WYANDOTTE, Mich. — Michigan Legacy Credit Union said a promotional mortgage program offering 30-year fixed-rate loans at 4.99% has ended after helping 118 members secure an estimated $19.5 million in interest savings over the life of their loans.
The credit union said the program, introduced in September 2025 and relaunched with tighter eligibility requirements in spring 2026, generated more than $35 million in mortgage lending through September 2026.
According to Michigan Legacy, the average mortgage was $296,816, with projected lifetime interest savings averaging more than $165,197 per borrower. The savings figures are estimates calculated over the full mortgage terms, rather than amounts borrowers have already realized.
“With current mortgage rates running at 7.375% or higher, depending on one’s credit, members responded with enthusiasm to the 4.99% rate,” President and CEO Carma Peters said in a statement issued by the credit union.
Peters said the promotion also supported the institution’s strategy of putting available cash to work as it began limiting indirect auto lending. “It was a win all around,” she said.
Requests from Across Country
The credit union said an article in a Detroit daily newspaper prompted requests from across the country when the program first launched. After processing an initial wave of Michigan applications, it brought back the offer in the spring with additional conditions, including direct deposit of paychecks and credit union membership.
Of the 118 mortgages closed, 31 went to new members, the credit union reported. About 90% of approved applicants lived in the five counties where Michigan Legacy operates branches — Wayne, Oakland, Livingston, Monroe and Macomb — while the remaining 10% lived elsewhere in Michigan, within its field of membership.
‘Reflection of Mission’
Michigan Legacy, which has more than 18,000 members, said the program reflected its mission as a designated low-income credit union to expand homeownership and reduce financial burdens.
“Developing long-term relationships with our member-owners helps them build a stronger economic foundation, and that’s essential to our mission,” Peters said.
