Your first home, within reach
Buying a home can be overwhelming. A low down payment, no PMI, and expert support make it easy and affordable.1
Expert local support
From origination through the life of your loan, enjoy a high-success, low-stress experience.
Low down payment
Purchase with as little as 2% down.2
No PMI
Save with no monthly private mortgage insurance required.
Local servicing
We directly finance First Step Home Loans for fast, easy payments.
Seller-paid closing costs
Don't worry, we allow seller-paid closing costs.
Lock in rate
There are no surprises; your rate is locked at application.3
Calculate your monthly payment4
Monthly Payment
No windfall required
Saving up 20% for a down payment can be difficult. With a First Step Home Loan, buy with a down payment as low as 2%.
Lock while you shop
When you apply for a First Step Home Loan, we lock in your rates so they won't change while you're house-hunting.
Trust is a top reason members choose Members Mortgage.
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1
Complete an application
Apply online, over the phone, in person, or through video banking.
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2
Get prequalified
We'll crunch the numbers and let you know if you're pre-qualified.
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3
Buy a home
Use the funds to purchase your first home.
Have questions? We're here to help!
Your home, our help
With expert support, affordable down payments, and no PMI, First Step Home Loans are designed to work for you.
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1 First Step Home Loans are 10/1 adjustable rate mortgages for first time homebuyers and allow for as low as 2% down and there is no private mortgage insurance (PMI) requirement. An Adjustable Rate Mortgage is a variable rate loan product. During the initial term of the loan the rate will remain unchanged; after that, the rate is subject to adjust at a set interval. Occupancy required.
2 An example of a typical First Step Home Loan with a 2% down payment: Annual Percentage Rate (APR) of 6.616% for 120 months with monthly payments of $6.16 per $1,000. APR referenced in the example is the lowest rate available as of 08/10/2023 and may vary based on loan amount, borrower credit, loan to value, property type, occupancy, etc. Terms and rates may change at any time.
3 Rate locks require the execution of a rate lock agreement and are subject to the terms therein.
4 The calculator is provided for informational purposes only and any calculation is solely an estimate based on the information you provide. Contact Members Cooperative Credit Union at 1-800-296-8871 for more information.Members Cooperative Credit Union lends to Minnesota and Wisconsin residents only and property used as mortgage security must be within the states of Minnesota and Wisconsin. Membership and loan approval required. Restrictions apply.
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at any branch office regarding the locations where HMDA data may be inspected.
Use of online or other electronic services may require specific hardware and software and your agreement to certain terms and conditions. Access is subject to the availability of the internet, cellphone and network coverage and plans, and typical service interruptions stemming from your providers or the credit union’s providers.
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