Mortgage Rates
Peace of mind comes with a low-rate mortgage from Michigan Schools and Government Credit Union. The current rates for our many home loan options are listed below.
| First Mortgage Fixed-Rate Loan — Monthly |
| Term | Rates as low as | Points | APR* |
| 30 Year |
4.250% |
0.25% |
4.278% |
| 20 Year |
3.750% |
0.25% |
3.826% |
| 15 Year |
3.500% |
0.25% |
3.597% |
| 10 Year |
3.250% |
0.25% |
3.389% |
| Example: A loan amount of $150,000 at 4.250% for 360 months would have a monthly payment of $737.91. |
| *APR = Annual Percentage Rate |
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| First Mortgage Fixed-Rate Loan — Biweekly |
| Term | Rates as low as | Points | APR* |
| 30 Year |
5.750% |
0.25% |
5.780% |
| 20 Year |
5.625% |
0.25% |
5.666% |
| 15 Year |
5.375% |
0.25% |
5.426% |
| 10 Year |
5.250% |
0.25% |
5.322% |
| Example: A loan amount of $150,000 at 5.750% for 30 years would have a biweekly payment of $437.68. |
| *APR = Annual Percentage Rate |
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| Adjustable-Rate Mortgage |
| Term | Rates as low as | Points | APR* |
| 1/1 |
3.000% |
0.25% |
7.017% |
| 3/1 |
3.500% |
0.25% |
6.505% |
| 5/1 |
4.125% |
0.25% |
6.257% |
| 7/1 |
4.500% |
0.25% |
6.128% |
| Example: A loan amount of $150,000 at 4.125% for the first five years would have a monthly payment of $726.97. The payment adjusts annually thereafter based on current market rates. |
| *APR = Annual Percentage Rate |
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| FHA Mortgage |
| Term | Rates as low as | Points | APR* |
| 30 Year Fixed |
4.500% |
0.25% |
4.529% |
| 20 Year Fixed |
4.500% |
0.25% |
4.539% |
| 15 Year Fixed |
4.250% |
0.25% |
4.310% |
| 10 Year Fixed |
4.250% |
0.25% |
4.322% |
| Example: A loan amount of $150,000 at 4.500% for 360 months would have a monthly payment of $760.03. |
| *APR = Annual Percentage Rate |
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| Balloon Mortgage — 30-Year Amortization |
| Term | Rates as low as | Points | APR* |
| 7 Year Balloon |
5.250% |
0.25% |
5.310% |
| 10 Year Balloon |
5.375% |
0.25% |
5.422% |
| Example: A loan amount of $150,000 at 5.25% for 360 months would have a monthly payment of $828.31. |
| *APR = Annual Percentage Rate |
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| Interest Only Mortgage |
| Term | Rates as low as | Points | APR* |
| 30 Year Fixed |
6.125% |
0.25% |
6.152% |
| 3/1 ARM |
3.750% |
0.25% |
6.619% |
| 5/1 ARM |
4.375% |
0.25% |
6.400% |
| 7/1 ARM |
4.750% |
0.25% |
6.300% |
| Example: A loan amount of $150,000 at 4.375% on a 5/1 Adjustable-Rate Mortgage would have an interest-only payment of $546.88. You can adjust a maximum of 2%, up or down, and the loan payment converts to principal. |
| *APR = Annual Percentage Rate |
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| Vacant Land Loan |
| This interest rate is based on 10 acres or less. For parcels in excess of 10 acres, contact our Mortgage Department at 586.263.8800, option 4, for more information. |
| Term | Rates as low as | Points | APR* |
| 3/1 ARM |
4.500% |
0.25% |
6.789% |
| Example: A loan amount of $50,000 at 4.500% would have a monthly payment of $253.34 for the first three years. The payment adjusts annually thereafter based on current market rates. |
| *APR = Annual Percentage Rate |
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| Bridge Loan |
| Term | Rates as low as | Points | APR* |
| 1 Year |
4.250% |
0.25% |
4.250% |
| Example: A loan amount of $50,000 at 4.250% for one year would have a quarterly interest-only payment of $531.25. |
| *APR = Annual Percentage Rate |
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Interest rates shown here are available to borrowers with an excellent credit history. The actual interest rate available to you will be based on your credit history and loan to value ratio. Call 586.263.8800 for additional information.
