Mortgage Advantage | Michigan Credit Union Home Loan Rates

FREE HOMEBUYERS WORKSHOP

Learn and save by attending our free Homebuyers Workshop. Level up your homebuying knowledge and get a coupon for $375° off a home appraisal (subtracted from your closing costs).

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 a friendly mortgage consultant

NO 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.

^†$99 mortgage processing fee offer available for mortgage loans originated and disclosed between 5/1/2026 and 12/31/2026 and saves $646 on mortgage processing when you obtain a mortgage from MSGCU. Homebuyers are responsible for any third-party closing costs including but not limited to home appraisal, home inspection, title, tax, and insurance. A loan amount of $200,000 amortized over 30 years at an interest rate of 6.375% has an Annual Percentage Rate (APR) of 6.436% and a payment of $1,247.74 with 0 points due at closing. The payment does not include property taxes or insurances, the actual payment will be higher.
°Attend our free Homebuyers Workshop and receive a coupon worth up to $375 to apply towards a residential real estate appraisal when you obtain a mortgage from MSGCU. The coupon credit will be applied at the time of closing.
*Friends must be at least 16 years old and may not be existing member of MSGCU to qualify for new member rewards. Existing MSGCU members may be referred for mortgage loan rewards only. 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: $10 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 Powersport 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. Members who refer existing MSGCU members for a new, approved, and funded mortgage loans will each receive a cash reward of $100. 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.

Not for profit. All for members.

Members and communities are at the center of everything that we do. Anyone in Michigan can bank with us, and we’re here to help all our members reach their financial goals.

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$99 Mortgage Processing*

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Introducing Video Banking.

Your homebuying champion with $99 mortgage processing*

FREE HOMEBUYERS WORKSHOP

NO DOWN PAYMENT MORTGAGE FOR FIRST-TIME HOMEBUYERS

$100† REFERRAL BONUS

Your homebuying champion with $99 mortgage processing^*

$100^† REFERRAL BONUS