Mortgage
Buying a home doesn’t have to be stressful. With competitive rates, flexible terms, and loan options to fit your needs, you’re in control. Plus, down payment assistance may be available to help you buy faster. Work with local experts or get pre-approved online 24/7—your choice!
Your Home, Your Financing, Your Way
Mortgage Rates
View our competitive low rates and varying term options to fit your budget
Down Payment Assistance
Learn about grant opportunities & other resources to help you buy a house
Application Login
Finish an application you started, make an update, or check the current status
Home Loan Types
STAR Mortgage: Offer valid only for borrowers who present proof of American Responder employment as defined above. Offer valid on purchases of primary residences only. Escrow of taxes and insurance(s) required. Loan types not eligible include: jumbo, construction, manufactured, second homes, investment properties and multi-units. Subject to credit approval. Rates, terms and conditions subject to change and may vary based on credit worthiness, qualifications and collateral conditions. Offer cannot be combined with any other discounts or promotions. Equal Housing Opportunity. Insured By NCUA.
Physicians Mortgage: Offer valid only for borrowers who present proof of employment as defined above. Offer valid on purchases or cash out refinances of primary residences only, including new construction. Escrow and taxes of insurance required for loans over 80% LTV. Minimum credit score of 676 required to qualify for 0% down. Loan types not eligible include manufactured homes, second homes, investment properties and multi-units. Cash out refinances eligible for maximum LTV of 80% and cash out amount of $200K. Subject to credit approval. Rates, terms and conditions subject to change and may vary based on credit worthiness, qualifications and collateral conditions. Offer cannot be combined with any other discounts or promotions. Equal Housing Opportunity. Insured By NCUA.
Conventional Loan
A standard home mortgage loan for any qualifying borrower.
Best for:
Buyers who have a solid credit score and little debt. This is also the ideal mortgage for borrowers who can afford to make a larger down payment to avoid paying PMI.
Details
- Choose a term that’s best for you (up to 30 years)
- Down payments as low as 3%*
- No prepayment penalties
Buyers who can afford to make a down payment of at least 20 percent are not required to pay Private Mortgage Insurance (PMI). Buyers who put less than 20 percent down must have PMI.
Portfolio Loan
A flexible loan for members who don’t fit into a traditional box.
Best for:
Buyers who need a little extra help meeting requirements due to low credit score or high debt-to-income ratio. Also a good option for borrowers who might not be able to provide certain documentation.
Details
- Loan held in-house to allow for creative solutions
- One-on-one help from a mortgage expert
- No prepayment penalties
Jumbo Loan
Considered a non-conforming loan, it exceeds the dollar amount loan-servicing limits put in place by Freddie Mac and Fannie Mae.
Best for:
Buyers who are considering buying a home that costs more than the conforming limit. Ideally, jumbo loan borrowers have a good credit score and debt-to-income ratio, and can provide supporting documentation.
Details
- As of 2023, the conforming limit is $726,200 in most of the U.S.
- Conforming limit is higher in counties with higher home prices
- Click here to check your area’s loan limits using the Federal Housing Finance Agency tool
FHA Loan
A mortgage loan insured by the Federal Housing Administration.
Best for:
First-time homebuyers who may not have saved enough for a large down payment. Also an option for borrowers who have suffered from previous bankruptcy, foreclosure, or other past credit difficulties.
Details
- Flexible application guidelines
- Process is more forgiving of past credit mistakes
- Down payment as little as 3.5% for qualified buyers
S.T.A.R. Mortgage* for Service Members
Serving The American Responders
Details
- Flexible terms
- 15 or 30-year Fixed, 5.5-year Balloon
- 0% Down, No PMI
- Who Qualifies:
- Active Duty Military & Veterans
- National Guard / Reserves
Physicians Mortgage
A loan specifically for professionals in the medical field.
Details
- New purchases & refinances eligible
- Fixed & Balloon flexible terms
- Three financing options:
- 0% down, zero PMI, for purchases up to $775K
- 5% down, zero PMI, for purchases $775K – $1.25M
- 10% down, zero PMI, for purchases $1.25M – $1.5M
- See Who Qualifies
USDA / RD Loan
A government-backed mortgage loan for rural homebuyers.
Best for:
Low-to-moderate income borrowers who don’t qualify for a traditional mortgage loan, and are able to meet specific geographic and income qualifications.
Details
- Flexible down payment options
- USDA credit qualifications are less rigid
- Low rates
Vacant Lot & Land Loan
A loan used to finance the purchase of a plot of land.
Best for:
Buyers wanting to purchase a vacant lot, or piece of undeveloped land to build on. Also an option for commercial business purposes.
