Podcast
Questions and Answers
A borrower is considering a mortgage for a vacation home and an investment property. What is the minimum loan amount they can obtain for each, respectively?
A borrower is considering a mortgage for a vacation home and an investment property. What is the minimum loan amount they can obtain for each, respectively?
- $10,000 and $10,000
- $32,000 and $32,000
- $32,000 and $10,000
- $10,000 and $32,000 (correct)
A member wants to refinance their existing mortgage and is looking for a loan term that allows them to pay it off relatively quickly. Which of the following loan terms is available to them?
A member wants to refinance their existing mortgage and is looking for a loan term that allows them to pay it off relatively quickly. Which of the following loan terms is available to them?
- 5 years (correct)
- 3 years
- 40 years
- 4 years
Which of the following statements is most accurate regarding mortgage payment due dates?
Which of the following statements is most accurate regarding mortgage payment due dates?
- Borrowers can choose any date between the 1st and the 15th of each month.
- Payments are due on the 15th of each month.
- Borrowers can select a due date that aligns with their pay schedule.
- Payments are due on the 1st of each month. (correct)
A member is purchasing their first home with a mortgage and wants to understand the purpose of an escrow account. Which of the following best describes the function of an escrow account?
A member is purchasing their first home with a mortgage and wants to understand the purpose of an escrow account. Which of the following best describes the function of an escrow account?
A homeowner is considering making an extra large payment on their mortgage to pay it off faster. What should they know about early payoff penalties?
A homeowner is considering making an extra large payment on their mortgage to pay it off faster. What should they know about early payoff penalties?
A borrower's mortgage payment is due on the 1st of the month. On what date will a late fee be applied if the payment has not been received?
A borrower's mortgage payment is due on the 1st of the month. On what date will a late fee be applied if the payment has not been received?
A prospective buyer is pre-approved for a mortgage of $540,000. They have found a house they want to buy for $550,000. Which of the following statements is most accurate regarding their ability to finance the purchase with this mortgage?
A prospective buyer is pre-approved for a mortgage of $540,000. They have found a house they want to buy for $550,000. Which of the following statements is most accurate regarding their ability to finance the purchase with this mortgage?
Which of the following scenarios would require collateral?
Which of the following scenarios would require collateral?
Which government agencies are Member First Mortgage approved by?
Which government agencies are Member First Mortgage approved by?
A borrower is comparing different mortgage options, All of the following types of properties can be financed through Member First Mortgage except for?
A borrower is comparing different mortgage options, All of the following types of properties can be financed through Member First Mortgage except for?
Flashcards
Member First Mortgage
Member First Mortgage
Entity that partners with the credit union to provide mortgage options.
Types of Mortgages Offered
Types of Mortgages Offered
Mortgages for primary residences, vacation homes, investment properties, and new builds.
FHA, VA, and MSHDA Approved Lender
FHA, VA, and MSHDA Approved Lender
Government agencies that Member First Mortgage is approved by for lending.
Mortgage Term
Mortgage Term
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Collateral Required
Collateral Required
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Escrow Account
Escrow Account
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Appraisal
Appraisal
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Closing Costs
Closing Costs
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Study Notes
- Mortgage options are available through a partnership with Member First Mortgage.
- Mortgages are available for:
- First home purchases
- Refinancing existing mortgages
- Vacation/second homes
- Investment properties
- New construction
- Member First Mortgage is an approved lender for:
- FHA
- VA
- MSHDA
Mortgage Terms
- Terms range from 5 to 30 years.
- Payments are due on the 1st of each month.
- Collateral is required.
- Minimum loan amounts:
- $10,000 for primary/vacation homes
- $32,000 for investment properties
- The maximum loan amount is less than $548,250, and is updated annually.
- There is no early payoff penalty.
- Late fees are charged after the 15th of the month.
- An appraisal is required.
Closing Fees
- Closing fees (closing costs) vary based on several factors.
- Members can discuss closing fees with a Mortgage Officer during the application process.
Escrow Account
- An escrow account may be required.
- An escrow account is a share account used to pay property taxes and homeowner's insurance.
- Funds for property taxes and insurance are included in the monthly payment and deposited into the escrow account.
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