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 December 7, 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. Calculations do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation may be greater. 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.