4 Reasons to Get Pre-Approved for Your Mortgage

By Shelley Sines, from Readynest.com While it may seem intimidating to prequalify for a mortgage loan, it’s a great first step when you’re just beginning to shop for a home. You wouldn’t bake a cake without making sure you have all the ingredients first, right? According to the Consumer Financial Protection Bureau (CFPB), a prequalification (sometimes called a “preapproval”) from a lender is a letter that specifies how much the lender is generally willing to lend you. The lender typically…
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The Difference Between Being Prequalified and Preapproved

If you’re new to the idea of owning your own home, you likely have a lot of questions. Here’s the answer to one common question that will help you become a successful homeowner. What’s the difference between being prequalified and preapproved? Prequalification Prequalification simply involves a rough calculation of the mortgage payment you can afford. Your credit union lender can help you with this. Preapproval Preapproval means you’re essentially good to go. You formally apply for the mortgage and pay…
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10 Things to Prepare Before Buying Your First Home

Thinking about buying your first house? To make the preapproval process seamless, gather these financial documents: Your credit report – Obtain a copy as early as possible and scour it for accuracy. If time permits, pull your credit report three months before you seek pre-approval so you have time to correct any issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. To obtain a report visit annualcreditreport.com. Usually, it works…
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Mortgagese 101: A Guide to Mortgage Terminology & Jargon

The mortgage business seems to have its own language. It’s complicated and full of acronyms, terms and jargon, many of which you may not have much knowledge about. When you think about buying a house or refinancing your mortgage, you might feel like a college freshman entering his or her first class of the semester…naïve, unprepared and a bit hesitant. We know mortgages can be hard to understand, and that’s why we work with you every step of the way….
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Life Change To-Do Lists

Life changes – like getting married, divorced, having a child, or facing widowhood – require more than an emotional adjustment. They also require certain financial adjustments. If you need help, you can get FREE financial coaching through Midwest Community. Learn more here. Marriage Have the money talk. Sit down with your significant other and set financial goals. Do you want to save for a new house? Have kids? Will you pool your assets or maintain separate checking or savings accounts? Discuss…
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Understanding How to Refinance Intelligently

The landscape of mortgage refinancing is shifting, but that shouldn’t necessarily scare homeowners away from considering this financial move. According to the Ohio Credit Union League’s 2018 Mid-Year Consumer survey, 57 percent of respondents have refinanced a mortgage. And most Ohioans, 81.7 percent, believe the best reason to refinance a mortgage is to take advantage of better interest rates, payments, or loan terms. Fewer Ohioans are comfortable utilizing a cash-out refinance option to pay for home improvements (8.6 percent), to…
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What’s the total cost of a mortgage?

A: Since monthly payments spread the cost of a mortgage loan over an extended period, it’s easy to forget the total expense. For example, if you borrow $200,000 for 30 years at 6% interest, your total repayment will be around $431,680, more than two and a half times the original loan. What seems like minor differences in the interest rate can add up to a lot of money over 30 years. At 7%, the total repaid would be $479,160, about $47,480…
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Where Should I Start When Buying a Home?

A: Start by defining your goals. Consider where you want to live, the features you’re looking for, what you can afford, and a realistic date for having the money you’ll need. Then apply your knowledge to making this key decision.   The Cost of Buying The actual amount you’ll spend to buy a home depends on the part of the country you live in and the type of home you want. While the dollar amount will vary, certain guidelines apply wherever…
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Investment Representative

The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members. A key element of excellent service is to identify the financial needs of each member and recommend an appropriate credit union solution. In addition, receives members in person and by telephone. Helps Member Investors reach financial goals utilizing our consultative sales process. In addition, responsible for ensuring that outstanding service is delivered to both internal and external members. A key component of this service is to provide proactive guidance on investment solutions via a needs-based consultative selling approach to both current and prospective Members who have placed an inbound call or referral to the Investment Representative.

For more details, please contact lfrysinger@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Member Service Representative

Midwest Community Federal Credit Union is looking for a Member Service Representative to process transactions, accurately perform end of day balancing procedures, follow company policies and utilize the core data processing system and various software applications, including electronic banking services. We are seeking candidates who are punctual, honest, friendly, and have outstanding communication skills. Please see the job description for a full list of duties. Resumes may be submitted to Sondra Manon at smanon@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

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