10-Year Fixed Rate.....................6.25% APR*
15 Year Fixed Rate NEW!...........5.50% APR*
30 Year Fixed Rate NEW!.........Call for rate
*APR = Annual Percentage Rate. Rates effective 1/9/08 and are subject to change.
And with all our mortgages, you get the Financial Plus advantages:
- No Points!
- No application fee
- Low Closing Costs
- Fast, Friendly Loan Processing
- We Don't Sell Mortgages
Financial Plus Federal Credit Union offers you mortgage options to meet your needs whether you’re purchasing a home or refinancing your present home. Here is a brief summary of the mortgage options available.
Fixed-Rate Mortgages
- Option of 5, 7, 10 or 15 years
- Rate fixed for the term of the mortgage
Balloon Mortgages
- Payments can be scheduled for up to 30 years
- Rate fixed for the balloon period (5 or 7 years)
Most members take advantage of our convenient automatic mortgage payment. The monthly payment is automatically transferred from you savings or checking account on the 1st day of the month. You avoid the hassle of writing and mailing a check or the problems of forgetting to make the payment on time.
Frequently Asked Questions
What portion of the value can be borrowed?
Financial Plus Federal Credit Union will loan up to 90% of appraised value. Mortgages above 80% of appraised value require Private Mortgage Insurance (PMI).
Is there an escrow account for property taxes and insurance?
Property taxes and insurance are part of the payment and held in a dividend-earning escrow account when the loan amount is greater than 60% of the appraised value.
Applying for a Financial Plus Federal Credit Union Mortgage
Since mortgages and all their options can be complex, we urge members to contact the credit union for more information and application materials. Call the Lending Services department at (810) 244-2200 or (800) 748-0451.
Consumer Alerts
- It is a common practice for the mortgage company to “sell” the mortgage and its servicing. Financial Plus services all of its mortgages and home equity loans. This means that you will deal only with Financial Plus regarding your mortgage or home equity loan.
- Be careful of the mortgage company you deal with. It is common for “predatory” lenders to switch the interest rate to a higher rate than the advertised rate, charge excessive (and frequently hidden) fees, and to use high-pressure sales techniques to pressure the buyer.
At Financial Plus, we:
Call our Lending Services department at (810) 244-2200 or toll free at (800) 748-0451 to set up an appointment with a Mortgage Loan Officer.
