Michigan Home Mortgages

Christian Financial Credit Union's Regulatory Agency is the Department of Insurance and Financial Services. The following professionals are loan originators sponsored by Christian Financial Credit Union.

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!

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.

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.

An escrow account holds funds for property taxes and homeowners insurance, which are paid as part of your monthly mortgage payment.

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.

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!

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!

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.

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

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.