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Michigan Home Mortgages
Mortgages? Yeah, we've got those.
As a member of CFCU, you have access to Mortgage Center, our partner for more than 30 years. Christian Financial is an owner of Mortgage Center, so they’re invested in helping our members succeed.
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Who Says the Mortgage Process Has to Be Painful?
Do you ever feel like the mortgage process is one big headache? Well, who says it has to be that way? Our partner Mortgage Center is here to help make the process as painless as possible.
Apply Online
Apply online, quickly and easily at a time that is convenient for you.
Easy Communication
Communicate with your loan officer via text.
We're Committed to You
Mortgage Center services your loan for life, so your mortgage will never be sold. This means you’ll always know who you’re paying so you won’t miss a payment.
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We're here anytime you need us.
Mortgage Center Reviews
Don't take our word for it!
“Our experience with Mortgage Center was fantastic. The entire process from filling out the application to close went very smoothly and was so easy. Their team worked very hard to make the process as stress free and quick as possible. They were all very knowledgeable and kept us informed from start to close. I would absolutely recommend them!!”
“Mortgage Center made refinancing my home quick and easy. The agents helped me step by step to complete all the paperwork quickly. The closing agent came to my home to sign all the papers and answer any questions I had. Would definitely recommend them to anyone interested in a new mortgage or refinance.”
“This was my first experience with getting a home loan. It went much easier than I thought it would. I was kept up to date on everything that was going on with my loan. Very friendly and knowledgeable team members. Highly recommend anyone who need a home loan or refinancing to contact Mortgage Center.”
Frequently Asked Questions (FAQ's)
How Much Can I Afford?
A preapproval can tell you the exact amount that you will be approved to finance, but obtaining a preapproval depends on multiple factors:
- Income
- Debt-to-income (DTI) ratio
- Credit score
- Down payment
- Current interest rates
Debt-To-Income Ratio = Monthly Debts / Monthly Gross Income
A common guideline: your monthly housing costs should not exceed 30% of your gross monthly income.
Try using our Home Affordability Calculator to see how much you may be able to afford!
What Is a Down Payment, and How Much Will I Need?
A down payment is the upfront cash you pay toward the home purchase.
- Typical range: 3%–20% of the purchase price
- Less than 20% usually requires Private Mortgage Insurance (PMI)
Mortgage Center, our partner for mortgages offers multiple products where you can put down less than the standard 20%. Find out more by calling (800) 353-4449.
What Is PMI (Private Mortgage Insurance)?
PMI is insurance required when you put down less than 20%. It helps protect the lender if you can’t make your payments - it does not protect the homeowner.
Note: Mortgage Center, our partner for mortgages, offeres PMI Saver Loans. The PMI Saver loan helps reduce or eliminate that extra cost, so you can keep your monthly payment lower without having to increase your down payment. PMI Saver is a special mortgage option designed to help qualified buyers avoid or significantly reduce monthly private mortgage insurance, even if they don’t have 20% down. It’s a smart way to make homeownership more affordable - without compromising flexibility or financial freedom. Learn More Here.
What Is Escrow?
An escrow account holds funds for property taxes and homeowners insurance, which are paid as part of your monthly mortgage payment.
Do I Need Good Credit to Get a Mortgage?
There’s no universal minimum credit score to qualify for a mortgage, but most conventional 30-year loans require a score of 620 or higher. FHA loans may allow lower scores, sometimes with a higher down payment. In general, a higher credit score can help you qualify for a lower interest rate.
What Happens if I Miss a Payment?
If you miss a mortgage payment, the following could happen:
- Late fees
- Credit score impact
- Risk of foreclosure, if prolonged
In the event that you do miss a mortgage payment, you should reach out to your mortgage lender as quickly as possible. Don't wait!
What’s The Difference Between Fixed-Rate and Adjustable-Rate Mortgages (ARM)?
A fixed-rate mortgage keeps the same interest rate for the life of the loan, giving you predictable monthly payments. An adjustable-rate mortgage (ARM) usually starts with a lower rate, but it can increase over time. There’s no right or wrong option – choosing the best loan depends on your budget and long-term plans. Learn more here!
What Is An Interest Rate and APR?
An interest rate is the cost of borrowing the loan, and is what predicts your monthly payment. The APR (Annual Percentage Rate) includes the rate you receive & applicable fee; which gives a more accurate total cost.
APR helps you understand the total cost of a loan and compare offers from different lenders to find the best option for your financial needs.
What Are Closing Costs?
These are fees that are paid upon closing, typically they are 2% to 5% of the financed amount and they often include:
- Lender fees
- Title insurance
- Appraisal
- Taxes
What Is Refinancing?
Refinacing is replacing your current mortgage with a new one so you can:
- Lower your rate
- Change loan terms
- Tap into home equity (cash-out refinance)
Wondering if a refinance is for you? Try our Mortgage Refinance Calculator!
Note: If you’re looking to access your home’s equity without changing your current mortgage, Mortgage Center offers a fixed rate home loan and Christian Financial offers HELOC (Home Equity Line of Credit) options that could be a great fit.
Learn More
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*Offer for 0.50% rate discount is available on purchase and refinance transactions. Application must be taken between now through May 31, 2024. Mortgage amount must be between $40,000 and $726,200 to be eligible. Mortgage rates current as of 03/21/2024 and assumes a 30-year fixed-rate purchase of a detached, owner-occupied property with a loan to value ratio of 80% and a credit score of 780. A loan amount of $200,000 at an interest rate of 6.125% and an APR of 6.213% has a payment of $1,215.22 with 0.0 points due at closing. Payment does not include property taxes/insurances; actual payment will be higher. Offer applies to Conventional Residential First Mortgages financed with Mortgage Center and excludes FHA, VA and Home Equity Loans and Lines of Credit. Christian Financial Credit Union membership required. Offer may not be combined with any other promotion or discount. The offer has no cash value. This offer is non-transferrable. Terms are subject to credit and mortgage approval. Mortgage Center is an Equal Housing Lender, NMLS# 282701. Christian Financial Credit Union is Federally Insured by NCUA.
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