Mortgage Purchase - Genisys® Credit Union

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Choose from a variety of mortgage options to find the right home loan solution for you. Getting into the home of your dreams starts here and our dedicated mortgage lenders are with you every step of the way.

Conventional Fixed Rate Mortgage

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  • Interest rate is locked for the life of the loan
  • Terms available from 10 to 30 years
  • Your monthly payment is fixed to make budgeting easier

Adjustable Rate Mortgage

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  • Rates are traditionally lower than fixed rate mortgages
  • Rates are fixed for the initial term (5, 7 or 10 years) and then can adjust to current market rates every 6 months after that, to a maximum of 1% up or down.
  • Rate increases are capped at a pre-determined maximum

Everyday Heroes Loan

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Created especially for: Law Enforcement, Fire Department, EMT, Educators, Health care, Active Military personnel, and Veterans. Includes retirees and support staff for these professions.


  • Zero down 100% financing is available*
  • $500 off closing costs
  • May combine these benefits with other loan programs
  • And More Benefits

Doctor Mortgage

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Get a unique Home mortgage designed specifically for physicians and residents who plan to buy or refinance a home.


  • Zero Down-100% financing with NO Mortgage Insurance
  • Deferred Student Loans not included in the qualifying process
  • $250 off of closing costs
  • And More Benefits

Bridge Loan

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Our Bridge Loan now makes it easier for you to bridge the gap between your old house and the new house you want to purchase.


  • Purchase a new home before the sale of your current residence
  • Make a stronger purchase offer without the need for a contingency on sale of your home.
  • Uses the equity of your current home to finance the Bridge Loan
  • And More Benefits

5% Down No Mortgage Insurance Loan

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  • 5% down payment*
  • No PMI required
  • Available on all ARM loans

*Available on purchase transactions with a minimum fico of 700.

HomeReady Loan by Fannie Mae

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  • Low income borrowers
  • First time or repeat homebuyers
  • Down payments as low as 3% with funds coming from multiple sources including gifts, grants from lenders or other eligible sources.
  • And More Benefits

Down Payment Assistance Program

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  • Down payment options as low as 0%
  • 3% and 5% down options also available
  • Great for first time home buyers
  • And More Benefits

Mortgage FAQs

What is a mortgage?

Simply put, a mortgage is a loan used to buy or refinance a property, usually a private home. Often referred to as "home loans" or "mortgage loans", mortgages offer a way to purchase a home without having all the cash upfront. Most people who buy a home do so through a mortgage, as most people don't have the money to pay for the full cost of a mortgage upfront.

How much mortgage do I qualify for?

Mortgage lenders calculate affordability based on information such as your income, debt expenses and size of down payment. A general guideline for Genisys Mortgage lenders is to keep your monthly housing payment (principal, interest, taxes and insurance) at or below 25 percent of your income before taxes. This debt-to-income ratio is called the "housing ratio".

Lenders also calculate your overall debt to income ratio. It includes all debt commitments, including car loan, student loan and minimum credit card payments, together with your house payment. An overall debt to income ratio of 43 percent or less is preferred.

How much down payment is needed for my mortgage?

A traditional down payment is 20% of the purchase price. On a $200,000 home, this means the down payment would be $40,000. With a 20% down payment, mortgage lenders will not require any additional mortgage insurance or charge additional premiums in order to approve the loan. If you are able to put 20 percent down, you will get the lowest costs and fees associated with a mortgage loan.

What is PMI?

If you're buying a home with a conventional mortgage loan and your down payment is less than 20% of the purchase price, you will be expected to pay an additional cost: private mortgage insurance (PMI). PMI protects your mortgage lender in the event that you stop making payments on your home loan.

PMI allows a home purchase with as little as 3% - 5% percent down, or $6,000 to $10,000 on a $200,000 home. The rate for PMI will be based on the amount of the down payment and your credit rating. If you can afford a down payment in the 5% -10% range, you should compare FHA and conventional loans to find the lowest cost.

What credit score do I need to qualify for PMI?

While every individual financial situation is different, your credit score could impact your qualifications for PMI, or at least affect the rate of your down payment and other factors relating to PMI.

Typically speaking, most people qualify for PMI, but the cost of your premiums will be affected by your credit score, with higher credit scores getting lower-cost premiums during the duration of their mortgage. When applying for a mortgage, make sure to discuss your financial situation with your dedicated Genisys Mortgage Consultant to understand your options and find the mortgage that's right for you.

How does mortgage interest work?

In banking terms, 'interest' is an additional fee charged on your mortgage as part of the risk in issuing your loan. This interest is calculated as a percentage of your mortgage amount, and will add on to the total amount you need to repay over the life of your mortgage, even if it's not factored into the initial purchase price of your home.

Mortgages are typically divided into two categories based on how the interest is calculated: fixed rate or adjustable rate.

What is the difference between a fixed mortgage and an adjustable rate mortgage?

A fixed rate mortgage is just that - fixed, not changing. Fixed rate mortgages have an interest rate that remains the same for the term of the loan. With a fixed rate mortgage, you know exactly what you are going to pay each month for the life of the loan. If interest rates drop dramatically, you can always refinance to get a better rate; if interest rates go up, you'll be smart for having locked in a lower rate. Fixed rate mortgages are one of the easiest mortgages to understand and budget for. The most popular terms for a fixed rate mortgage are 15 or 30 years.

One advantage to an adjustable rate mortgage (ARM) is typically they offer a lower initial payment, however, with an adjustable rate mortgage (ARM), your monthly payments can change over time. Oftentimes ARMs have a fixed initial rate for months or years. After that, the interest rate will be adjusted each year. The adjustment will be based on an index specified in the mortgage agreement. If rates stay low with very minimal changes another advantage to an ARM is you could find yourself saving significant money in interest charges.

When you're shopping for mortgages, you'll see ARMs listed as 1/1, 3/1, 5/1 and so on. The first number indicates how many years the initial fixed rate will last. The second number tells you how often the interest rate will be adjusted thereafter. This number is almost always a 1 to indicate an annual adjustment.

Should I pay off my mortgage early?

While the idea of no longer having a mortgage can be a tempting prospect for some, it may not always make financial sense. Paying your mortgage off early will result in lower interest rates and a lower payment overall, but it can also cause you to dip into your savings or retirement funds to finish your mortgage early - an investment that might not always make sense depending on the amount your interest might cost you, or how much you're spending on your mortgage overall.

If you're considering paying off your mortgage ahead of schedule, consider contacting your Mortgage Consultant to review your financial situation and see what is best for you.

Need Help?

Feel free to reach out to our mortgage experts.

Find a Mortgage Consultant

or call us at 248-745-3353

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