When most people think of credit unions, they picture a place to deposit paychecks, withdraw some cash or maybe take out a loan.
Few see it as a place to obtain a mortgage for their most valuable and cherished possession ? their home. ‘Nationwide, credit unions have only captured 2 percent of their members? mortgage business,? said Jerry McIlrath, Vice President of Lending (sales and service) for T&C Federal Credit Union. ‘The stigma we face is that credit unions don’t do mortgages and that’s just not true.?
Headquartered in Bloomfield Hills, T&C Federal Credit Union has been offering mortgages since the 1980s along with many other types of loans including home equity, construction and vacant land financing, small business, auto, boat and recreational vehicle.
‘Once we do a loan for our members, they keep coming back,? said Jennifer Nepjuk, T&C Credit Union’s Mortgage Manager. ‘We offer a wide variety of programs and sensible products. Our rates our excellent and comparable with all the large lenders in the area.?
‘Actually it’s a good time to buy a home,? Nepjuk noted. ‘Rates are extremely low. Home prices are at an 8-10 year low. You can get a home now cheaper than you could five years ago.?
Given the collapse of the mortgage industry last year ? largely due to many questionable loan practices ? now more than ever it’s imperative to get your mortgage from someone you can trust, someone who’s motivated by the client’s best interest, someone who won’t steer you wrong just to make a buck.
‘We pride ourselves on arranging the right mortgage for the right person,? said Lon Bone, Vice President of Marketing for T&C Federal Credit Union. ‘We won’t sell you a product that’s not good for you.?
The key to getting the right mortgage is being educated on the available products and figuring out which one best fits your budget. ‘You really need to save for a mortgage so you have some equity in it and you don’t get into trouble,? Bone said. ‘It’s not just a matter of I can afford the payment today, but knowing how often that rate’s going to adjust and how much it’s going to adjust.?
Bone stressed that T&C Federal Credit Union didn’t do any of those adjustable rate mortgages that ‘got people into trouble.?
Nepjuk emphasized that their institution does not and will not do ‘nonconforming lending? such as interest-only 40-year mortgages with no possibility of repayment.
Out of the 1,400 complaints regarding mortgages that were filed with the state, only four were concerning credit unions and zero were about T&C Federal Credit Union.
‘We see our account holders again and again so we can’t put them in a (bad) loan,? McIlrath said. ‘We’re not going to tell a client what they want to hear just to get the business because it may not be the best thing for you.?
‘The person that’s doing that mortgage for you, you’re going to see him everyday,? Bone said. ‘With other brokers, you see that person once, then never again.?
T&C Federal Credit Union will hold your mortgage from ‘start to finish? unlike many brokers who sell off mortgages to investors, who usually aren’t local and often resell them.
‘You don’t know who to send your payment to,? Bone said. ‘That’s what makes us very unique is we can only loan dollars to our members.?
Being a member-owned financial cooperative, Bone explained ‘that person we’re doing the mortgage for actually owns the institution? and is in effect ‘the boss.?
It’s true only members can obtain a mortgage from T&C Federal Credit Union, but joining isn’t a problem. All it take is a $5 deposit into a savings account and you’re a member.
‘Anybody living, working, worshipping, going to school, volunteering or doing business in Oakland County can join the credit union,? Bone said.
‘We’ve been here since 1936. T&C isn’t going anywhere,? Nepjuk added. ‘Our members know they can trust us.?
Nepjuk noted that T&C has partnered with Financial Freedom to offer reverse mortgages to anyone 62 or older. This type of mortgage allows seniors to use the equity in their homes to pay for things like medical bills, emergency repairs or property taxes, but not have to repay the loan until they permanently move out.
‘It allows seniors to stay in their homes as long as they want to or are able to,? Bone said. ‘There’s no way for them to lose their home (with a reverse mortgage).?
You can apply for a mortgage at anyone of T&C Federal Credit Union’s 12 branches, which includes locations in Oxford, Ortonville and Clarkston. Don’t have time to stop in at branch office? Mortgage applications can also be completed either on-line or over the telephone 24 hours a day, seven days a week.
T&C Federal Credit Union plans to open a 3rd branch in Waterford on Walton Road this summer. ‘Our plan is to open two to three branches a year for the next five years,? Bone said. ‘Even with this economy, the credit union is still growing and it’s still doing well.?
To learn more about T&C Federal Credit Union visit www.tcfcu.org today.

