SHOPPING FOR A HOME LOAN?

© 2020 Member First Mortgage LLC | All Rights Reserved | NMLS ID# 149532 | Victoria Teachers FCU, NMLS ID# 1975038

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GETTING STARTED:

Our intuitive online application will walk you through the steps to begin your home loan experience. Whether you are looking to buy your first home, move to another home, or refinance an existing one, this is the place to start.

REQUEST A NO OBLIGATION CONSULTATION TODAY!

Let Us Help You Save Money On Your Next Mortgage

Questions?

How can I start my application?

Simply apply online through our secure online system by clicking the Apply Now button above. If you prefer to speak with a loan officer, contact Denise Dixon at Member First Mortgage at 855-636-1057 ext. 5778. 

What is a P&I payment?

P&I is the combined principal and interest you pay your lender each month. The principal amount repays a portion of the amount of money originally borrowed. The interest amount pays the monthly interest accumulated on your outstanding balance. Your total payment will typically include additional items, such as, real estate taxes and insurance premiums. 

What is an origination charge?

The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination. 

What are points?

Points (sometimes referred to as discount points or mortgage points) are paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the original loan amount. 

Why does my lender require homeowner's insurance?

Homeowners insurance is an insurance policy that protects both you and your lender in case of loss or damage to your property. The insurance company is chosen by you and the monthly homeowners insurance premium is often included as part of the monthly mortgage payment.

Do I need great credit to get a mortgage?

Not necessarily, but it will certainly help. Depending on the product type, ie: Conventional, FHA, or VA, the credit score can impact your interest rate. The higher your credit score, the better interest rate you get. The minimum score required varies by product type, but generally a minimum 620 credit score is required.

Do I need 20% down payment to get a mortgage loan?

The short answer is no! Depending on the product type and your own eligibility you can get a loan with as little as 3.5% down for FHA loans, 5% for conventional loans and no down payment for eligible Veterans! Ask your loan officer for more details.

What is the difference between a pre-qualification and a pre-approval?

While both are used to see if you qualify for a certain loan amount, a pre-qualification is calculating numbers based on your stated income, employment, assets and estimated credit score while a pre-approval involves pulling a credit report, and sometimes uses documentation to support income, employment and assets. Therefore, a pre-approval letter is a much stronger indicator of your approval than a pre-qualification letter is and maybe required by realtors or sellers prior to executing a purchase contract.

Apply Now or obtain more information by calling our dedicated mortgage partner:

Denise Dixon

Toll-Free: 866-898-1818 x5778 -or- Direct: 469-409-5778

denise.dixon@memberfirstmortgage.com

Loan Consultant - NMLS ID# 1295994

WE CAN HELP.

*All lending products are subject to credit and property approval. Terms, conditions, and interest rates are subject to change without notice. Certain restrictions may apply and may vary based on borrower qualification and collateral conditions. Refinancing an existing mortgage loan may cause the total finance charges to be higher over the life of the loan. This is not a commitment to lend. Additional restrictions may apply. Member First Mortgage, LLC is an affiliate of Victoria Teacher Federal Credit Union. Victoria Teacher Federal Credit Union: 2207 Wildwood, Victoria, TX 77901 | 361-576-3168 | NMLS ID: 1975038. Member First Mortgage, LLC Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | 866-898-1818 | NMLS ID: 149532 | Equal Housing Opportunity.

*Denise Dixon is authorized to represent Member First Mortgage, LLC. For MLO licensing information, please visit NMLS Consumer Access.
 

If you have questions and want to talk about your specific situation, call our expert Mortgage Consultant today:

Mortgage Consultant

*Denise Dixon is authorized to represent Member First Mortgage, LLC. For MLO licensing information, please visit NMLS Consumer Access.