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Mortgage Rates

Shop for a house with confidence when you know you can lock in a competitive low mortgage rate  with Honor. We offer flexible terms and many options to fit your needs. Check out our rates and get pre-approved online 24/7 so you can shop for a house with confidence knowing how much you can afford.

Competitive Low Home Loan Rates


View our various rates and term options to find the solution that fits your needs


Estimate your monthly payment or get an idea if a refinance makes sense for you

Down Payment

Learn about the various grants and funds that can help you buy a house

Contact a
Local Expert

Our team of mortgage experts can help find the best rate and term for your situation


& Refinance Later

Outsmart The Rates!

Buy the house you want now and if rates improve within the next two years, you can refinance your loan with no lender fees.*

*Terms, Conditions, and Eligibility Requirements:

1. The Buy Now, Refinance Later (“Program”) allows for a rate and term refinance with no lender fees to qualified applicants.

2. The Program is not a guarantee that the borrower or the property will qualify for a refinance, nor is it a guarantee that a lower interest rate or payment can be provided to the borrower by Honor Credit Union.

3. The borrower must apply and be approved for their purchase home loan with Honor Credit Union between 06/01/2024 and 08/31/2024 and must close on their new purchase home loan by 10/31/2024 to be eligible for the Program.

4. To be eligible, the refinance must be a first lien, rate and term refinance (no cash out) of the same property and paying off the original loan financed by Honor Credit Union. The refinance must close no later than 10/31/2026 to be eligible for the Program.

5. The borrower and property must qualify for the refinance, including meeting all applicable underwriting guidelines and closing conditions as they are in effect at the time of approval.

6. The borrower must have made at least six (6) consecutive monthly on-time payments on the purchase loan before applying for the refinance.

7. Member’s account must be in good standing at time of refinance to qualify for promotional offer.

8. Fees that will be waived or paid by lender on the eligible refinance under the Program include only fees paid to the lender, including origination, processing, underwriting, administration, or funding fees, as applicable. It does not include fees charged to reduce the interest rate, including discount points and buydown fees, and does not include fees paid to third parties other than Honor Credit Union, including but not limited to tax service fees, wire fees, appraisal cost, credit report fees, settlement agent/attorney fees, title insurance fees, escrow, notary or government fees. The program does not cover property insurance costs, flood insurance costs, property taxes or escrow account funding costs.

9. The Program is only valid for loans originated through Honor Credit Union.

10. Offer may not be redeemed for cash or credit and is not transferrable. Offer cannot be retroactively applied to any loans. Offer may not be used with any other discounts or promotions.

Mortgage Rate & Term Options

Mortgage Rates

Type RateAs Low As APR*
30 Year Fixed



20 Year Fixed



15 Year Fixed



10 Year Fixed



5.5 Year Balloon



7 Year Balloon



10 Year Balloon



RD 30 Year Fixed



FHA 30 Year Fixed



STAR Mortgage Rates vary. Please contact a local mortgage lender.
Physicians Mortgage Rates vary. Please contact a local mortgage lender.
Rates accurate as of Jun 20, 2024

*APR = Annual Percentage Rate. Your actual rate may be different, as many factors go into providing you with a mortgage loan. All rates shown are for new purchases of a single family primary residence, $175,000 loan amount, estimated closing costs of $2,775, with a loan to value of 80% or less, and a credit score of 750 or above. Loans with less than 20% down payment may require private mortgage insurance. Rates quoted for Balloon products include a 0.25% discount for applicants with a new or existing Honor Credit Union checking account with direct deposit. Posted rates are indications only and are subject to change without notice. Other rates available for other LTV and credit score ranges. Normal underwriting guidelines apply. All loans are subject to credit approval as well as program terms and conditions.

Payment Example: $175,000 at a rate of 6.625%, 6.704% APR for 30 years equals $1,120.54 per month. This payment example consists of principal and interest only and does not include taxes, insurance premiums or any other added cost. Your actual payment may be higher.

Mortgage Calculators

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

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Our Team Can Help

Pair our competitive low mortgage rates with the one-on-one service you will receive from our local mortgage lenders and experience the Honor Difference for yourself! 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. 

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.

Home Buying Tips

We hope you find these blog articles helpful. We want to make sure your home buying experience is as easy as possible. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.

Mortgage FAQs

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.

honor credit union mortgage checklist
Click to download

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.

Honor Credit Union is a proud member of:

mortgage bankers association logo
ACUMA logo

Scheduled Maintenance

Our mortgage and home equity application platform is currently unavailable due to routine scheduled maintenance. We apologize for any inconvenience.

Zero Down Payment Offer

To make the process as simple as possible with our Zero Down Payment mortgage offer, we encourage you to speak with a mortgage expert so they can explain the requirements and guide you through the process!

Find An Expert Near You

Need Help? Contact us at 800.442.2800 and we will help you get started with the application process.