SmartDrop
Mortgage Loan
Enjoy flexibility.
If mortgage rates go down after you close on your home, you can lower your rate without refinancing and save thousands over the life of your loan.
No Down Payment
Total Community Credit Union has affordable mortgage loans that will unlock your dream of homeownership.
We make first homes possible with $0 down payment and no PMI.
Conventional
Mortgage
Our goal is to make homeownership attainable to more people; a TCCU Conventional mortgage could be right for you.
Refinance a
Mortgage Loan
Homeowners refinance when today’s rates are lower than the rate they have.
When you refi with cash-out to make home improvements, you’re making an investment in the value of your home.
We know how much owning a home means to you. Let us help you find the mortgage that works for you. We invite you to
connect with a TCCU Mortgage Professional
Mortgage Experts
Kris Davis | NMLS ID 786447
TCCU NMLS ID 729799
Call me:
313.291.3300 x241
Email me:
kdavis@tccu.us
Brett Volz | NMLS ID 2005477
NMS NMLS ID 191693
Call me:
989.860.6796
Email me:
bvolz@gonms.org
*Total Community Credit Union NMLS ID # 729799 (www.tccu.us). Fixed rate terms offered between 10 and 30 years. Primary, secondary, and investment properties eligible. No prepayment penalties. 15 year term 7% rate $100,000 loan amount, $900 principal and interest does not include taxes and insurance. Rate, terms, programs, and conditions are subject to change without notice. This is not a commitment to lend or extend credit. All loans, credit, and collateral are subject to approval. Restrictions and conditions may apply.
1 As set forth in the loan documents; to be eligible to exercise the SmartDrop rate reduction option on your Total Home Mortgage and receive a reduction to the interest rate of your loan, you must meet the following criteria:
- Eligible Loan Product: Your loan must be the fixed-rate Total Home Mortgage loan product offered by Total Community Credit Union (TCCU). Cash-out refinance loans are not eligible for the SmartDrop rate reduction option. The Total Home Mortgage with SmartDrop is available to borrowers with a credit score of 680 or greater, subject to credit approval.
- Eligibility Requirements:
a. You must contact Total Community Credit Union and request to exercise the SmartDrop rate reduction option.
b. The new interest rate for your loan must be at least .25% lower than your current rate, based on TCCU’s prevailing rates for the Total Home Mortgage at the time of your request to exercise the SmartDrop rate reduction option.
c. Your loan must be current with no delinquency, which includes principal, interest, taxes, and insurance, within the previous 12 months of your request.
d. You must have made at least 6 consecutive monthly payments, which includes principal, interest, taxes, and insurance, on your loan since loan origination or the last time you exercised your SmartDrop rate reduction option, whichever is later.
e. You must not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 12 months prior to your request
f. Your loan must not be in an active loss mitigation option, process, or consideration.
g. You continue to own the property as your primary residence. - Fee and Limit: A non-refundable $500 fee is required each time that the SmartDrop rate reduction option is exercised, payable upfront. The SmartDrop rate reduction option may be exercised up to five times over the life of the loan with a floor rate of 4%.
- Effect of SmartDrop: Exercising the SmartDrop rate reduction option will permanently reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents including the principal balance, maturity date, and additional amounts due for escrows as part of your monthly Periodic Payment under your Security Instrument.
- Rate Monitoring: RATES AND TERMS ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE. To exercise the SmartDrop rate reduction option, you must contact Total Community Credit Union and submit a written request form. You are solely responsible for monitoring Total Community Credit Union’s available rates and determining when and whether to exercise the rate reduction option, subject to the eligibility criteria identified above. Total Community Credit Union will only reduce the interest rate of a Total Home Mortgage loan product under the SmartDrop rate reduction option if all applicable criteria are satisfied at the time of your request to exercise the option. These terms and conditions do not constitute a commitment to lend, nor a guarantee that you will be approved for a mortgage loan with Total Community Credit Union.
- General Mortgage Terms: The Total Home Mortgage loan product is subject to Total Community Credit Union’s standard underwriting guidelines, including but not limited to appraisal requirements, property eligibility, and loan amount limits. The Total Home Mortgage loan product with SmartDrop is subject to a $750 funding fee at origination. The Property must be your primary residence. Available rates vary on market conditions and on each individual’s credit history and underwriting factors and are subject to change at any time. Programs, rates, terms and conditions are subject to change without notice.
- Payment example: A Total Home Mortgage loan with SmartDrop of $300,000 for 30 years at 7.125% interest (7.458% APR) will have a monthly payment of $2,021. Taxes and insurance not included; therefore, the actual payment obligation will be greater. If the SmartDrop rate reduction is exercised at a reduced rate to 6.625%, the new payment would be approximately $1,921.
Loan assumption: Assumes the purchase of a single-family primary residence or warrantable condo, 740 FICO, down payment of 20% up to the conforming loan amount limit. Rates used in the example are example rates for illustration only and not a reflection of current rates or rates that may be available at any given time or to a specific individual.
2 As set forth in the loan agreement, to be eligible for the Zero Down, No PMI mortgage you must meet the following criteria:
- Eligible Loan Product: Your loan must be the fixed rate Total Home Mortgage loan product offered by Total Community Credit Union. Purchase Mortgages only, refinance loans are not eligible.
- Eligibility Requirements: For Loan-To-Value (LTV) ratios between 90% and 100%: a minimum credit score of 720 is required; for LTV ratios between 80% and 90%: a minimum credit score of 680 is required.
- No PMI Required Terms: For loans with an LTV ratio above 80%, an additional .25% will be added to the interest rate with no private mortgage insurance required. Tax and Insurance escrow required. 6-month PITI reserves required.
- General Terms: This mortgage product is subject to Total Community Credit Union’s standard underwriting guidelines, including but not limited to appraisal requirements, property eligibility, and loan amount limits. Available rates vary on market conditions and on each individual’s credit history and underwriting factors and are subject to change at any time. Programs, rates, terms and conditions are subject to change without notice
