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When considering purchasing a new home, refinancing or building, look no further than Union Bank. Our mortgage professionals will assist you in selecting the best mortgage program for your specific needs. If you're a first-time home buyer, a veteran or live in a rural area, we offer various government programs with no or low down-payments, fixed long-term rates and other favorable terms to help make your dream of home ownership a reality.


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All mortgage customers of Union Bank receive the following benefits:

  • No fee savings account if you have your mortgage payment automatically deducted
  • No closing fees on a home equity line of credit done at the time of your mortgage closing
  • Discounts on installment loans

Conventional Mortgage

A conventional mortgage offers competitive rates and terms to borrowers with strong credit and a down payment.

  • Purchase, construction or refinance of an existing mortgage
  • Various terms available
  • No pre-payment penalties
  • Bi-weekly payments available on some programs
  • Finance up to 95% on purchase


Adjustable Rate Mortgage

  • Various terms available: 3/1, 5/1 or 7/1
  • Fixed rate and payment for the initial rate period (three, five or seven years)
  • After the initial rate period the rate will adjust up or down on a yearly basis to the index
  • Finance up to 80% of current appraised value



  • Borrower pays interest only on outstanding balance during construction
  • Construction phase up to nine months
  • Unlimited draws with no fees per draw
  • At project completion, loan rolls into a conventional mortgage with no additional closing fees with the exception of final appraisal (average appraisal cost is $400)


First Time Home Buyers

  • Must be principle residence
  • No pre-payment penalties
  • Various terms and payment plans available


Vacant Land

  • Various terms available
  • Finance up to 70% of current appraised value or purchase price (whichever is less)
  • No pre-payment penalties
  • Bi-weekly payment programs available


Federal Housing Administration (FHA)

FHA mortgage loans are insured by the Federal Housing Administration. By insuring the loan, your local community bank assumes less risk and can offer customers lower rates and more simplified terms.

  • More eligible property types
  • No property location restriction
  • Now household income limit
  • Low down payment
  • Gift funds allowed for entire down payment, closing costs and prepaid items
  • Low rates and monthly payments
  • Flexible credit standards
  • Special qualifying features


Veterans Administration (VA)

U.S. Department of Veterans Affairs mortgage loans are available only to veterans and military families as a special benefit to those who have served our country.

  • Fixed- or variable-rate products
  • Various terms available
  • No money down and up to 100% financing per VA county limit
  • Flexible credit standards
  • Not limited to first-time home owners
  • Refinance a current VA loan


USDA Guaranteed Rural Housing Program (RD)

Rural Housing mortgage loans are underwritten by Union Bank and guaranteed by the U.S. Department of Agriculture to support home ownership in rural areas. Most homes in Union Bank's service area are eligible for this program.

  • Various terms available
  • Low rates and monthly payments
  • No down payment required
  • Flexible credit standards
  • Closing costs and other expenses may be financed in some cases
  • Not limited to first-time home owners
  • Property must be located in an eligible area
  • Income limits apply



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Need Help With Your Current Mortgage?

Do you need to refinance or modify your mortgage to avoid foreclosure?  If so, you may be eligible for programs designed to make your mortgage more affordable, such as the Home Affordable Refinance Program (HARP) if you loan is owned by Freddie Mac, or the Step Forward Michigan Program.


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NMLS Registry Information for Union Bank Mortgage Loan Originators

All loans subject to credit approval and all other loan terms and requirements apply including appraisal. Typical closing costs on a new mortgage or refinance average $2,000 and include an application fee, appraisal, title insurance, recording fees and credit report.*

* Home owners insurance required.

DISCLAIMER: All programs are available only to qualified borrowers. Underwriting terms and conditions apply. Programs are subject to change without notice. Due to various federal, state and local requirements, certain products may not be available in all areas. Conventional loans with a down payment less than 20% require mortgage insurance, which could increase the monthly payment and Annual Percentage Rate (APR). Union Bank NMLS# 488568

Effective Date March 26, 2018