Purchase a Home

Your castle awaits…

At Extra Credit Union, we know the thrill of owning your first home … and running around your new house screaming, “It’s mine! It’s mine! Ahhh, this is so cool!” We, as well as our partner Member First Mortgage, will guide you every step of the way on your exciting journey toward a new house.

If you’re already a homeowner, we’ll help you refinance to lower your payments, or to tap into your home’s equity for large purchases, such as that perfect living room couch, coffee table, and lamp you’ve had your eye on.

Home Purchasers
As home costs and interest rates are at an all-time low and as rent continues to increase, you’ll find home ownership more affordable. Come to us with good credit and a commitment to a mortgage, and you may become the next proud owner of a home.

Extra Credit Union and Member First Mortgage provide members with historically low interest rates and access to a full range of mortgage loan programs, including FHA, MSHDA, adjustable rate, and fixed rate for those who qualify. We are happy to walk you through the process of finding the best mortgage and payment plan for your needs.

Prior to looking for a home, here are the steps to take:

• Determine your monthly budget. Remember that your housing should not be more than 30 percent of your monthly income.
• Meet with our mortgage expert, to determine if you are qualified for a mortgage loan based on your income, assets and credit. In addition to pre-qualifying you, this process will determine the maximum purchase price you should be looking for and your total monthly payment.
• Seek a Realtor or seller to find your dream home. When you find your dream home, go ahead and make an offer.
• When your offer is accepted, we will collect the necessary documentation, order an appraisal, get you a full approval, and schedule a closing {this is where you get the keys to your castle}.

Refinance your Home
No one wants to pay more for their home than necessary. Many ECU members are thrilled to reduce their monthly mortgage payments through refinancing.

We will sit down with you and review your existing mortgage and interest rate to determine whether we can lower your rate, thereby reducing your monthly mortgage payment.

Acquire a Home Equity Line of Credit (HELOC)
It’s important that you have access to funds when you need them. Use the financial power of your home’s equity to get a new roof, pay for college or even plan for the “Big Day.”

If you have built equity in your home, you can access it through a Home Equity Line of Credit. We are happy to help you leverage your home to benefit other areas of your life with all the perks of this account, including:

• Variable rate home equity line of credit competitive base rates
• Quick access with a HELOC debit card or convenience checks at merchants, our Main Office or any CO-OP Network ATM location
• No costly start-up fee {some restrictions may apply} or closing costs
• Potential tax benefits {consult your tax adviser}
• Worldwide acceptance at participating MasterCard® merchants

Applying is easy and available 24/7:

• Apply online: There is no obligation.
• Apply in person: Sit down with and chat with one of our lenders.
• Apply by phone: Call (586) 276-3000. We are available 24 hours a day, 7 days a week.

*A $200 processing fee will be assessed if an advance of $5,000 or more is not made at closing or if pre-payment is made in full within 24 months.