Michigan Schools & Government Credit Union
Michigan Schools & Government Credit Union Go to main content
Home > Mortgage Loans

Fixed-Rate Mortgage

Peace of mind comes with a low-rate home loan from Michigan Schools and Government Credit Union.

Unsure if you should look for a new house or refinance the one you already have? Let MSGCU's Mortgage Experts help you make the best decision for you and your family. We will guide you through the home loan process every step of the way.

A new or refinanced credit union mortgage features...

  • Competitive interest rates and closing costs
  • Monthly or bi-weekly payment options
  • An easy application process with quick approval
  • Step-by-step guidance
  • Free consultations
  • No prepayment penalties
  • Servicing of your mortgage remains with MSGCU through maturity
  • Loans up to $2 million**

**Jumbo pricing may apply for loans greater than $417,000.

Rates as of Monday, August 1, 2016

Product DescriptionRates as low asAPR*Payments
First Mortgage Fixed-Rate Loan — Monthly
30 Year - Monthly3.500%3.625%Show Payments
20 Year - Monthly3.250%3.424%Show Payments
15 Year - Monthly2.750%2.971%Show Payments
First Mortgage Fixed-Rate Loan - Monthly
10 Year - Monthly2.750%3.071%Show Payments
First Mortgage Fixed-Rate Loan - BiWeekly
30 Year - BiWeekly3.500%3.678%Show Payments
20 Year - BiWeekly3.250%3.477%Show Payments
15 Year - BiWeekly2.750%3.022%Show Payments
First Mortgage Fixed-Rate Loan - BiWeekly
10 Year - BiWeekly2.750%3.131%Show Payments

*APR - Annual Percentage Rate

Assumptions: The payment is based on a $250,000 loan amount and consists of principal and interest only. The payment does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 1.25% origination fee (2.00% for 10-year fixed product) and assumes a loan-to-value (LTV) of 70%.

Adjustable-Rate Mortgage

Looking for a short-term mortgage, but want the flexibility to keep the loan longer, if necessary? Then an Adjustable-Rate Mortgage (ARM) may be right for you.

MSGCU offers a 5-year ARM with payments amortized for 30 years. ARMs typically have a lower interest rate for the specified initial period, and the rate adjusts annually after that. ARM loans can also help you qualify for more without increasing your payment too much.

  • Competitive lower initial rate
  • Less risk to borrowers who want interest-rate protection with a competitive rate
  • Longer initial fixed-rate periods protect against rapid interest-rate increases
  • Great home loan for borrowers who are looking for short-term financing
  • No prepayment penalty
  • No negative amortization

Rates as of Monday, August 1, 2016

Rates as low asAPR*Fully Indexed RatePayments
Adjustable Rate Mortgage Loans
5-Year ARM
3.500%3.218%2.875%Show Payments

*APR - Annual Percentage Rate

Assumptions: The initial payment is based on a $250,000 loan amount, amortized for 30 years. The interest rate is variable and subject to change after 5 years. After the initial 5 years, the principal and interest payment can change every year for the remaining life of the loan. The payment consists of principal and interest and does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 1.25% origination fee and assumes a loan-to-value (LTV) of 70%.

FHA Mortgage

Do you want to buy a house but need a low down payment?

FHA loans are available to first-time home buyers and require a down payment as low as 3.5%.

With an FHA Mortgage from Michigan Schools and Government Credit Union, you'll receive:

  • Low down payment options
  • Low closing costs
  • Competitive interest rates
  • No prepayment penalty


Rates as of Monday, August 1, 2016

Product DescriptionRates as low asAPR*Payments
FHA MORTGAGE - Fixed Purchase
30 Year Fixed - FHA Fixed Purchase3.750%3.800%Show Payments
15 Year Fixed - FHA Fixed Purchase3.250%3.293%Show Payments
FHA MORTGAGE - Fixed Refinance
30 Year Fixed Refinance - FHA3.750%3.800%Show Payments
15 Year Fixed Refinance - FHA3.250%3.337%Show Payments
FHA MORTGAGE - ARM Purchase
5-Year ARM Purchase - FHA4.000%3.297%Show Payments
FHA MORTGAGE - ARM Refinance
5-Year ARM - FHA4.000%3.297%Show Payments

*APR - Annual Percentage Rate

**Fixed-Rate Assumptions: The payment is based on a $250,000 loan amount and consists of principal and interest only. The payment does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 1.25% origination fee and assumes a loan-to-value (LTV) of 96.5%.

