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The first mortgage loan must be in the first lien at the courthouse. The first mortgages offer a greater number of years. Home equities are shorter terms. The first mortgages have fees associated with doing the loan. |
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Yes, the rate sheet gives you some of the rates and points available. There are many other rates and terms available. |
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Points are a percentage of the loan amount paid at settlement. Purpose of points is to buy the interest rate down so that you have a lower monthly payment. |
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Online, face to face or mini mortgage application. |
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1½ to 2 hours |
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A “pre-qualification” interview at no fee to members that have questions about the process and to talk about programs and amounts for which they may be approvable. A “pre-approval” at a fee of $50.00, where members apply for a particular program and amount. Valid for approximately 90 days. Full application $375.00 |
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Two most recent pay stubs; W-2’s for last two years; last two months bank statements; most recent statement on retirement or investment accounts, sales contract (if available). |
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Home owners insurance policy; statement for current mortgage(s). |
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Pre-approval responses are usually within 3 days. |
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4% to 5 % of the loan amount as an estimate. True closing costs depend on a lot of variables. |
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“Members 1st Settlement Services” located at our Rossmoyne Building. They do purchase or refinance transactions. Telephone (717) 795-5170 and Fax (717) 795-5171. |
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Depends on the loan to value of the loan, over 80% requires escrows, less and the member may choose. |
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Less than 20% down payment or equity, we require borrowers to pay a PMI premium as part of their mortgage payment. |
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Yes in some cases. |
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Members 1st FCU mortgages, a borrower may modify the interest rate or term of an existing loan, by paying a .50% of mortgage balance fee or $300.00, whichever is greater. They would pay any points associated with the rate they select. Modification allows them to shorten the term of the mortgage but not extend the term past the present mortgage maturity date. The mortgage amount may not be increased. Fees or points must be paid outside of the loan. |
| Pre-qualification is no charge to member giving them an idea of what they could be approved for.Pre-approval is starting the purchase process stating that the member is approved. We than provide them with a Pre-approval letter for the Realtor. |
| No. In order to lock in an interest rate, you must speak with a Mortgage Specialist. |