By Honor Credit Union You’re ready to be a homeowner! While the thought of buying a home is exciting, the
Affordable Mortgage Options
Building, buying, or refinancing your home can be an overwhelming process. That’s why at Honor Credit Union we do everything we can to make this journey as simple as possible for you. With a variety of options, we are confident that you will find that Honor Credit Union is the best place for your mortgage or home equity loan needs. Whether you found your first home, dream home, or a piece of land to build on, we have you covered. We know every situation can be different, so we invite you to tell us your story, so we can find the best loan for you!
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Purchases, Refinances, New Constructions & More
Lenders That Know The
Home Loan Types
What’s your story? Are you buying your first home or your dream home, or are you looking to refinance your current loan? Whatever your situation is, we have a mortgage solution for you. With a wide variety of options, Honor Credit Union is committed to finding the best product to fit your needs. We even offer portfolio loans for our members who don’t fit into a box.
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac typically require down payments of at least 3%. Borrowers who put at least 20% down do not have to pay mortgage insurance premiums which are typically required with FHA loans. We offer conventional fixed rate loans in a variety of terms up to 30 years.
- Seller can pay up to 3% of costs
- Down payments as low as 3%
This is a loan retained by Honor Credit Union that may or may not meet Fannie Mae or Freddie Mac guidelines. In-house portfolio loans allow us some flexibility for our Members who don’t fit into a traditional criteria box and need a more customized solution. These loans are ideal for unique situations that a member of the Honor mortgage team can go over with you.
Jumbo mortgages, or jumbo loans, are loans that exceed the dollar amount loan-servicing limits put in place by Freddie Mac and Fannie Mae. This makes them non-conforming loans. As of 2018, the limits are $453,100 in all states except for Alaska, Guam, Hawaii, and the U.S. Virgin Islands, where the limit is $679,650. The conforming limit is higher in counties with higher home prices, so be sure to check your area’s loan limits using the Federal Housing Finance Agency tool.
A mortgage insured by the Federal Housing Administration. FHA home loans can help people get into your first home, refinance an existing home loan, or help you into a cash-out refinancing loan for improvements on your existing home even if they’ve had past credit issues. Applying for an FHA mortgage isn’t like the process for getting a conventional loan, mostly because FHA loan guidelines can generally be more flexible. FHA loan applications can be more forgiving of past credit mistakes and you’ll pay less out of pocket for down payments in most situations than with conventional loans.
Did you find a little piece of heaven that you want to build your dream home on but you’re not ready to build yet? This loan is perfect for someone wanting to purchase a vacant lot or piece of undeveloped land.
- Up to 80% financing available
- Flexible terms
Are you ready to build your dream home? With an Honor Credit Union Construction loan, you can finance the building of a home or large real estate improvement project using a construction loan.
One-time Close Construction Loan
- Down payments as low as 5%
- One approval process and set of closing costs
- Up to 12 months construction terms
- Interest only payments during construction
Which Home Loan is Right For You?
Buying a house is a big decision, and everyone’s situation is different. When you finance your home at Honor, you won’t have to do any guessing when it comes to choosing a loan. We strongly recommend you reach out to our team of expert mortgage lenders, tell them your story, and let them build the right solution for you!
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Use this calculator to determine your estimated monthly payment.
Use this calculator to determine how much interest you can save by increasing your payment.
Use this calculator to determine if refinancing your current mortgage makes sense.
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If your mortgage is serviced by Midwest Loans, you can access your secure account by clicking the button below.
Home Equity Loans
Home equity loans are great low interest ways to finance projects using the equity you’ve built in your home.
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Meet Our Mortgage Team
Our team of mortgage lending experts across the state of Michigan are ready to guide you through the entire home buying experience, from pre-approval to closing. The Honor mortgage team can help you decide which home loan is best for you, what your payments might be, and give you some insight into additional costs you might not have known about, such as earnest money and PMI. Come tell us your story. We look forward to helping you!
- Our local mortgage experts know your community because they live and work there.
- Your mortgage lender will be with you through the entire process to answer questions about pre-approval, your mortgage loan and to make sure you’re ready to sign on the dotted line to get your keys!
- Even if you’re just exploring the idea of buying a home, our mortgage experts can give you helpful tips and ideas to think about as you start your journey.
We want to make sure your home buying experience is as easy as possible. We’ve dedicated a section of our blog to mortgage and home buying topics. We hope you find them helpful. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.
The gift of money is always a welcome surprise, isn’t it?! And, a great time to receive a gift like
There can be many confusing topics when it comes to buying a house, and PMI, known officially as Private Mortgage
Maybe you finally landed the job that allows you to have new financial freedom. Maybe you had to move and
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Frequently Asked Mortgage Questions
Getting pre-approved is easy! You can simply apply online. Click here to start! You can also contact a local Honor mortgage lender to set up an appointment. One of the advantages of working with Honor Credit Union for your home loan is the comfort you will feel knowing you can contact your lender directly or stop by his or her office anytime you have questions. Another advantage is that our lenders live in the markets they serve, and all decisions are made locally.
Once your offer to purchase a home has been accepted and signed, you are ready to meet with your lender to turn your pre-approval into a loan application. Please download the document below for a checklist of items that must be provided to your lender in order for them to lock in your interest rate and process your application in a timely manner.
Yes! In fact, applying to get pre-approved for a home mortgage loan is the FIRST thing you should do before you begin your search for the perfect home.
During this process, your lender will provide guidance on the best loan option to fit your situation along with an approved loan amount. Your lender will also give you a pre-approval letter, which signifies that you are a qualified buyer. You can share this letter with your realtor to include with your offer to purchase a home. Not only will your pre-approval letter add more weight to any offers you submit, but it will also guide your home search.
Mortgage interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.
Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.
PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.
An escrow account is where funds are held by the lender to make payments for your homeowners’ insurance and property taxes. Lenders will collect those funds monthly along with your loan payment and then pay the tax and insurance bills when they are due. Generally, the funds are included in your total monthly payment. Since the price of property taxes and insurances can fluctuate, so can the amount needed for your escrow account to cover those bills. Sometimes this can change your required monthly payment.
*APR = Annual Percentage Rate. Your rate may be different depending on your credit profile and home value. Rates are subject to change without notice. Additional restrictions may apply.
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