Member First Mortgage Review 2023: Plans, Interest rate

Member First Mortgage is a mortgage lender offering competitive rates and flexible payment plans for the purchase and refinancing of loans. 

With a wide range of loan products and competitive interest rates, Member First Mortgage provides borrowers with various options for their home financing needs. 

In this review, we’ll take a closer look at Member First Mortgage’s plans, interest rates, customer service, and more. We’ll also discuss the pros and cons of working with this lender so you can decide if it’s the right fit for you. So let’s get started. 

First off, Member First Mortgage offers a variety of mortgage products, including conventional loans, jumbo loans, FHA loans, VA loans, and USDA loans. 

They also offer adjustable-rate mortgages (ARMs) and adjustable-rate jumbo mortgages (JARMs). Member First Mortgage also offers special programs. All these will be discussed in this article.

Who is Member First Mortgage?

Member First Mortgage is a credit union based in Michigan. With over 50 years of experience, Member First Mortgage offers a wide variety of loan products and services to meet the needs of its members. 

The company provides several mortgage options, including fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, and FHA loans. 

Member First Mortgage offers refinancing, home equity loans, and reverse mortgages. It is dedicated to providing its members with the best loan products, services, and customer service. 

Member First Mortgage is a trusted name in the mortgage industry, with an experienced staff of mortgage professionals and a commitment to finding the best loan options for each customer.

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What is the Mortgage Plans for Member First Mortgage?

Member First Mortgage is a nationwide mortgage lender that works with members of credit unions, banks, and other financial institutions. 

The company was founded in 2004 to help its members get the best mortgage rates and terms. Member First Mortgage offers a variety of loan products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and jumbo loans. 

They also offer refinancing options and home equity lines of credit. Member First Mortgage’s goal is to ensure their customers get the best loan possible while providing excellent customer service. 

They prioritize customer satisfaction and strive to make the loan process as stress-free as possible. Member First Mortgage has a team of loan officers available to help customers find the right loan. 

They keep up with the latest industry trends and changes to provide their customers with the most current information. 

Fixed Rate Mortgage

A fixed-rate mortgage is the only type by Member First with a consistent rate. Essentially, your interest rate, monthly payment of principal, and interest remain the same throughout the loan term. This can aid in planning your budget for the month.

You can pay off your mortgage at the best rate for your particular scenario, with loan periods ranging from 10 to 30 years.

Adjustable rate mortgage

An adjustable-rate mortgage is also called an ARM. ARM is known as a home loan with an adjustable interest rate based on market rates. 

Usually, ARM starts with a lower interest rate than fixed-rate mortgages. Therefore, it is a great option if your goal is to get the lowest possible mortgage rate starting.

Member first offers adjustable-rate mortgage (ARM) loans with 3, 5, 7, and 10 years terms.

FHA loans

An FHA loan is a mortgage insured by the government and backed by the Federal Housing Administration. 

A typical FHA home loan usually requires a lower minimum credit score to process. 

The down payment or initial payment required during the house purchase is lower than many conventional loans. This makes it a popular choice for first-time homeowners. 

We mentioned earlier that the government issues this type of loan. 

Although this is accurate, mortgage lenders like Member First Mortgage manages the loan’s underwriting and administration. And the FHA must approve these third-party mortgage lenders.

FHA requires a down payment of only 3.5% at the outset, which can be a gift from an acceptable source.

VA loans

This is a loan that the government gives to veterans, service members, and surviving spouses. VA loans are made by private lenders, like mortgage companies and banks, and not the Department of Veterans Affairs.

There is a mortgage option infused into the VA loans.

The VA home loans have a good interest rate. Its terms are beneficial if you purchase a single-family home, condominium, multi-unit property, manufactured house, or new construction.

Jumbo loans

This is also called a jumbo mortgage. It is a finance option, and its amount is always more than that of the Federal Housing Finance Agency (FHFA). 

Jumbo loans cannot be bought, guaranteed, or securitized the way normal mortgages may.

Jumbo mortgages have particular underwriting standards and tax repercussions and are intended to fund luxury residences and homes in fiercely competitive local real estate markets. 

These mortgages became more popular when the housing market began to rebound after the Great Recession.

Super Conforming

Borrowers wishing to buy or refinance a house in a high-priced area have access to super-conforming mortgages.

People who want to buy a home or refinance in locations where the cost of housing is higher than what is permitted under conventional programs have options thanks to super-conforming loans. 

The maximum loan amount for conventional financing is $417,000, while the maximum for super conforming is $625,500. 

Purchase or refinancing options include various terms, such as 15 and 30-year fixed-rate mortgages and 5 and 7-year ARMs.

Read Also: Silverton Mortgage Review 2023: Interest Rates, & Plans

Are there other Plans for Member First Mortgage?

On a broad scale, the mortgage plans at Member First are for refinance and outright purchase. The loans for each plan include the following;

Purchase

• Adjustable Rate Mortgage (ARM)
• Fannie Mae HomeReady
• FHA (Federal Housing Administration)
• Fixed Rate Mortgages
• Freddie Mac Home Possible®
• Jumbo
• Super Conforming
• USDA/RD (Rural Development)
• VA (Veterans Administration)

Refinance

• Adjustable Rate Mortgage (ARM)
• FHA (Federal Housing Administration)
• Fixed Rate Mortgages
• Super Conforming
• USDA/RD (Rural Development)
• VA (Veterans Administration

What is the Interest Rate of Member First Mortgage?

