Home Loans
Partner with one of the best credit unions in Michigan for your home loan needs. University of Michigan Credit Union home loans give you mortgages, HELOCs, and home improvement loans to build a structure, with no fees, lower rates, and more flexible down payment financing.
Our Home Loan Options
We'll Help You Get the Keys to Your Forever Home
Purchasing a home is one of the most important financial decisions you'll ever make. A mortgage financed through UMCU comes with competitive rates1, an easy application process, lower closing costs, and just 3.00%2 down! We've been a trusted Michigan mortgage lender for decades, and we‘re ready to put our expertise to work for you!
- No Application or Pre-Approval Fees
- Competitive Interest Rates & Down Payments
- Low Closing Costs & Flexible Terms
Upgrade Your Space with the Power of Home Equity
What is a HELOC exactly? HELOCs are a great option for homeowners looking to renovate their living space, consolidate debt, and more. Credit limits start at $10,000 and come with no annual fee or prepayment penalty. If you're ready to say goodbye to that outdated kitchen or unfinished basement, a HELOC is the way to go.
- Completely Fee-Free3
- Borrow Up to 95% of Your Home’s Equity4
- Competitive Interest Rates & Convenient Access to Your Funds
Discover the Power of Home Equity
You've worked hard to build equity, now let it work for you. From backyard upgrades to basement transformations, UMCU's fixed-rate home equity loan turns your goals into reality.
- Completely Fee-Free3
- Fixed Loan Terms
- Lump Sum Payout
Finance Your Home Upgrades with Ease
An unsecured Home Improvement Loan can be used for various home-related expenses, such as renovations, repairs, or even furniture.
- Borrow Up to $50,0005
- Competitive Fixed Interest Rates
- No Collateral or Lien Required
Explore the Current Michigan Home Loan Rates with UMCU
| Type | Term | Rate |
|---|---|---|
| Conventional Mortgage | 10 year | 5.750%, Fixed Rate |
| Conventional Mortgage | 15 year | 5.875%, Fixed Rate |
| Conventional Mortgage | 20 year | 6.000%, Fixed Rate |
| Conventional Mortgage | 30 year | 6.250%, Fixed Rate |
| Jumbo Mortgage | 10 year | 5.875%, Fixed Rate |
| Jumbo Mortgage | 15 year | 6.000%, Fixed Rate |
| Jumbo Mortgage | 20 year | 6.125%, Fixed Rate |
| Jumbo Mortgage | 30 year | 6.250%, Fixed Rate |
| Home Equity Line of Credit | 10 year draw, 15 year repayment | 6.75% - 13.00% |
| Fixed Rate Home Equity Loan | 10 year | 7.75% - 14.00% |
| Fixed Rate Home Equity Loan | 15 year | 8.25% - 14.50% |
| Home Improvement Loan | Up to 84 Months | 9.75% - 16.25% |
| Term | Rate |
|---|---|
| 10 year | 5.750%, Fixed Rate |
| 15 year | 5.875%, Fixed Rate |
| 20 year | 6.000%, Fixed Rate |
| 30 year | 6.250%, Fixed Rate |
| Term | Rate |
|---|---|
| 10 year | 5.875%, Fixed Rate |
| 15 year | 6.000%, Fixed Rate |
| 20 year | 6.125%, Fixed Rate |
| 30 year | 6.250%, Fixed Rate |
| Term | Rate |
|---|---|
| 10 year draw, 15 year repayment | 6.75% - 13.00% |
| Term | Rate |
|---|---|
| 10 year | 7.75% - 14.00% |
| 15 year | 8.25% - 14.50% |
| Term | Rate |
|---|---|
| Up to 84 Months | 9.75% - 16.25% |
Disclosures
1Offer subject to credit approval. Rates vary based on credit history and underwriting factors. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.
2Offer of 3.00% down is available for conventional fixed-rate mortgages on single family homes. 97% maximum loan-to-value. Maximum loan amount $766,550. Loan subject to credit approval, normal credit standards apply. Additional limitations, terms and conditions apply and are subject to change without notice. Property must be located in Michigan. Property insurance required. Flood insurance may be required.
3Optional remote closing of HELOC or fixed rate home equity loan will come with a $160 fee.
4To determine the equity in your home: it is the value x 95% less any current mortgage.
5$500 minimum loan amount. Subject to credit approval; normal credit standards apply.
Contact UMCU for more information about credit costs and terms. NMLS #712343