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Mortgages

5 Year Balloon Mortgages

UMCCU offers a unique 5 Year Balloon Mortgage product to purchase or refinance primary residences, second homes and rental properties for members who reside in and for properties located in Alger, Delta, Marquette and Schoolcraft counties.

These mortgage loans are kept "in-house". Basically, we secure the rate for 5 years, after that, simply rewrite the note to current balloon rates and secure for another five years. This is a great option if you are not planning to stay in the home long term. The fact they are kept "in-house" means less hassle, less paperwork, and less cost for you.

How to Apply:

  • Contact a credit union mortgage specialist.
  • Fill out a loan application and gather necessary documentation using the mortgage checklist.

Other info:

  • Rates are not tied to a market rate; therefore, they are fixed for the term of the loan.
  • Escrow may be required. Funds are collected with each payment, in addition to your principal and interest payment, to allow for the disbursement of the estimated annual tax and insurance premiums that will be due.
  • Easy payment options such as in-house Automatic Transfers, Payroll Deductions, Electronic Funds Transfer, etc.

Fixed Rate Mortgages

UMCCU offers Fixed Rate Mortgage products to purchase or refinance primary residences, second homes and rental properties for members who reside in and for properties located in Alger, Delta, Marquette and Schoolcraft counties.

How to Apply:

  • Contact a credit union mortgage specialist
  • Fill out a loan application and gather necessary documentation using the mortgage checklist.

Other info:

  • In-House Fixed Rate programs (up to 10 years)
  • Long-Term Fixed Rate (Secondary Market) Program offered by Mortgage Center (link).
  • Easy referral options to Mortgage Center
  • Escrow may be required. Funds are collected with each payment, in addition to your principal and interest payment, to allow for the disbursement of the estimated annual tax and insurance premiums that will be due.
  • Easy payment options such as in-house Automatic Transfers, Payroll Deductions, Electronic Funds Transfer, etc.
  • UMCCU offers Fixed Rate Mortgage products to purchase or refinance primary residences,

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. Properties must be located in Alger, Delta, Marquette or Schoolcraft counties.

A Vacant Land Loan from Upper Michigan Community Credit Union offers:

  • Fixed Rate financing (Usually on our 5 Year Balloon Mortgage)
  • No prepayment penalties
  • Borrow up to 70% of the value of the land

Construction Loans

Get Pre-Approved and Let UMCCU help you build your new home!

Are you planning to build the home of your dreams? If so, why not let our mortgage experts help you with our financing? The loan process is easy! Our construction loan features include:

  • Low fixed rates
  • 20% down payment required (80% LTV)
  • No pre-payment penalty
  • We offer free pre-approvals

What you will need to complete the mortgage loan process:

  • Signed contract with a contractor or builder
  • Plans, specifications and cost breakdown
  • Your personal information
  • Source of funds for down payment
  • Proof of Income

Mortgage Loan Originators

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), requires credit union mortgage loan originators (MLO) and their employing institutions to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Once registered, each MLO is provided a unique identifier from the NMLS. Below is a list of the MLO's employed by Upper Michigan Community Credit Union (NMLS ID # 630580).

The Dodd-Frank Act and the Secure & Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) mandates a federal registry for credit unions and their employees who are “mortgage loan originators” (MLO).

Name NMLS ID
Richard Gatiss 860022
Margi Beauchaine 662930

Please contact us today if you would like to review current rates or discuss financing options. We can be reached at (906) 387-3839.

For more information about the registry, please visit the NMLS at www.nmlsconsumeraccess.org

UMCCU IS AN EQUAL HOUSING LENDER. Click here for details.

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