MSU Federal Credit Union

Refinance Your Mortgage

Refinancing your mortgage pays off your existing loan and replaces it with a mortgage that is more beneficial to you.

Conventional Fixed-Rate Mortgage
• Rates as low as 7.000%
• 10, 15, 20, 25, and 30-year terms

Adjustable-Rate Mortgage
• Rates as low as 6.500%
• Select from 7-1, 5-1, 3-1, and 5-5 with a 30 year term.

To apply, click the Apply Now button below or contact the Mortgage Department directly at 517-333-2424.

Apply Now

Apply in Minutes, 24/7

Start the process when you're ready -- apply in the MSUFCU Mobile App or on the website anytime.

Lower Your Rate

This is a great opportunity to lower your interest rate to save money.

Shorten Your Term

By shortening your term, you are saving the interest you would have paid with the longer term.

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How long will it take to refinance my mortgage?

You can expect the process to take 35-45 days to complete.

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What cost should I anticipate for a mortgage refinance?

It's possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment, get cash, or consolidate your debt may result in a longer loan term or a higher interest rate. That might mean paying more in interest in the long run. Anticipate closing costs, appraisal fee, and prepaids or escrow (where applicable).

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What information can I get before deciding to refinance my mortgage?

An MSUFCU mortgage loan officer can walk you through the process and provide an amortization table on any term you are considering. The amortization table will show what your new payment would be and how that payment is allocated for principal, interest, and escrow (if applicable).

View All FAQs

Electronic Correspondence Disclosure and Agreement

Multi-Featured Loan Agreement

Schedule of Service Charges

DocuSign Disclosure

Borrowers Bill of Rights

Consumer Caution and Home Ownership Counseling Notice

Electronic Correspondence Disclosure and Agreement

PayCard Agreement and Disclosure

Mortgage Information

Nationwide Mortgage Licensing Systems IDs

Home Mortgage Disclosure Act Notice

Consumer Handbook on Adjustable-Rate Mortgage

Home loans available for homes in the following states: Michigan, Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. Currently construction home loans are only available in Michigan. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, your rate may be higher.

Fixed-Rate Mortgage Loan Payment Example: A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $250,000 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $200,000 borrowed at a 6.00% interest rate (6.083% APR) for a term of 360 months would require monthly payments of $1,199.10. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

Jumbo Fixed-Rate Mortgage Loan Payment Example: (Minimum loan amount $726,201): A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $907,751 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $726,201 borrowed at a 5.50% interest rate (5.522% APR) for a term of 360 months would require monthly payments of $4,123.29. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

5/1 ARM Mortgage Loan Payment Example: A primary residence, owner-occupied, single family home in Michigan with a purchase price of $250,000 with 20% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $200,000 borrowed at 5.25% interest rate (APR Rate 6.488% ) for a term of 360 months would require monthly payments of $1,104.41. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. With a 5/1 ARM, your loan will have an initial fixed-rate period of 60 months. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Rate is variable after the fixed-rate period and subject to change every year for the remaining life of the loan. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

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