time homebuyer or searching for a forever home, MSGCU has the right mortgage for you. Here’s a quick run-down of the popular types.
Fixed-rate mortgage
A fixed-rate mortgage, also referred to as a fixed-rate conventional mortgage, means that your interest rate will stay the same for the length of time you have the mortgage, often 15, 25, or 30+ years. Fixed-rate mortgages are the most popular type of mortgage. Learn more here.
Adjustable-rate mortgage (ARM)
Adjustable-rate mortgages are loans in which the interest rate remains in place for the first few years and then adjusts. If you're looking for a low-cost, short-term mortgage, but want the flexibility to keep the loan longer, an ARM might be right for you. Plus, MSGCU’s adjustable-rate mortgages have caps that protect you from big increases in interest rates. See more about adjustable-rate mortgages.
FHA Mortgage
Federal Housing Authority (FHA) loans are backed by the government, specifically the Federal Housing Administration. Available from MSGCU in 15- and 30-year** terms, these loans allow members with smaller down payments saved and/or lower credit scores to achieve the dream of homeownership. Learn more about this loan.
Jumbo
Jumbo mortgages are conventional loans that exceed a certain value, which changes each year (this year is $726,200). They’re available in fixed- and adjustable-rate loans. Read more here.
Vacant land
Looking for a peaceful place near the lake or some land where you can build a new home in the near or distant future? A vacant land loan can help you purchase the perfect undeveloped parcel in a new subdivision or out in the country with either a fixed-rate or adjustable-rate loan. See more about vacant land loans.
Condo
When your dream home includes no maintenance with all the amenities, a condo might be for you. Fixed- and adjustable-rate condo loans are available. Plus, MSGCU offers non-warrantable condo loans, so you’re covered whether you’re purchasing the first or last condo in a new development. Learn more about this option.
No matter what your homebuying goal is, MSGCU is here to support you every step of the way. Check out our mortgage options, contact a mortgage expert with any questions, or start your preapproval today.
+
| Fixed-Rate Mortgage | ||||
| Available for terms up to 30 years. Here are just a few examples of the great rates we currently offer. | ||||
| Term | Rates as low as | Points | APR* | Payment* |
| 30 Year | 7.125% | 0.129% | 7.210% | $1,347.44 |
| 20 Year | 6.625% | 0.396% | 6.786% | $1,505.90 |
| 15 Year | 6.500% | 0.399% | 6.678% | $1,742.21 |
| 10 Year | 6.125% | 0.461% | 6.388% | $2,232.99 |
*APR = Annual Percentage Rate. The payment is based on a loan amount of $200,000 and consists of principal and interest. The payment does not include taxes and insurance premiums. The actual payment amount will be greater. | ||||
**
| FHA Mortgage | ||||
| Fixed-rate and adjustable-rate loans available for terms up to 30 years. Here is just an example of the great rates we currently offer. | ||||
| Term | Rates as low as | Points | APR* | Payment* |
| 30 Year Fixed | 7.375% | 0.000% | 8.198% | $1,496.78 |
| 15 Year Fixed | 7.000% | 0.000% | 7.826% | $1,894.61 |
*APR = Annual Percentage Rate. The payment is based on a loan amount of $200,000 and consists of principal, interest and mortgage insurance premiums. The payment does not include taxes and other insurance premiums. The actual payment amount will be greater. | ||||
Category: Finance
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