Mortgage
We do everything we can at Honor to help take the stress out of the homebuying process. We offer competitive low rates, a variety of loan options to fit your situation, flexible terms, and we’re always on the lookout for down payment assistance programs to help you reach your goal of buying a house. Work with our team of local mortgage lending experts, or get pre-approved online 24/7.
Affordable Mortgage Options Built For You
Mortgage
Rates
Down Payment
Assistance
Application
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Home Loan Types
Conventional
Loan
A standard home mortgage loan for any qualifying borrower.
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.
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.
Portfolio
Loan
A flexible loan for members who don’t fit into a traditional box.
Details
- Loan held in-house to allow for creative solutions
- One-on-one help from a mortgage expert
- No Prepayment Penalties
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.
Jumbo
Loan
Considered a non-conforming loan, it exceeds the dollar amount loan-servicing limits put in place by Freddie Mac and Fannie Mae.
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
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.
FHA
Loan
A mortgage loan insured by the Federal Housing Administration.
Details
- Flexible application guidelines
- Process is more forgiving of past credit mistakes
- Down payment will likely be less than a conventional loan
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 credit issues.
S.T.A.R.
Mortgage*
Serving The American Responders –
A loan built for first responders.
Details
- $500 off closing costs
-
Flexible terms
- 15 or 30-year Fixed, 5.5-year Balloon
-
Two financing options:
- 0% Down, No PMI
- 3% Down With PMI, Lower Interest Rate
- Police Officers
- Firefighters
- EMTs
- Nurses
- All Certified Medical Professionals (X-Ray Techs, Phlebotomists, Respiratory Therapists, etc.)
- Active Duty Military & Veterans
- National Guard / Reserves
- Educators
- Clergy
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
- Residents, Interns, Fellows
- Doctors of Medicine (MD)
- Doctors of Osteopathic Medicine (DO)
- Doctors of Dental Medicine (DMD)
- Doctors of Dental Surgery (DDS)
- Optometrists (OD)
- Podiatrists (DPM)
- Pharmacists (PharmD)
- Chiropractors (DC)
- Veterinarians
USDA /
RD Loan
A government-backed mortgage loan for rural homebuyers.
Details
- Flexible down payment options
- USDA credit qualifications are less rigid
- Low rates
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.
Vacant Lot &
Land Loan
A loan used to finance the purchase of a plot of land.
Details
- Up to 80% financing available
- Flexible terms
- Proper financial & land documentation required
Best For
Buyers wanting to purchase a vacant lot, or piece of undeveloped land to build on. Also an option for commercial business purposes.
Construction
Loan
A short-term loan used to finance the construction of a home.
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
Best For
Buyers wanting to build their dream home, or take on a large real estate improvement project.
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!
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.
Mortgage Calculators
Our mortgage calculators can help give you a better understanding of what your potential payment might be if you were to purchase a home, or how much you could save if you increased your monthly payment on the home you’re already in, or to determine if refinancing makes sense for you.
Payment Calculator
Use this calculator to determine your estimated monthly payment.
Payoff Calculator
Determine how much interest you can save by increasing your payment.
Refinance Calculator
Use this calculator to determine if refinancing your current mortgage makes sense.
Down Payment Assistance
We want to help ease the burden of coming up with a down payment for a mortgage when you’re buying a house. We have several grant opportunities, along with other resources and tips to help make your first home, or dream home, a reality.
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
- Homeownership Opportunities Program (HOP) is a grant assistance program to help qualifying first-time buyers with down payment and closing costs up to $10,000
Our Experts Can Help
Our team of mortgage lending experts across the state of Michigan are ready to guide you through the entire home buying experience, from pre-approval to closing. Come tell us your story. We look forward to helping you!
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.
Honor Announces First-Time Homebuyer Grant
This program provides qualifying applicants seeking to purchase their first home with $15,000 in down payment assistance. Read more for all of the details.
Is a Balloon Mortgage The Right Choice For Me?
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.
Your Guide To Short-Term Home Mortgage Loans
The most common term for a home loan is 30 years, but a short-term mortgage might be worth looking into depending on your circumstances.
Should You Build Or Buy a House? Consider These Things
We’ve outlined the essential pros and cons to consider before purchasing, or building your new home so you can decide what’s most important to 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 document below for a 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.
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*APR = Annual Percentage Rate. Your rate may be different depending on your credit profile and home value. Rates are subject to change without notice. Additional restrictions may apply.
