Mortgages | Michigan Credit Union Home Loan Rates

SAVE UP TO $1,120* ON CLOSING COSTS.

Apply by September 30, and you’re eligible to save $745 in processing and underwriting fees and receive up to a $375 home appraisal coupon by attending our free Homebuyers Workshop.

TRUE PREAPPROVAL

A prequalification is simply a discussion with your lender, while a True Preapproval looks at your financial picture, including your credit report. The seller can see that you are ready to buy, and we can quickly get you to closing and move day. To make it even more appealing, the average True Preapproval can be ready for you in as little as one to two hours.

Once you have a True Preapproval with MSGCU, all you need is a new address.

Provide your income and asset information
MSGCU team will assess your financial situation and provide a preapproval letter
Easily apply for your True Preapproval with the MSGCU Mortgage and Refinance App or in-person with a friendly mortgage consultant

0% DOWN PAYMENT MORTGAGE FOR FIRST-TIME HOMEBUYERS

With MSGCU in your corner, you can realize the dream of homeownership now, without waiting years to save for a down payment. Buying your first home can feel overwhelming, so our process is designed to build the right mortgage, just for you. You may be able to own for similar or even less than your rent.

Available on fixed and adjustable-rate mortgages for single-family homes or condos up to $500,000
Minimum credit score of 680
No property ownership in the last 3 years

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INTEREST RATE LOCK AND SHOP

Mortgage interest rates are influenced by housing market conditions and may change many times every day. MSGCU gives you the security of locking in an interest rate for up to 90 days while you shop for a home.

$250 non-refundable fee, collected only after you have a loan estimate, address, and are ready to move forward with the property.
One-time float-down option allows you to lower your locked interest rate, should rates go down 0.25% prior to your loan closing.
Your loan must close within the lock period. However, if your rate lock is due to expire before your closing MSGCU has interest rate extension options available.

$100^† REFERRAL BONUS

With our Member Referral Program, members and the friends they refer can earn a $100 cash bonus when new members close on an MSGCU mortgage.

*The up to $1,120 incentive applies to home purchases only and includes 1) waiver of $295 processing fee and a $450 underwriting fee for mortgages applied for between 3/1/2023 and 9/30/2023, and 2) coupon toward a free appraisal (up to $375) when attending a free Homebuyers Workshop prior to closing. Appraisal coupon credit will be applied at the time of closing.
†You must be a legal resident of the United States of America, at least 16 years old, and a member of MSGCU to participate in the Program. Referrals made to existing members of MSGCU are invalid. By making a valid referral that is completed by a Friend in accordance with the Program Terms, you and the Friend will each receive a cash reward as follows: $5 for a new MSGCU membership which is established by the Friend and remains in good standing for a period of at least 60 days; $25 for an approved and funded Auto, RV, Boat or Power Sport loan of $5,000 or more applied for by the Friend within 10 days of membership open date; $25 for a new MSGCU VISA credit card which the Friend must apply for within 10 days of membership open date and be approved for within 30 days of application date; $100 for an approved and funded mortgage loan applied for by the Friend and funded within 180 days of membership open date; $25 for a new checking account opened by the Friend and funded with $25 or more within 10 days of membership open date. The Friend will receive an additional $25 reward if they make 10 debit card transactions of $10 or more via the new checking account within 60 days, or they receive a direct deposit of $100 or more into the account within 60 days. Only one reward per reward type is available, for each Friend referred, subject to a maximum of $1,500 in cash rewards per calendar year. Rewards will be automatically deposited into your oldest existing MSGCU primary share account two business days following confirmation by MSGCU that the referral has been made in full compliance with the Program Terms. Reward cash payments are considered interest and annual payments totaling $600 and above will be reported on IRS Form 1099-MISC, to federal, state, and local tax authorities, if required by applicable law. You are responsible for any taxes due. For full terms and conditions, visit https://www.msgcu.org/disclosures-and-fees.

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Members and communities are at the center of everything that we do. You have goals to reach and dreams to achieve, and we are here to help you prosper.

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HOUSE HUNTING? SAVE UP TO $1,120* ON CLOSING COSTS.

SAVE UP TO $1,120* ON CLOSING COSTS.

0% DOWN PAYMENT MORTGAGE FOR FIRST-TIME HOMEBUYERS

$100† REFERRAL BONUS

$100^† REFERRAL BONUS