Frequently Asked Questions

BMI FCU only offers mortgage loans on owner occupied properties, therefore we cannot lend on properties used strictly for investment or rental purposes.

BMI FCU does not offer construction loans, however, many builders today will accept the conventional mortgage financing that we offer on newly constructed homes. Check with your home builder to see what options you may have available.

PMI means private mortgage insurance, and is a premium paid by the borrower to ensure that the financial institution does not incur a loss on higher risk loans. The market states that anything over 80% loan-to-value should have PMI attached to the loan. You can increase your down payment to avoid PMI. The required down payment to avoid PMI is 20% of the total value of the home, unless you qualify for and choose to use our First Time Home Buyer Program.

Closing costs can vary depending on the desired loan and your financial situation. Estimated closing costs for a $250,000 mortgage loan would be $3,457.40. View our rates and disclosures for more information.

BMIFCU offers a First Time Home Buyer Program that features a minimum of 3% down payment and no Private Mortgage Insurance (PMI) required. Visit our First Time Home Buyer page to learn more. Then speak to a Mortgage Loan Officer by calling 614.707.4000 or request a call on our mortgage page.

Each member is important to the Credit Union, and we understand the urgency of the housing market. Typically, you can expect the pre-approval process for a mortgage loan to be completed within one business day.

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. We can help you determine exactly how much you can afford.

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest will be fixed for an initial set period of time, and then changes periodically, typically in relation to an index. There are advantages and disadvantages to each type of mortgage, and we would be happy to help you navigate these options. Feel free to speak to a Mortgage Loan Officer by calling us at 614.707.4000. or by requesting a call on our mortgage page.

A rate lock will ensure that your interest rate will not rise from the time of application to the day of closing. BMIFCU offers a rate lock that is valid for 60 days, and we honor the current rates based on the day your application was submitted. If additional time is needed, your assigned Mortgage Loan Officer can go into further detail regarding your options.

While we do not offer Federal Housing Administration (FHA) or VA loans, we offer a First Time Home Buyer loan with similar underwriting guidelines and no Private Mortgage Insurance (PMI) required.

BMI Federal CU

BMI Federal CU