MemberFirst Mortgage
Who is Member First Mortgage and what is your relationship with One Source FCU
One Source FCU partnered with Member First Mortgage to provide exceptional mortgage services to our members. Member First Mortgage (MFM) is a Credit Union Service Organization (CUSO), wholly owned by 12 leading Credit Unions. They are a full service mortgage lender with an experienced staff, offering expertise in all aspects of mortgage lending, from purchase to refinance to construction. Member First Mortgage pride themselves on their professionalism and personal service, home buyers and homeowners will experience the utmost attention to detail and service in every transaction.
How do I know which loan program is the right fit for me
Finding the mortgage program that's the best fit for your personal situation comes together when our experience meets your goals and unique financing needs. Our team of origination professionals is licensed, experienced, and dedicated to finding the right mortgage program for you. Contact us today to schedule a meeting with a One Source FCU Mortgage Loan Officer.
How much can I afford
Everyone's financial situation is different and factors such as your debt-to-income ratio, available savings, and amount of debt are important to consider. However, as a general rule of thumb, you can usually purchase a home with a value of two to three times your annual household income. Generally speaking, most people find a mortgage payment comfortable around 25%-30% of their gross monthly income. If you need assistance please stop by any of our four branches and we can help guide you.
Can I get advice from a One Source FCU Mortgage Loan Officer if I’m not ready to apply
Absolutely, if you have some questions but aren't quite ready to apply call us at 915-592-0223 or simply stop by any of our four branches and we will gladly help you!
What should I do first when looking to purchase a home
We recommend getting pre-qualified for a mortgage loan before you begin your home searching process. Once you are pre-qualified, you'll receive a pre-qualified letter letting you know how much you can afford, you can then start shopping within that price range, and make the process of searching for the right home more efficient.
Are there mortgage loan programs available for people with bad credit
Yes, we offer a variety of loan programs for borrowers with less than ideal credit. Many government mortgage programs feature flexible credit and qualification requirements, addressing some of the most common obstacles homebuyers face when purchasing a home. We recommend requesting and reviewing a free copy of your credit report and if there are errors, resolving them before starting your mortgage application.
To request a free copy of your credit report, simply go to: annualcreditreport.com
How does my past credit history affect my ability to get approved
All mortgage programs feature basic credit requirements, including credit score minimums. Your credit score, as well as the information on your credit report, are key factors in determining whether you'll be able to get a mortgage. Errors on your credit report can affect your score, so it's important to check your credit report and correct any errors before applying for a loan. Credit score is only one component in a mortgage lenders decision, other factors include: the amount of debt you already have, your total assets, your current income, how much you have in savings, and more.
Consumer Financial Protection Bureau (CFPB)
Are there loan programs available with a low down payment or no down payment
Yes, we understand that saving for a down payment can be difficult, that's why we offer multiple loan programs that feature low down payment or no down payment requirements!
What is an escrow account and why do I need one
Generally, an escrow account refers to the funds a borrower pays to a lender along with their principal and interest payments for the payment of real estate taxes and hazard insurance. The lender is then responsible for paying the mortgage borrower’s property tax and home insurance bills in a timely manner.
How will my property taxes be paid
If you have an escrow account, your monthly mortgage payment will consist of principal, interest, taxes and insurance (P.I.T.I). Using an escrow account, Member First Mortgage will pay the taxes and insurance on your behalf each month. If you don't have an escrow account, you will be responsible for paying your own property taxes and insurance.
What is Private Mortgage Insurance (PMI) and why do I need it
Private Mortgage Insurance is provided to protect the mortgage lender against losses that might be incurred if a loan defaults. Most often required on Conventional mortgage loans, the cost of Mortgage Insurance is usually paid by the borrower and is most often required if the loan amount is more than 80% of the home's value.
What is the difference between a Fixed Rate Mortgage and an Adjustable Rate Mortgage (ARM)
A Fixed Rate mortgage loan features monthly principal and interest payments that will remain the same throughout the life of the loan. An Adjustable Rate Mortgage (ARM) is a loan that allows the lender to adjust the interest rate during the term of the loan. ARM terms can be complex, you may want to consult with a Mortgage Consultant to determine if an Adjustable Rate loan is right for you.
What information should I have ready when applying
When applying for a mortgage loan you'll need to gather a variety of documentation. Your Mortgage Consultant will provide you with specific information on what items are required, but this may include:
- Copy of driver’s license for each borrower
- Most recent pay stub showing year-to-date (at least 30 days) earnings
- W2's- 2 years
- Most recent asset statements covering two full month(s)
- Complete signed & dated Federal Tax Return including all schedules- 2 years
- Most recent 401K/Retirement statement- all pages
- Copy of last mortgage statement (for refinances)
- Purchase agreement signed by all parties (for home purchase transactions)
What is an appraisal and why do I need one
An Appraisal is a written estimate of the value of a property, prepared by a qualified appraiser. Mortgage lenders will always require a property appraisal before approving a home loan.
The most popular method of appraising a home is the “sales comparison” method. It involves examining recent home sales in the area (often called “comparables” or “comps”) and selecting the ones most like the property being appraised (the “subject property”). The subject property’s condition, construction quality and features are compared to the comps, and its value is adjusted up or down.
There is also the “income” approach which is used primarily when valuing an investment or rental property. The appraiser takes the rental income of either the subject property (if rented) or similar comps, and calculates the price that would provide the rate of return a typical investor would require for a similar property.
