First Mortgage Loans

Q: What is a first mortgage loan?

A first mortgage loan is the primary loan used to purchase or refinance a home. It’s called “first” because it is the main lien on the property and is paid before any other loans, such as a home equity loan, if the home is sold or foreclosed.

Q: What mortgage options are available?

Members Heritage Credit Union offers a range of mortgage options, including fixed-rate and adjustable-rate loans, as well as government-backed FHA and VA loans. These options allow you to choose a loan that fits your financial situation and long-term goals.

Q: What’s the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage keeps the same interest rate and monthly payment for the life of the loan. An adjustable-rate mortgage (ARM) typically starts with a lower rate for a set period, then adjusts periodically based on market conditions.

Q: How much home can I afford?

The amount you can afford depends on factors like your income, debt, credit profile, and down payment. Your monthly mortgage payment will vary based on your loan amount and interest rate. You can use our online loan calculator to estimate payments based on different scenarios.

Q: Are there first-time homebuyer programs available?

Yes, there are local, state, and federal programs designed to help first-time homebuyers. These may include down payment assistance, reduced interest rates, or other financial support. Availability and eligibility vary, so it’s best to speak with a mortgage specialist for current options.

First Mortgage Loan Benefits

Competitive Rates

Enjoy competitive first mortgage loan rates that help make homeownership more affordable.

Flexible Mortgage Options

Choose from a range of mortgage options, including fixed-rate, adjustable-rate, FHA, and VA loans to fit your financial goals.

No Prepayment Penalty

Pay off your mortgage early without added fees and save on interest over time.

Local Support

Work with a local team that provides personalized guidance throughout your homebuying journey.

First Mortgage Loan Features

A first mortgage loan is used to purchase or refinance a home and serves as the primary lien on the property. As you make payments, you build equity in your home over time.

Members Heritage offers a range of first mortgage loan options designed to fit your needs:

Flexible terms — 10, 15, 20, or 30 years

Fixed-rate and adjustable-rate mortgages (ARMs)

FHA and VA loan options

Competitive local rates

No prepayment penalties

Home insurance coverage plans available

Apply today to get started

What Our Members Are Saying

Jamie was outstanding - matter of fact, I did recommend MHCU to my daughter after she took so good care of myself, respectfully satisfied customer!

Todd Y., Lexington, KY

What is a first mortgage loan?

What mortgage options are available?

What’s the difference between a fixed-rate and an adjustable-rate mortgage?

How much home can I afford?

Are there first-time homebuyer programs available?

Mortgage Loan Originator (MLO) Roster

Kelly Burke #375589

Christina Denham #932706

Taneceia Beaumont #616392

Pamela Mullins #1010262

Janice Phillips #616390

LaJuana Ramsey #638402

First Mortgage Loans

Turn Your Dream of Homeownership into Reality.