**Adjustable-Rate Assumptions: The initial payment is based on a $250,000 loan amount, amortized for 30 years. The interest rate is variable and subject to change after 5 years. After the initial 5 years, the principal and interest payment can change every year for the remaining life of the loan. The payment consists of principal and interest and does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 1.25% origination fee and assumes a loan-to-value (LTV) of 96.5%.

Jumbo Mortgage Loan

Michigan Schools and Government Credit Union offers competitive, industry-leading pricing on Jumbo Mortgage Loans* with flexibility for home financing on larger loans.

At MSGCU, we offer quick qualifying and an easy process from application to close while offering record-low interest rates and fees.

Jumbo Loan Features

  • Purchase or refinance
  • Loan amounts more than $417,000
  • Fixed-Rate or Adjustable-Rate Mortgage
  • No prepayment penalties

Apply online today or contact a Mortgage Expert to start the application process.

Rates as of Monday, August 1, 2016

Product DescriptionRates as low asAPR*Fully Indexed RatePayments
Jumbo Mortgage Loans - Fixed
30 Year Jumbo Fixed3.750%3.875%N/AShow Payments
15 Year Jumbo Fixed3.000%3.218%N/AShow Payments
Jumbo Mortgage Loans - ARM
5-Year Jumbo ARM3.750%3.306%2.875%Show Payments

*APR - Annual Percentage Rate

Fixed-Rate Assumptions: The payment is based on a $500,000 loan amount and consists of principal and interest only. The payment does not include taxes and insurance premiums.The actual payment amount will be greater. The APR includes a 1.25% origination fee and assumes a loan-to-value (LTV) of 70%.

Adjustable-Rate Assumptions: The initial payment is based on a $500,000 loan amount, amortized for 30 years. The interest rate is variable and subject to change after 5 years. After the initial 5 years, the principal and interest payment can change every year for the remaining life of the loan. The payment consists of principal and interest and does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 1.25% origination fee and assumes a loan-to-value (LTV) of 70%.

Vacant Land Loan

Vacant Land Loans are designed specifically for borrowers who want to purchase parcels of unimproved land or refinance existing loans secured by unimproved land. Such parcels may be located in a developed, platted subdivision or may be stand-alone parcels.

Loan Eligibility:

  • Maximum 10-acre parcels - up to 20 acres on a case-by-case basis.
  • Property must be zoned Residential or Agricultural (No Commercial or Industrial Zoning).
  • Electricity must be available.
  • If municipal sewer and water is not available, land must be able to support a well and septic system.

Minimum Down Payment:

  • Platted Subdivision - 30%
  • Stand-alone - 30%

A Vacant Land Loan from Michigan Schools and Government Credit Union offers:

  • Adjustable or Fixed Rate financing options available
  • No prepayment penalties
  • Loan amounts up to $200,000

Contact one of our Mortgage Experts today if you are in the market for vacant land.

This interest rate is based on 10 acres or less. For parcels in excess of 10 acres, contact our Mortgage Department at 586.263.8800 for more information.

Rates as of Monday, August 1, 2016

Product DescriptionRates as low asAPR*Fully Indexed RatePayments
Vacant Land - Fixed
10-Year Fixed - Vacant Land4.000%4.033%N/AShow Payments
Vacant Land - ARM
5-Year ARM - Vacant Land4.750%3.580%2.875%Show Payments

*APR - Annual Percentage Rate

**Fixed-Rate Assumptions: The payment is based on a $50,000 loan amount and consists of principal and interest only. The payment does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 2.00% origination fee and assumes a loan-to-value (LTV) of 70%.

**Adjustable-Rate Assumptions: The initial payment is based on a $50,000 loan amount, amortized for 30 years. The interest rate is variable and subject to change after 5 years. After the initial 5 years, the principal and interest payment can change every year for the remaining life of the loan. The payment consists of principal and interest and does not include taxes and insurance premiums. The actual payment amount will be greater. The APR includes a 1.25% origination fee and assumes a loan-to-value (LTV) of 70%.