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Frequently Asked Questions
Simply apply online through our secure online system by clicking Apply Now. If you prefer to speak with a loan officer contact Denise Dixon at 855-636-1057 x5778.
What is a P&I payment?
How can I start my application?
P&I is the combined principal and interest you pay your lender each month. The principal amount repays a portion of the amount of money originally borrowed. The interest amount pays the monthly interest accumulated on your outstanding balance. Your total payment will typically include additional items, such as, real estate taxes and insurance premiums.
What is an origination charge?
The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination.
What are points?
Points (sometimes referred to as discount points or mortgage points) are paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the original loan amount.
Why does my lender require homeowners insurance?
Homeowners insurance is an insurance policy that protects both you and your lender in case of loss or damage to your property. The insurance company is chosen by you and the monthly homeowners insurance premium is often included as part of the monthly mortgage payment.
Mortgages
MORTGAGE
*All lending products are subject to credit and property approval. Terms, conditions, and interest rates are subject to change without notice. Certain restrictions may apply and may vary based on borrower qualification and collateral conditions. This is not a commitment to lend. Additional restrictions may apply. Member First Mortgage, LLC is an affiliate of Southwest 66 Credit Union. Southwest 66 Credit Union: 8818 Garland Rd, Dallas, TX 75218 | 214-320-8818 | NMLS ID: 891907. Member First Mortgage, LLC Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | 866-898-1818 | NMLS ID: 149532 | Equal Housing Opportunity.
If you have questions and want to talk about your specific situation, call our expert Mortgage Consultant today:
Mortgage Consultant
*Denise Dixon is authorized to represent Member First Mortgage, LLC. For MLO licensing information, please visit NMLS Consumer Access.
