Conventional Mortgage Loans
There's a reason why traditional loans are still so popular
There are always new ways of doing things, but traditional mortgages have stood the test of time. Homebuyers like the stability that comes from fixed interest rates. It's much easier to map out your financial future when you know for certain that your monthly housing costs won't change between Year One and Years 10, 15, 20, or 30.
- Loan available for primary, secondary and manufactured homes, investment properties, and condominiums
- Lock in your interest rate for the first three months while you shop for your home
- Avoid paying Private Mortgage Insurance (PMI) with a down payment of 20% or more
- Receive personalized attention from our experienced Mortgage Consultants
Run the numbers on a conventional mortgage loan.
Conventional Mortgage Loans FAQs
Apply online, in person at any Credit Union ONE Branch or call 833-897-6777 to speak to a Mortgage Lender today!
A conventional mortgage allows you to put down as little as 5%. However, if you put 20% down, then you immediately have equity in your home as soon as close. This is beneficial to if you plan to refinance or sell within a few years. A larger down payment can generally lead to a lower monthly payment and a better interest rate. Our Mortgage Lenders will work with you to find the best options for you budget.
Escrow accounts are like savings accounts that are managed by your mortgage lender. Your lender will deposit a portion of every mortgage payment into your escrow account to cover estimated property taxes, homeowners, and mortgage insurance premiums, long with flood insurance if necessary. It does not cover water/sewer bills, one-time assessments by your local government, nor homeowners association dues, or supplemental tax bills.
The length of time you intend to stay in your current home is usually the determining factor. An adjustable rate mortgage may be right for you if you plan to stay less than 5-10 years. Ask one of our Mortgage Lenders for the best option for you when you call today.
Private mortgage insurance (PMI) is a form of mortgage insurance that may be required with certain types of loans. If you default on your loan, PMI protects your lender. In the case of a Conventional Loan, you will be required to pay PMI if you put less than 20% down.
Credit Union ONE is a full-service financial institution with locations in Southeast Michigan, Davison, MI, Traverse City, MI, and Grand Rapids, MI.
Find your next home loan.
The calculator tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes.