Ones to Watch in 2016
Company: Member First Mortgage, LLC Name: Jerry Reed Email: info@memberfirstmortgage.com Web: www.memberfirstmortgage.com Address: Member First Mortgage, LLC 616 44th Street SE Grand Rapids, MI 49548-7576 Telephone: (866) 898-1818
Member First Mortgage is a full service Mortgage CUSO, wholly owned by 13 leading Credit Unions. Established in 2001 with locations in Grand Rapids, Michigan and Bend, Oregon, we look forward to delighting your financial institution and your clients with our full suite of mortgage programs and dedication to friendly, professional service.
From purchase to refinance to construction lending, they are truly a full service mortgage lender - with an emphasis on service. That’s why they have mortgage consultants available evenings and weekends*. That’s why they have access to a full range of Conventional, FHA, VA, Rural and mortgages for clients with less than perfect credit. MFM team members have years of experience in mortgage lending and a service vision unparalleled in the mortgage industry. They are able to offer you the outstanding service you deserve. They offer such things as: • Automatic payment withdrawal; • Free 24 hour online payments; • Free 24 hour online access to view your loan information; • Monthly statements; • Payments by phone; • No automated attendant - a real person every time. They are said to provide the best loans in the marketplace and the best service available anywhere. LOAN PRODUCTS The firm’s website provides details of a variety of loans, and asks the question “which loan is right for you?” The answer to that question they believe comes together when their experience meets the goals and wishes of the customer. The firm recommends that a few minutes are taken to familiarize yourself with the loans described below (and the others detailed on their website) and then let them know when and where you wish to start the conversation. ADJUSTABLE RATE MORTGAGE (ARM) LOANS They currently offer ARM loans with term options of 3, 5, 7 and 10 years. An adjustable rate mortgage (ARM) provides the borrower with a lower initial payment, yet they carry a degree of uncertainty. An adjustable rate mortgage will temporarily lock into a rate at the time of closing. After the initial lock period ends, the rate will adjust for the remaining life of the loan depending on market rates. ARMs allow borrowers to take advantage of falling interest rates without refinancing, however they should prepare for rates to likely increase. If you are considering a refinance or move in the near future, an ARM loan may also be a great option for you as the lower initial rates can offer a cheaper route for borrowers who don’t plan on staying in one place for long. Fixedrate mortgages offer rate and payment security, but they can be more expensive over time. Personal preferences and unique situations will help to determine which type of loan is best for you. CONSTRUCTION LOAN Looking to build your dream home? Member First Mortgage’s construction loan may be the perfect option for you! Their construction financing product features a 12 month term to build the home, with 4 draws throughout the process. Upon maturity, the balance of
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the construction loan would need to be refinanced into a 15, 20 or 30 year fixed rate end mortgage. FHA (FEDERAL HOUSING ADMINISTRATION) The FHA (Federal Housing Administration) loan is a great program for homebuyers who are looking for a low down payment, affordable terms, and may not have exceptional credit. The firm’s FHA loan features a down payment of just 3.5%, as well as flexible credit and qualification requirements. For existing home loan applicants with an FHA loan, a streamline refinance may be a great option for you. FIXED-RATE MORTGAGES (10, 15, 20, 30 YEAR) A fixed rate mortgage provides the borrower peace of mind knowing your monthly payment will be the same for the life of your loan. The 30 year fixed rate mortgage loan is currently the longest loan term available where the principal and interest payment will never change. If you plan to stay in your home for many years and prefer the convenience of a consistent mortgage payment for budgeting purposes, this could the perfect program for you. The 10, 15 and 20 year fixed rate loan products will benefit the borrower with a more accelerated payoff schedule compared to the 30 year fixed rate loan program. The interest rate will always remain the same, your principle and interest payment will never change, and the shorter terms will allow you to pay off your mortgage much faster than the 30 year term. HOME RENOVATION Is your home in need of a little TLC? The firm’s Home Renovation program can help! It’s designed to help homeowners pay for home repairs, renovations and restorations. There are multiple term options available; 15, 20, 30 year Fixed Rate as well as ARMs. Home Renovation also allows for permanent financing to replace the interim construction loan used to purchase or refinance an existing site-built home. RURAL DEVELOPMENT The Rural Development program is an excellent product for homebuyers with low-to-moderate income and savings, who are looking to purchase a home in a designated rural area. RD is a true zero-down loan program, which allows the borrower additional funds to pay for closing costs or prepaids in the mortgage, and in some cases the seller can pay up to 6% of the sales price to cover closing costs. The RD loan is not limited to first time homebuyers, and can also be used to refinance an existing RD mortgage to a lower interest rate. While this piece explains about the company and some of what they do concerning the loans they offer, Member First Mortgage think it makes more sense to make it all About You. * In certain select geographic areas. ** Except some non-conforming loans and MSHDA.