We service your mortgage for the life of your loan

Unlike most mortgage lenders, FreeStar Financial Credit Union will always be the servicer of your loan.  What does this mean?  It means that even if your mortgage is sold to another company, we will continue to be your point of contact for your payments and all of your mortgage questions and needs. 

The first step in your home buying process is getting prequalified

Being ready to make an offer when you find that dream home is critical. A prequalification letter will let the real estate agent or seller knows you're a qualifed buyer. Contact our Real Estate Lending department to get started at 586-466-7800 opt. 2, or visit your favorite branch to sit down with a Real Estate Lending specialist.

What type of mortgage fits your needs?

A home loan is most likely be one of the largest investments you’ll make in your lifetime. Trust FreeStar Financial to guide you through the whole process – from pre-qualifying to servicing your loan after closing.

What is a Fixed Rate Mortgage?

  • A first mortgage is defined as a loan to finance the purchase/refinance of real estate.
  • Terms vary, we offer 10-, 15-, 20- and 30-year fixed terms.
  • The property is used as collateral for the loan and a lien is placed on the property.
  • Collateral is defined as an asset pledged by a borrower to secure a loan or other credit, and is subject to foreclosure in the event of default. A lien is defined as a legal claim against an asset which is used to secure a loan and which must be paid when the property is sold.
  • We offer low fixed rates based upon the term of mortgage selected and points paid (points are prepaid interest to reduce the interest rate). You can borrow up to  90 percent (loan to value) with Private Mortgage Insurance (PMI), if over 80 percent.

Fixed Rate Mortgages
Effective Date: October 4, 2018
TypePointsRate As Low As
10 Year Fixed 0 4.250%
15 Year Fixed 0 4.375%
20 Year Fixed 0 4.625%
30 Year Fixed 0 4.875%
*A loan of $150,000 at 4.625% for 30 years would have a monthly payment of $771.21. Promotional rate is subject to change at any time without notice. Equal opportunity lender. NMLS #411386

A first mortgage is defined as a loan to finance the purchase/refinance of real estate. Payments are calculated on a 30-year amortization period. Our adjustable rate loans allow up to 90% LTV without requiring PMI

Low adjustable rates are based upon the term of mortgage selected and the credit history of the borrower. You can borrow up to 90 percent (loan to value); this product does not require PMI (private mortgage insurance). Rate adjustments vary depending on the ARM selected:

  • 3 year ARM adjusts every 3 years
  • 5 year ARM adjusts every 5 years
  • 7 year ARM adjusts every 7 years

Adjustable Rate Mortgages
Effective Date: October 4, 2018
TypeAPR* As Low As
3 Year 4.500%
5 Year 4.500%
7 Year 4.625%
*APR = Annual Percentage Rate. Rate is “as low as” and may change based on credit history, collateral, term, and other determining factors. NMLS#411386
A 3-year ARM with an APR (annual percentage rate) as low as 4.000% for $100,000 (20% down/80% LTV) would have a monthly payment of $477.42.
 

Take Your Dreams Higher using the equity in your home to get a great loan rate with extended payment terms. Benefits include:

  • Interest rate adjusts every 5 years
  • Draw funds for up to 10 years, pay back within 15 years
  • Low closing costs
  • Automatic payment deductions

Use this loan option to finance:

  • Major home renovations
  • Outdoor landscaping/decks
  • Pools/spas
  • Vacations
  • Education expenses
  • Debt consolidation

Home Equity Line of Credit
Effective Date: October 4, 2018
TypeAPR*
Adjustable every 5 years 5.250%
*A fully protected loan of $25,000 at 5.00% APR for 180 months would have a monthly payment of $198.00. Promotional rate is subject to change at any time without notice. Equal opportunity lender. NMLS #411386

Advantages of a VA mortgage:

  • No down payment needed
  • No Private Mortgage Insurance (PMI) required
  • Finance up to 100% of your primary home’s value
  • Lower payments

Plus, no closing costs for active duty members with direct deposit. That’s a $300 savings!

With each VA mortgage, FreeStar Financial will donate $200 to a military charity of your choice.

Eligibility Requirements

VA Mortgage
Effective Date: October 4, 2018
TypePointsAPR* As Low As
10 Year Fixed 0 4.250%
15 Year Fixed 0 4.250%
20 Year Fixed 0 4.500%
30 Year Fixed 0 4.625%
*APR = Annual Percentage Rate. Rate is “as low as” and may change based on credit history, collateral, term, and other determining factors. A loan of $150,000 at 4.375% APR for 30 years would have a monthly payment of $748.93. Promotional rate is subject to change at any time without notice. Equal opportunity lender. NMLS #411386

Completed mortgage application 

Two most recent pay stubs for each borrower

Last two year’s W2s or tax returns if self-employed

Two most recent bank statements verifying assets (when required)

Homeowner’s Insurance Policy

Fully executed purchase agreement with all addendums (purchases only)

Statements for all mortgages to be paid off

Statements for all items (credit cards, etc.) to be paid off when refinancing

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TERMS AND CONDITIONS:

FreeStar Financial Credit Union will contact you for additional information to best serve your financial needs. The Credit Union may obtain a credit report to better identify areas in which you could receive better interest rates and potentially save money. All credit offers will be subject to credit score and complete analysis. FreeStar Financial Credit Union will not share information with other organizations.

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