Frequently Asked Questions

How can I start my application?

Simply apply online through our secure online system by clicking the Apply Today button below. If you prefer to speak with a loan officer, contact Ryan Dierdorff (NMLS ID# 895065) at Member First Mortgage at 855-636-1057 ext. 5779. 

What is a P&I payment?

P&I is the combined principal and interest you pay your lender each month. The principal amount repays a portion of the amount of money originally borrowed. The interest amount pays the monthly interest accumulated on your outstanding balance. Your total payment will typically include additional items, such as, real estate taxes and insurance premiums.

What is an origination charge?

The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination. 

What are points?

Points (sometimes referred to as discount points or mortgage points) are paid to the lender, usually at mortgage closing, in order to lower the interest rate. One point equals one percent of the original loan amount.

Why does my lender require Homeowners Insurance? 

Homeowners insurance is an insurance policy that protects both you and your lender in case of loss or damage to your property.  The insurance company is chosen by you and the monthly homeowners insurance premium is often included as part of the monthly mortgage payment.