When most people think of credit unions, they picture a place to deposit paychecks, withdraw some cash or maybe take out a loan.
Few see it as a place to obtain a mortgage for their most valuable and cherished possession ? their home. ‘Nationwide, credit unions have only captured 2 percent of their members? mortgage business,? said Jerry McIlrath, Vice President of Lending (sales and service) for T&C Federal Credit Union. ‘The stigma we face is that credit unions don’t do mortgages and that’s just not true.?
Headquartered in Bloomfield Hills, T&C Federal Credit Union has been offering mortgages since the 1980s along with many other types of loans including home equity, construction and vacant land financing, small business, auto, boat and recreational vehicle.
‘Once we do a loan for our members, they keep coming back,? said Jennifer Nepjuk, T&C Credit Union’s Mortgage Manager. ‘We offer a wide variety of programs and sensible products. Our rates our excellent and comparable with all the large lenders in the area.?
‘Actually it’s a good time to buy a home,? Nepjuk noted. ‘Rates are extremely low. Home prices are at an 8-10 year low. You can get a home now cheaper than you could five years ago.?
Given the collapse of the mortgage industry last year ? largely due to many questionable loan practices ? now more than ever it’s imperative to get your mortgage from someone you can trust, someone who’s motivated by the client’s best interest, someone who won’t steer you wrong just to make a buck.
‘We pride ourselves on arranging the right mortgage for the right person,? said Lon Bone, Vice President of Marketing for T&C Federal Credit Union. ‘We won’t sell you a product that’s not good for you.?
The key to getting the right mortgage is being educated on the available products and figuring out which one best fits your budget. ‘You really need to save for a mortgage so you have some equity in it and you don’t get into trouble,? Bone said. ‘It’s not just a matter of I can afford the payment today, but knowing how often that rate’s going to adjust and how much it’s going to adjust.?
Bone stressed that T&C Federal Credit Union didn’t do any of those adjustable rate mortgages that ‘got people into trouble.?
Nepjuk emphasized that their institution does not and will not do ‘nonconforming lending? such as interest-only 40-year mortgages with no possibility of repayment.
Out of the 1,400 complaints regarding mortgages that were filed with the state, only four were concerning credit unions and zero were about T&C Federal Credit Union.
‘We see our account holders again and again so we can’t put them in a (bad) loan,? McIlrath said. ‘We’re not going to tell a client what they want to hear just to get the business because it may not be the best thing for you.?
‘The person that’s doing that mortgage for you, you’re going to see him everyday,? Bone said. ‘With other brokers, you see that person once, then never again.?
T&C Federal Credit Union will hold your mortgage from ‘start to finish? unlike many brokers who sell off mortgages to investors, who usually aren’t local and often resell them.
‘You don’t know who to send your payment to,? Bone said. ‘That’s what makes us very unique is we can only loan dollars to our members.?
Being a member-owned financial cooperative, Bone explained ‘that person we’re doing the mortgage for actually owns the institution? and is in effect ‘the boss.?
It’s true only members can obtain a mortgage from T&C Federal Credit Union, but joining isn’t a problem. All it take is a $5 deposit into a savings account and you’re a member.
‘Anybody living, working, worshipping, going to school, volunteering or doing business in Oakland County can join the credit union,? Bone said.
‘We’ve been here since 1936. T&C isn’t going anywhere,? Nepjuk added. ‘Our members know they can trust us.?
Nepjuk noted that T&C has partnered with Financial Freedom to offer reverse mortgages to anyone 62 or older. This type of mortgage allows seniors to use the equity in their homes to pay for things like medical bills, emergency repairs or property taxes, but not have to repay the loan until they permanently move out.
‘It allows seniors to stay in their homes as long as they want to or are able to,? Bone said. ‘There’s no way for them to lose their home (with a reverse mortgage).?
You can apply for a mortgage at anyone of T&C Federal Credit Union’s 12 branches, which includes locations in Oxford, Ortonville and Clarkston. Don’t have time to stop in at branch office? Mortgage applications can also be completed either on-line or over the telephone 24 hours a day, seven days a week.
T&C Federal Credit Union plans to open a 3rd branch in Waterford on Walton Road this summer. ‘Our plan is to open two to three branches a year for the next five years,? Bone said. ‘Even with this economy, the credit union is still growing and it’s still doing well.?
To learn more about T&C Federal Credit Union, the services they offer and a branch near you, visit www.tcfcu.org today.