At Forest Area Credit Union (FAFCU), we strive to make your home mortgage process as quick and easy as possible. That's why a dedicated Mortgage Loan Officer (MLO) will be assigned to work with you one-one-one to offer advice, answer questions and guide you through the process.
Browse our offerings and make an appointment at your nearest branch to get started.
FAFCU offers low closing cost options for home purchase and refinance transactions. We will work hard to find the best mortgage loan solution to meet your needs.
A fixed rate home loan programs offer amortization up to 30 years and fixed rates for up to 15 years on all types of homes including stick built, modular, BOCA, single and double wide mobile homes.
Getting the home of your dreams is easy at FAFCU. We offer flexible lending options to finance manufactured, BOCA, single and doublewide homes with real estate.
Use the equity in your home to make home improvements, go on vacation, help out a child with schooling, or purchase a new recreational vehicle. This loan allows our members to use the equity they have built up how they choose. FAFCU offers two products to meet member needs:
A Construction Loan is a short-term loan used to pay for the cost of building a home. It is offered for a set term (usually around six months) to allow the member time to build their home. At the end of the construction process when the house is done, members will need to get a new mortgage to pay off the Construction Loan.
Essentially, this means you must refinance at the end of the term and enter a brand-new mortgage of your chooisng that is a more conventional financing option for your newly completed house.
Once you have qualified and been approved for a construction loan, the lender begins paying out the money they agreed to loan the member.
With a Construction Loan, as with all other loans, members must pay interest on the money they have already paid out. FAFCU's Construction Loans are set up as interest-only loans. This means members only pay interest on the money they have borrowed instead of paying down any part of the principle loan balance. Monthly payments are required on construction loans.
Whether you're purchasing vacant land to build your dream home or business, FAFCU offers vacant land loans in purchase and refinance transactions. Vacant land may include improved or unimproved lots, acreage and farmland.
FAFCU offers commercial mortgage financing with flexible terms and structure. This makes it possible to provide you with a loan that suits your individual needs and goals.
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We proudly serve members in Grand Traverse, Kalkaska, Antrim, Crawford, Missaukee, and Wexford counties who meet our membership requirements.
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Benefits to having a Mortgage from FAFCU:
Your Mortgage payment will always stay at FAFCU
Always know where your escrow account deposits are and what your balance is
Online payment accepted through LoanPay Xpress
At Forest Area FCU, we strive to make your home mortgage process as quick and easy as possible. That's why a dedicated Mortgage Loan Officer (MLO) will be assigned to work with you one-on-one to offer advice, answer questions and guide you through the process.
Each transaction is unique but generally follows this process:
1. Complete a pre-approval application
2. Start planning
3. Lock in your interest rate
4. Keeping it official
5. Getting close to closing
6. The mortgage loan closing
Please note: Every mortgage is different. This step-by-step outline is a general guide of what you can expect during the mortgage process. Timelines, required documentation, etc. may var. Call us at (231) 879-4154, visit your nearest branch or visit forestarea.com/mortgages to get started.
Providing the following items with your application will make the process quick and easy!
Please note: Every mortgage is unique. This is a general checklist of what you should provide for your mortgage. You may be asked to provide additional documentation.