Home Mortgage Loans (Owner Occupied)
Workmen’s Circle Credit Union (WCCU) retains the services of Member First Mortgage (MFM) (a 3rd party processor) to process traditional 1st mortgages with fixed rates up to 30-years. While these loans may be closed in the name of WCCU, they are sold to the secondary market for the same terms as your loan agreement with WCCU.
The interest rates and closing fees are competitive. Generally, credit unions are exempt from intangible taxes, which saves our members $3 per thousand on the mortgage amount. For example, a credit union member would save $900 in intangible taxes on a $300,000 home ($300k * 3 = $900). However, it is possible that by using this company or certain government programs, intangible taxes may be applied. For VA, FHA and USDA loan programs, intangible taxes are required to be paid by the borrower. The Member First Mortgage representative should be able to answer all questions on fees and interest rate.
NMLS #712372
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