Mortgage & Home Loans
- Loans with no down payment
- No PMI required
- Conventional and Adjustable Rate Mortgage (ARM) options
| Mortgages (as low as) |
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Types of Mortgages
Choose from fixed-rate and adjustable-rate mortgages (ARM) with various terms and zero down payment options.
Conventional
A standard mortgage used to purchase a new home. Bring in the following documents to start your loan application today:
- Copy of recorded deed
- Last two years tax returns for each applicant
- Signed and dated contract between buyers and sellers if a purchase
- Four paystubs for each applicant, award letters if they are on social security or Retirement statement.
Refinance
You could save on interest by refinancing your current mortgage to a lower rate. Bring in the following documents to start your loan application today:
- Copy of recorded deed
- Last two years tax returns for each applicant
- Four paystubs for each applicant, award letters if on social security, or Retirement Statement
Pre-approval
Members Choice offers low, competitive rates with a home loan expert ready to lend a hand. Bring in the following documents to start your loan application today:
- Last two years tax returns for each applicant
- Four paystubs for each applicant, award letters if on social security, or Retirement Statement
Get started with our mortgage specialists:
Kyle Ingle
Mortgage Loan Officer
NMLS#: 2604739
Office: 606-775-0265
Email: kingle@mccu.net
Heather Wallace
Mortgage Loan Officer
NMLS#: 2618122
Office: 606-775-0255
Email: hwallace@mccu.net
What to Expect When Applying for a Mortgage
1 Get pre-approved - Set up a meeting with a mortgage specialist (it takes about 30 minutes). Pre-approval gives your buying power while you're house-hunting and when it's time to put in an offer.
2 Connect with your mortgage specialist - Keep your loan officer up to date when you are ready to buy and are under contract with a seller. Your mortgage loan officer will be readily available to discuss your application.
3 Become a home owner - Your loan officer will guide you through the entire process and answer your questions even after you're handed the keys to your new home.
Add Escrow to Your Loan
Your lender may set up an escrow account to collect and hold funds to pay certain property-related expenses. These expenses often include property taxes, homeowners' insurance, flood insurance, and mortgage insurance. An escrow account is a convenient way to have Members Choice CU manage the payment of your tax and insurance bills for you.
At your closing, you will pay an initial amount for each item to start your escrow account.
Escrow Advantages
An escrow account is an option for many mortgage loans, and there are benefits to having one.
You won't have to pay large, lump-sum payments during the year.
Your taxes and insurance are delivered on time, so you avoid the risk of lapsed insurance coverage or delinquent taxes.
Payment increases are taken care of.
The mortgage servicer allows for possible increases in tax or insurance premiums when calculating your monthly escrow payment.
Fund shortages are covered.
Often mortgage servicers will pay taxes and insurance premiums when they are due, even if all the money for these bills has not yet been collected. Your upcoming escrow payments are adjusted to make up for shortages or overages.
Our Mortgage Loans
Members Choice Credit Union offers a variety of mortgages loans that can be perfect for any of your needs! Our most popular mortgage options are:
Conventional Mortgage Loans
Conventional mortgage loans are popular among homebuyers as they offer flexibility and versatility. Unlike government-backed loans, they are not insured by a government entity and require a higher credit score and down payment. Borrowers can choose from fixed-rate or adjustable-rate options.
Conventional loans are suitable for various property types and may allow borrowers to avoid mortgage insurance with sufficient equity. While they have stricter qualification criteria, they provide a wide range of options for tailored financing. Comparing lenders, terms, and rates helps find the right conventional mortgage loan for individual homeownership goals.
Pre-Approval Loans
Getting pre-approved for a mortgage loan is an important step in the homebuying process. It involves a thorough evaluation of your financial situation by a lender, who assesses your creditworthiness and determines the maximum loan amount you qualify for.
Pre-approval provides several benefits, such as a clearer understanding of your budget and the confidence to make offers on homes within your price range. It also demonstrates to sellers that you are a serious and qualified buyer, potentially giving you an advantage in competitive markets. Pre-approval typically involves submitting financial documents, such as income verification, bank statements, and credit history, to the lender for review. By obtaining pre-approval for a mortgage loan, you gain valuable insights and a stronger position to make informed decisions during the homebuying journey.
Refinancing Your Home
Refinancing a mortgage involves replacing an existing home loan with a new one, typically to obtain more favorable terms or take advantage of current market conditions. By refinancing, homeowners can potentially lower their interest rate, reduce monthly mortgage payments, change the loan term, or access equity in their homes.
Refinancing can be a smart financial move if interest rates have dropped since the original loan was taken out or if the homeowner's credit score has improved, qualifying them for better loan terms. Additionally, refinancing may allow borrowers to consolidate debt or finance home improvement projects. It's important to carefully evaluate the costs and benefits of refinancing, including closing costs, prepayment penalties, and the length of time it will take to recoup the expenses. Consulting with a mortgage professional can help determine if refinancing is the right option to achieve specific financial goals and potentially save money over the long term.
Coach: What Mortgage Can I Afford?
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These rate are subject to change. The "as low as" rates for purchase loans and refinances are displayed. Rates are based on creditworthiness, loan-to-value (LTV), occupancy, and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates quoted require closing cost between $800 - $1500.