Details
- Up to 80% financing available
- Flexible terms
- Proper financial & land documentation required
Construction Loan
A short-term loan used to finance the construction of a home.
Best for:
Buyers wanting to build their dream home, or take on a large real estate improvement project.
Details
- Down payments as low as 5%
- Construction terms up to 12 months
- One approval process & one set of closing costs
- Interest-only payments during construction
Click here for more information on Honor Construction Loans
Need Help?
Buying a house is a big decision, and everyone’s situation is different. When you finance your home at Honor, you won’t have to do any guessing when it comes to choosing a loan. We strongly recommend you reach out to our team of expert mortgage lenders, tell them your story, and let them build the right solution for you!
Mortgage Calculators
Our mortgage calculators can help you better understand your potential payment if you’re purchasing a home, estimate how much you could save by increasing your monthly payment, or determine if refinancing is the right option for you.
Refinance Calculator
Use this calculator to determine if refinancing your current mortgage makes sense.
Down Payment Assistance
Buying a home is a big step, and coming up with a down payment can feel overwhelming. That’s why there are grant opportunities and other resources that may be available to help make homeownership more within reach—whether it’s your first home or your dream home. See what options you might qualify for and take the next step toward owning a home!
Assistance Options
- HomeBoost Down Payment Assistance program to assist eligible first-time homebuyers with $15,000 in down payment assistance
- The Michigan First-Time Home Buyer Savings Account Program allows homebuyers to contribute and withdraw from an account tax-free
- Launch is a grant assistance program to help qualifying first-time buyers with down payment and closing costs up to $20,000
Our Experts Can Help
No matter where you are in Michigan, our friendly team of mortgage experts is here to guide you through every step of the home-buying journey. From pre-approval to closing, we’ve got you covered. Come share your story with us—we’d love to help make your homeownership dreams come true!
Real Experts
- Our local mortgage lending experts know your community because they live and work there
- Your mortgage lender will be with you through the entire process, from pre-approval to closing
- Our team can give you helpful payment info and other insights about the process
- Tell our team your story. We’re sure to have a solution to fit your needs, and your budget.
Mortgage Resources
We want to make sure your home buying experience is as easy as possible. We’ve dedicated a section of our blog to mortgage and home buying topics. We hope you find them helpful. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.
Strategies to Pay Off Your Mortgage Early
Ready to save thousands on your mortgage? Discover simple strategies to pay off your home early and achieve financial freedom faster! 🏠💰
Breaking Down Your Mortgage Payment: What You’re Really Paying for Each Month
Understanding the components of your mortgage payment can help you manage your finances more effectively and even save money in the long run.
Is now a good time to buy a home?
Take a closer look at what’s going on in the housing market and whether it makes sense for you to buy a home right now.
What’s a Balloon Mortgage
Balloon mortgages offer low rates in today’s real estate market. Read what a balloon mortgage is, how it works, and whether it is the best choice for you.
Frequently Asked Mortgage Questions
Yes! We have several resources and programs to help ease the burden of coming up with a down payment for a mortgage. Whether it’s your first house, or vacation dream house, we can help! To learn more about our down payment assistance options, visit our Homebuyer Assistance page.
Getting pre-approved is easy! You can simply apply online 24/7. You can also contact a local Honor mortgage lender to set up an appointment. One of the advantages of working with Honor Credit Union for your home loan is the comfort you will feel knowing you can contact your lender directly or stop by his or her office anytime you have questions. Another advantage is that our lenders live in the markets they serve, and all decisions are made locally.
Once your offer to purchase a home has been accepted and signed, you are ready to meet with your lender to turn your pre-approval into a loan application. Please download the mortgage checklist of items that must be provided to your lender in order for them to lock in your interest rate and process your application in a timely manner.
Yes! In fact, applying to get pre-approved for a home mortgage loan is the FIRST thing you should do before you begin your search for the perfect home.
During this process, your lender will provide guidance on the best loan option to fit your situation along with an approved loan amount. Your lender will also give you a pre-approval letter, which signifies that you are a qualified buyer. You can share this letter with your realtor to include with your offer to purchase a home. Not only will your pre-approval letter add more weight to any offers you submit, but it will also guide your home search.
Mortgage interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.
Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.
PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.
An escrow account is where funds are held by the lender to make payments for your homeowners’ insurance and property taxes. Lenders will collect those funds monthly along with your loan payment and then pay the tax and insurance bills when they are due. Generally, the funds are included in your total monthly payment. Since the price of property taxes and insurances can fluctuate, so can the amount needed for your escrow account to cover those bills. Sometimes this can change your required monthly payment.
