FAQs

What are my closing costs for my mortgage?

The specific amount of your closing costs will vary. A home loan often involves various fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. You can get an accurate estimate of what your closing costs would be with Security Credit Union by contacting us today at 810-235-2322.

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What is a Mortgage Loan?

Likely the largest debt you’ll ever take on, a mortgage is a loan to finance the purchase of your home. Your home is collateral for the loan, which is also a legal contract you sign to promise that you’ll pay the debt, with interest and other costs, typically over 15 to 30 years. To repay…

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What is an escrow account?

An escrow account is established to hold money collected by your lender to pay your hazard insurance and property taxes when they become due. Lenders usually require escrow payments every month to ensure they have enough to pay the insurance and taxes for you. This is a way for lenders to make sure these items…

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