Are you looking to purchase a new house and considering a Member First Mortgage to finance your purchase? 

There are several factors to consider when deciding on the right mortgage, such as interest rate, loan term, down payment, and more. 

So what is the interest rate of a Member First Mortgage? The answer depends on various factors, such as your credit score, loan amount, and loan term. 

Generally speaking, Member First Mortgages offer competitive interest rates that are often lower than those offered by traditional banks. 

In addition to offering competitive interest rates, Member First Mortgages also provides members with access to a wide range of flexible loan terms and features that can help them save money over the life of their loan. 

Contact one of their representatives today to learn more about the interest rates offered by Member First Mortgages.

What are the Benefits of Member First Mortgage?

Member First mortgage is a type of loan offered to members of a financial institution, such as a credit union. 

This type of loan offers many benefits to borrowers, including lower interest rates, more flexible repayment terms, and access to better customer service. 

One of the most notable benefits of a Member First mortgage is that it typically has lower interest rates than other types of loans. This means that borrowers can save money over the life of their loan. 

Additionally, Member First mortgages are typically more flexible than other types of loans. Borrowers can often choose between different repayment plans and negotiate their interest rates. 

Finally, Member First mortgage lenders typically offer better customer service than other lenders. This means that borrowers can get help with any issues they may have throughout the loan process.

Home Equity Line of Credit (HELOC)

You have access to an open line of credit through a MembersFirst Home Equity Line of Credit, which is based on the equity you have in your house. 

Take as much time as you need to finish your home modifications; your payments will only be based on the balance still owing. 

Calling your line of credit is all it takes to get the extra money you need to finish the project. 

Additionally, the low adjustable rate on a MembersFirst Home Equity Line of Credit is as low as the prime rate minus 1%!

Apply for a HELOC or call the lending professionals at (404) 978-0080.

Read Also: Motto Mortgage Review 2023: Interest Rates & Plans

How to Apply for a Member First Mortgage Loan?

Applying for a Member First mortgage loan can be a daunting process. 

It involves a lot of paperwork, a credit check, and a full assessment of your financial situation. 

Please call (404) 978-0080 to apply for a mortgage. In addition, chat with a loan officer at your nearby branch for help with your application. Alternatively, you can apply online.

Whether you’re purchasing a primary residence, a second home, a vacation house, a larger home, moving, or refinancing, MembersFirst Credit Union has a mortgage package designed just for you. 

Choose from flexible terms of 10 to 30 years and fixed or adjustable rates. Our mortgage loans typically have lower closing costs than usual as well.

All mortgage loans made by MembersFirst are handled through Credit Union Financial Services (CUFS). 

Your application will be guided through the CUFS process by a Member Advisor. 

Call 404 978-0080 for more information or to determine the current mortgage rates.

What is the website of Member First Mortgage?

This is the official website of Member first mortgage.

Member First Mortgage Reviews

I couldn’t think of using any other business to obtain a mortgage.

I cannot thank my mortgage staff enough! Working with Desirea, Kevin, and Rebecca has been a breeze because of their responsiveness. 

They made the complicated process of buying my first house, which was a major life event, simple for me. 

It’s so remarkable that we are on the right track to closing in less than 30 days! I couldn’t think of using any other business to obtain a mortgage.

Maryam B.

Wonderful Experience

My encounter was wonderful. In my office was Sue Rosier.

The cause, in my opinion, was Sue Rosier. She made the entire process a breeze.

Ronald H

Excellent encounter. Mortgage approval came quickly.

Excellent encounter. Mortgage approval came around in a very respectable amount of time. I would strongly advise this.

Gaffoglio Rich

When I initially obtained a mortgage from them two years ago

They were sluggish and unhelpful when I obtained my mortgage two years ago. Even getting to closing on time back then required rising to management.

After almost two years, I have finally paid off my mortgage, and they have sent all the necessary paperwork to a location in another state. Folks, I haven’t lived there in over two years. Absolutely horrible!

Making a call to their member number proved ineffective as well. The woman on the phone refused even to alter my address to the proper one, telling me to email her to do it. 

She never expressed regret and could not explain how her business delivered it to the ENTIRELY WRONG address in another state! It seems we never updated your address, the woman said. No, of course not!

The worst mortgage business I’ve ever dealt with. I’m relieved to have paid off my mortgage and never have to deal with them again. I will never suggest it.

Alyshia

Read Also: Plaza Home Mortgage Review 2023: Interest Rates & Plan

Member First Mortgage Review: Plans, Interest rate FAQs

Conclusion

Member First Mortgage offers a range of loan options, excellent customer service, and competitive rates for borrowers. 

Member First Mortgage could be the right choice if you’re interested in a fixed-rate mortgage, an adjustable-rate mortgage, or one of their other loan products. Plus, their online application makes it easy to apply for a loan in just minutes. 

If you’re ready to purchase a home or refinance your mortgage, Member First Mortgage should be at the top of your list!

References

• Memberfirstmortgage website
• Solutions

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