July 26, 2017

Can’t find what you’re looking for in a new home?

The current real estate market has seen historic low lending rates for several years now. That has driven a robust sales market that really dried up the inventory of available homes. People wishing to buy now are often finding it difficult to secure the kind of home they desire. What to do?

If you can’t find a suitable replacement home, consider building one. You’ll be able to dial in precisely what you want in a new home, right down to wall colors. And vacant property can be a lot easier to find these days than existing salable homes. Builders will be looking to fill-out their seasonal calendars. As long as the home’s shell can be sealed before the cold season hits, construction can proceed well into the winter months if needed.

LMCU’s Construction Loan offers several advantages. First, you can get building with as little as 5% down in Michigan or 10% down in Florida*. Our one-time closing locks in your interest rate for both the construction phase and the permanent loan. Plus, you’ll get a Guaranteed Low Mortgage Rate** with highly competitive closing costs.

Or Renovate…
If you can’t or don’t want to build, consider renovating. Adding bedrooms or bathrooms, reworking a tired kitchen, replacing flooring, cabinets or countertops can make any home feel new again.
The result can be a great long term fix, or simply enough to buy time until the real estate market supply recharges, while increasing the value of your home.

LMCU’s Renovation Mortgage provides a convenient and low-cost way to make repairs and renovations to a new or existing home. This loan offers a one-time closing that could save you as much as $2,000 off closing costs. You’ll be able to obtain renovation funds for up to 50% of the as-completed appraised value of the home.

Call (844) 754-6280 or visit www.LMCU.org/Mortgage to get in touch with a LMCU loan officer today!

*Mortgage loans available in Michigan and select counties in Florida.**Lake Michigan Credit Union will match legitimate competitor offers or credit the borrower $300 off closing costs. Our low rate guarantee cannot be combined with any other offers.