Mortgage Loans

Mortgage Loan

Buying that first house can be a daunting task, but Marshfield Medical Center Credit Union (MMCCU) is there to help members have the best first house-buying experience possible.

“The 1st step our members should take is to contact the credit union to set up an appointment to talk about the mortgage process, options, programs, costs and interest rates,” said Jerry Litwaitis, VP of Lending. “We know the right questions to ask to determine what program will best fit our member’s needs.”

Litwaitis and the MMCCU team will work with members to complete a pre-qualification to determine their affordability based on the different terms and rates MMCCU has to offer.

“We can educate our member so that they feel confident about the mortgage lending process,” he said, adding that members do not always know what they can afford or how much money is required for a down payment.

MMCCU can determine a member’s affordability, based off their income and current debts. They can also determine what program will fit a member’s financial needs when it comes to mortgage term and type of down payment required.

“The minimum down payment percentage for a conventional fixed rate mortgage is 5% of the purchase price or appraised value, whichever is less (10% down payment for the credit union’s in-house mortgage programs),” said Litwaitis. “You will also need to have money set aside for closing costs along with reserves (which are the principal, interest, tax and insurance payment on a monthly basis).”

If a member applies and is approved for an FHA mortgage, a 3% down payment is the minimum amount. For a USDA mortgage, no down payment is required, although the applicant will need to have enough funds in their account for closing costs.

For first-time home buyers, Litwaitis said to expect a 30-year fixed rate with little or no down payment to get started.

“This will provide our member with the lowest possible monthly payment with the smallest amount of out of pocket expenses,” he explained. “Since there is no pre-payment penalty, you can make extra payments down the road to reduce the balance and term at a faster rate.”

Each member’s situation is different, so working with a professional through this process is important.

“MMCCU has the local knowledge and expertise to get you into the right mortgage program that will fit your budget,” said Litwaitis.  “We have personalized service enabling our member to deal with one person from the start of your mortgage process until the end. MMCCU has the right products, with competitive interest rates and closing costs to complete your home buying process.”

Questions a first-time home buyer be asking their financial institution:

• What type of mortgage programs do you offer?
• What are the current interest rates and annual percentage rates on those programs?
• What are the closing costs for those programs?
• How much of a mortgage payment can I afford?
• How long does the mortgage process take?
• What is private mortgage insurance and how much money do I need to put down to get out of it?
• Is there a pre-payment penalty on the mortgage programs?
• How much of a down payment is required for each of the programs explained?
• Do I even need a down payment?
• What is the difference between a closing cost and a prepaid finance charge?
• What is the difference between an interest rate and the annual percentage rate?

Contact our friendly team to learn if you qualify.

Our Services

Need Help ?

Please feel free to contact us.

302 W Upham St.

PO Box 279

Marshfield, WI 54449

715-387-8686

800-818-5049
mmccu@mmccu.com

DO NOT INCLUDE ANY SENSITIVE PERSONAL INFORMATION IN EMAIL

For lost or stolen debit cards

800-543-5073

For questions on your VISA® credit cards

Customer Service

866-234-4691 (US)

701-461-1772 (International)

Fraud Department

800-558-3424

From the MMCCU Blog

More About Mortgages

consolidate debt with mortgage

How to Use Your Mortgage to Consolidate Your Debt

Consolidating debt with a mortgage involves using the equity in your home to pay off high-interest debt such as credit cards or personal loans. Here are the steps you can take to use your mortgage to consolidate your debt: Assess your current debt: Start by making a list of all your debts, including the outstanding...
Read More
benefits of a second mortgage

The Benefits of a Second Mortgage

There are benefits of taking out a second mortgage. A second mortgage is a separate loan that you take out (in addition to your first mortgage). You can borrow on the equity in your home up to certain percentage, usually 80% of the value of your home, including your first mortgage balance.  (Example: Your home...
Read More
home equity loan benefits

The Benefits of a Home Equity Loan

A home equity loan is a type of loan where a homeowner can borrow against the equity in their home, which is the difference between the home’s market value and the outstanding mortgage balance. Equity in your home is calculated as the difference between your home’s value and your mortgage balance. Loans are secured against...
Read More
where to get a mortgage in 2023

Where to Get a Mortgage in 2023

Wondering where to get a mortgage in 2023? A house is one of the biggest purchases you’ll likely make in your lifetime, so it’s important to find a lender that fits your needs. At MMCCU, we work with our members to make sure they are getting fair terms and comfortable rates. Mortgages are complicated, but...
Read More
renting vs buying

Renting vs Buying

The decision to rent or buy depends on each individual’s circumstances. Each option has its advantages and disadvantages. When evaluating renting vs buying and which one makes the most sense for your situation, there are several factors to take into consideration. These include: The market where you want to live How much down payment you...
Read More
podcast interest rates explained

PODCAST: Explaining Interest Rates Through the Decades

Hey everybody, this is David Murphy, President at the Marshfield Medical Center Credit Union, and welcome to “The Credit You Deserve” podcast.  In this podcast, we will cover relevant topics that impact your personal finances.  You will walk away better informed about the basics of personal finances with tips and recommendations you can incorporate into...
Read More

Request Additional Information

    Interested in becoming a member? Learn more here.

    Follow Us

    Security update: If you receive a call asking for any MMCCU account information, this is a scam. Hang up and call us at 715-387-8686.

    X