Freddie Mac Fixed Rate Mortgage Loans

Meet Our PDCU Mortgage Specialist

Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Member First Mortgage

michelle.dzon@memberfirstmortgage.com

616-301-1714 | NMLS ID: #401292

A Freddie Mac Fixed Rate Mortgage Loan is a home loan with an interest rate that remains constant throughout the life of the loan. It is backed by Freddie Mac and provides borrowers with predictable monthly payments, making it easier to budget and plan for the future.

Eligibility for a Freddie Mac Fixed Rate Mortgage Loan typically includes having a stable income, a good credit score, and a manageable debt-to-income ratio. Specific eligibility criteria can vary, so it’s best to contact People Driven Credit Union for personalized information.

Down payment requirements can vary, but typically range from 3% to 20% of the home’s purchase price. Lower down payments may require private mortgage insurance (PMI).

The minimum credit score required is generally around 620, but higher credit scores can help you qualify for better interest rates and loan terms.

Eligible properties include single-family homes, condominiums, and multi-unit properties (up to four units). The property must be used as your primary residence.

Common loan terms include 15, 20, and 30 years. The term you choose will affect your monthly payments and the total interest paid over the life of the loan.

When you're planning to buy a home or refinance, choosing the right mortgage can make a big difference in your financial future. A Freddie Mac fixed-rate mortgage offers the security of consistent payments and long-term stability—making it a popular option for homebuyers seeking predictability and peace of mind. Here's why this type of loan could be the right fit for you:

• Predictable Monthly Payments: Your interest rate and monthly payments remain the same throughout the life of the loan.
• Stability: Fixed rates provide financial stability and simplify long-term budgeting.
• Flexibility: Available for various property types and occupancy situations.

More Advantages

Lower Risk Compared to Adjustable-Rate Mortgages (ARMs)

Unlike ARMs, where rates can increase over time, fixed-rate loans remove the uncertainty of changing interest rates. This lower risk appeals especially to first-time buyers and long-term homeowners.

A Good Fit for Long-Term Homeowners

If you plan to stay in your home for several years, a fixed-rate mortgage can be more cost-effective in the long run. You'll avoid future refinancing due to rate hikes and enjoy consistent payments from start to finish.

Interested in Learning More About Freddie Mac Loans?

Contact our mortgage expert to find out what kind of loan makes the most sense for you. Whether you are a first-time home buyer, a low-income borrower, or a current homeowner looking to refinance, People Driven Credit Union can answer your questions and find the perfect mortgage product for you.

Yes, refinancing with a Freddie Mac Fixed Rate Mortgage can help you secure a lower interest rate, reduce your monthly payments, or change your loan term to better suit your financial goals.

PMI is insurance that protects the lender if you default on your mortgage. It is typically required if your down payment is less than 20% of the home’s purchase price. PMI can be canceled once you have enough equity in your home.

How much does PMI cost?

The cost of PMI can vary depending on factors like your credit score, mortgage loan type, and down payment size. On average, PMI ranges from 0.3% to 1.5% of the original loan amount per year, typically added to your monthly mortgage payment.

Can I remove PMI from my mortgage?

You can request to remove PMI once your loan-to-value (LTV) ratio reaches 80%, either through regular payments or increased home value. Most lenders automatically cancel PMI when your LTV hits 78%, as long as you’re current on your payments.

Contact a PDCU Mortgage Specialist Today

Do you have more questions about when PMI is required, or any other mortgage-related questions? Reach out to our loan department for a mortgage loan application to start your home ownership journey.

Apply online or contact our mortgage specialist, Michelle Dzon, who will guide you through the application process, help you understand your options, and determine your eligibility. Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Member First Mortgage

michelle.dzon@memberfirstmortgage.com

616-301-1714 | NMLS ID: #401292

For most borrowers, there’s very little difference between a Freddie Mac Fixed Rate Mortgage and a Fannie Mae Fixed Rate Mortgage.

How do Freddie Mac and Fannie Mae fixed-rate mortgages differ?

Both are government-sponsored enterprises (GSEs) that purchase loans from lenders like PDCU. They offer conforming fixed-rate mortgages with similar terms, credit requirements, and down payment options. You get the same great fixed rate and monthly payment either way.

