MEMBER FIRST MORTGAGE: Company Profile & All You Need To Know

MEMBER FIRST MORTGAGE
MEMBER FIRST MORTGAGE

Member First Mortgage caters for the financing needs of credit union members as well as non-members.  Founded since 2001, Member First Mortgage has become one of the largest credit union service organizations in the country. 

Member First Mortgage has a strong reputation as a leading first mortgage lender, serving the mortgage needs of credit unions and their members, individual home buyers (and homeowners), real estate professionals and builders. 

What Does Member First Mortgage Do?

Member First Mortgage is a full-service mortgage lender with experienced staff offering experience in every area of ​​mortgage lending; from purchase, to refinancing, to construction lending. 

MFM team members have many years of experience in the field of mortgage lending and a vision of service that has no analogues in the mortgage industry! 

Member First Mortgage Service

Member First Mortgage provides expert mortgage solutions. They can offer you great services that you deserve, such as:

  • Automatic withdrawal
  • Free 24-hour online payments
  • Free 24-hour online access to view your loan information
  • Monthly statements
  • Payments by phone
  • No automatic operator 

Member First Mortgage Loan Programs

Federal Housing Administration Loans

FHA (Federal Housing Administration) loans offer low down payment requirements and flexible qualification standards to help make home ownership a reality!  The FHA loan program is a great option for home buyers who may not have the perfect loan or limited down payment. 

The FHA requires an advance payment of only 3.5% which can be a gift from an acceptable source.  The FHA also has flexible qualification standards and less stringent credit requirements than many conventional loans.

How to apply

  • Apply and pre-qualify: Fill out a simple online application and work with a local real estate agent to explore your options and find the perfect home!
  • Work with experts: Provide the necessary information and documentation necessary for the experts on the first member mortgages to apply for and process your loan.
  • Move In: Once you close your home, the mortgage process is complete!  Get ready to move in and start enjoying your new room!

Fixed Rate Mortgages

Fixed rate mortgages offer fixed payments and protection against higher interest rates; ideal for borrowers who prefer reliable monthly payments throughout the life of the loan. A fixed rate mortgage provides the borrower with peace of mind, knowing that his monthly payment will be the same throughout the loan term. 

With a loan term of 10 to 30 years, you can repay your mortgage at the optimal rate for your situation. * Fixed interest rates will always remain the same, and your principle of payment and interest payments will never change.  If you appreciate

How to apply

  • Apply and pre-qualify: Fill out a simple online application and work with a local real estate agent to explore your options and find the perfect home!
  • Work with experts: Provide the necessary information and documentation necessary for the experts on the first member mortgages to apply for and process your loan.
  • Move In: Once you close your home, the mortgage process is complete!  Get ready to move in and start enjoying your new room!

Adjustable Rate Mortgage

ARMs can save borrowers money on their loan in the short term by having a variety of payment options in the future.  This product is ideal for those who do not plan to stay home for long.

Adjustable rate mortgages provide the borrower with a lower down payment, but there is some uncertainty.  The ARM loan is temporarily fixed in the rate at the time of closing. 

At the end of the initial blocking period, the rate will change for the remaining loan period, depending on the market rates at that time.  Adjustable rate mortgages allow borrowers to take advantage of lower interest rates without refinancing, but they should always be prepared to raise rates. 

If you are planning to refinance or relocate in the near future, an ARM loan may be a great option for you, as lower initial rates may offer a cheaper path for borrowers who do not plan to stay in one place for long.

How to apply

  • Apply and pre-qualify: Fill out a simple online application and work with a local real estate agent to explore your options and find the perfect home!
  • Work with experts: Provide the necessary information and documentation necessary for the experts on the first member mortgages to apply for and process your loan.
  • Move In: Once you close your home, the mortgage process is complete!  Get ready to move in and start enjoying your new room!

USDA/RD (Rural Development)

The USDA Rural Development (RD) program is designed for buyers of low- or moderate-income housing and savings who finance a home in a specific rural area. 

USDA / RD does not require an advance payment, which allows the borrower to receive additional funds to pay the cost of closing or prepayment in the mortgage. 

In some cases, the seller may pay part of the sale price to cover the closing costs.  The USDA / RD loan can also be used to refinance an existing mortgage at a lower interest rate.

How to apply

  • Apply and pre-qualify: Fill out a simple online application and work with a local real estate agent to explore your options and find the perfect home!
  • Work with experts: Provide the necessary information and documentation necessary for the experts on the first member mortgages to apply for and process your loan.
  • Move In: Once you close your home, the mortgage process is complete!  Get ready to move in and start enjoying your new room!

Member First Mortgage FAQs

Why Does My Lender Require Homeowner Insurance?

Homeowners insurance is an insurance policy that protects both you and your lender in the event of loss or damage to your property.  You choose the insurance company, and the homeowners’ monthly insurance premium is often included as part of the monthly mortgage payment.

Do I Need A Big Credit To Get A Mortgage?

Not necessarily, but it will definitely help.  Depending on the type of product, such as regular, FHA or VA, a credit rating can affect your interest rate.  The higher your credit rating, the better the interest rate you will get.  The required minimum score depends on the type of product, but usually requires a minimum credit rating of 620.

Do I Need A 20% Down Payment To Get A Mortgage?

The short answer is no!  Depending on the type of product and your own right, you can get a loan with a discount of only 3.5% for FHA loans, 5% for regular loans and no down payment for the relevant veterans!  Contact your loan officer for more information.

What Is Private Mortgage Insurance And Why Do I Need It?

Private mortgage insurance is provided to protect the mortgage lender from losses that may be incurred in the event of default.  Most often required for ordinary mortgage loans, the cost of mortgage insurance is usually paid by the borrower and is most often required if the loan amount exceeds 80% of the cost of housing.

CONCLUSION

Member First Mortgage (MFM) is a credit union service organization (CUSO) that is wholly owned by 13 leading credit unions.  They are a full-service mortgage lender with experienced staff offering experience in all aspects of mortgage lending, from purchase to refinancing to construction.  Member First Mortgage works with credit unions in the United States to provide mortgage services to its members.

Member First Mortgage is proud of its professionalism and personal service, home buyers and homeowners will feel the utmost attention to detail and service in every transaction.  A dedicated team of design professionals will work with you directly from application to closure, providing the seamless level of service you expect and deserve.  Member service is a priority at Member First Mortgage, our licensed lending specialists are committed to helping you achieve your home ownership dream.

REFERENCES

https://rocketreach.co/ – Member First Mortgage LLC Information

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