The Main Difference

Behind the scenes, Freddie Mac loans use Loan Product Advisor® for underwriting, while Fannie Mae loans use Desktop Underwriter®. Some qualification guidelines—such as how income or co-borrowers are evaluated—may vary slightly between the two systems.

How PDCU Helps You Choose

We run your application through both systems and select the one that offers the best approval path and terms for your situation. This means you have the best chance of approval with the most favorable terms and conditions.

Common Questions

How do Freddie Mac and Fannie Mae fixed-rate mortgages differ? For most borrowers, there’s very little difference. Both provide stable, fixed-rate mortgages with predictable monthly payments. Your lender will match you with the right one based on your financial profile.

Get Help from Our Team

Call us at 844-700-7328 during business hours. Our mortgage specialists explain exactly how Freddie Mac and Fannie Mae fixed-rate mortgages differ and help you choose the best option. You can also visit any branch in Livonia, Southfield, Warren, Ypsilanti, or Romeo.

5 Helpful Hints When Choosing a Fixed Rate Mortgage

1. First, focus on your credit score and debt-to-income ratio.
2. Next, gather your income documents and bank statements early.
3. Also, compare current rates for both Freddie Mac and Fannie Mae options.
4. Then, let our team run your application through both systems.
5. Finally, contact us at 248-263-4100 for a personalized recommendation.

People Driven Credit Union makes it easy to choose between Freddie Mac and Fannie Mae fixed-rate mortgages. You get a stable loan with predictable payments and the best possible terms for your situation. Many members close quickly and enjoy peace of mind for years to come. Thank you for banking with us. Our team is always ready to help you secure the right mortgage.

To apply for a mortgage, you will need to provide the following documents to verify your identity, income, assets, and employment. Required Documents & Why They are Needed

• Copy of your driver’s license or state-issued ID – Verifies your identity and legal name.
• Last 2 years of W-2 forms – Prove your employment history and income stability.
• Most recent 30 days of pay stubs – Shows your current income and allows us to calculate your debt-to-income ratio accurately.
• Last 2 years of Federal Tax Returns (including all schedules) – Confirms your reported income and helps lenders assess your overall financial picture.
• Most recent two months of bank statements (all pages) – Verifies your assets, down payment funds, and that you have enough reserves after closing.
• Contact information for your homeowner’s insurance agent – Required to set up the proper insurance coverage for the property at closing.

Why These Documents Matter Lenders use these documents to confirm you can afford the loan and meet underwriting guidelines. Having them ready when you apply can shorten your approval time from weeks to days. 5 Helpful Hints When Preparing Mortgage Documents

1. Gather everything before you apply — it can save you weeks of delays.
2. Make sure all pages of the bank statements are included.
3. Include all W-2s and tax returns, even if you filed jointly.
4. Scan or take clear photos of your documents for easy upload.

How do I check my loan application status at People Driven Credit Union?

You can check your loan application status by contacting People Driven Credit Union or your assigned loan specialist. Many members ask how do I check my loan application status because they want fast updates on their progress.

How to check the status

• Call PDCU member or loan support at 248-263-4100.
• Have your identifying information ready for verification.
• Ask whether any additional documents are needed to proceed.

Checking your loan application status at People Driven Credit Union is simple and secure. You receive clear answers quickly. Our team keeps you informed every step of the way.

Call for Your Status Update

Pick up the phone and dial 248-263-4100 during business hours. Our loan specialists answer right away. Give them your name, application number, or Social Security number. They pull up your file instantly.

Prepare for the Call

Have your driver’s license or member number ready. Note any recent emails or letters from us. This speeds up the process so you get answers faster.

Common Questions

How long does a review usually take? Timing varies by loan type and application volume, so contact PDCU for your current status timeline.

Get Help from Our Team

Call us at 248-263-4100 during business hours. Our team checks your status right away. You can also visit any branch in Livonia, Southfield, Warren, Ypsilanti, or Romeo.

5 Helpful Hints for Checking Your Loan Application Status

1. Call early in the day for shorter wait times.
2. Write down your application number before you call.
3. Ask for an email summary of your current status.
4. Check your spam folder for any updates from PDCU.
5. Contact us at 248-263-4100 if you need to submit more documents.

People Driven Credit Union keeps you informed about your loan application status. You feel confident knowing exactly where things stand. Our team works hard to move your application forward quickly. Many members receive approval updates within days. Thank you for trusting us with your loan needs. Our team is always ready to help you reach your financial goals.