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Home Loan Basics

Here are some common questions you may have about mortgage loans.  Please call/text one of our mortgage professionals at 620-342-2336 for further information!

Having a higher score will typically get you a better interest rate on a mortgage loan.  If you do not believe your credit score is high enough, please reach out to one of our mortgage professionals to evalute your score. 

Traditionally speaking, you can purchase a home using a conventional mortgage with as little as 1% money down in some situations, or 3.5% on a FHA (Federal Housing Administration) loan. With a conventional or FHA,  you will pay Private Mortgage Insurance (PMI) until your loan reaches 90% of the original amount.

Our mortgage professionals can work with you to help with down payment flexibility.

Private Mortgage Insurance (PMI) is an insurance policy that covers the lender if you stop paying your mortgage and default on your loan. Typically, the PMI premium is factored into your monthly payment. Depending on your loan product, you will be eligible to cancel this policy and lower your payment at different stages.

Talk with a Mortgage Loan Officer to see when that opportunity is for you! 

Discount Points lower your interest rate in exchange for paying an upfront fee.  One "Point" is worth 1% of the loan.  On a $200,000 loan, that would be an upfront fee of $2,000.  The amount your interest rate goes down varies with every application.  Call or text one of our mortgage professionals at 620-342-2336 to see if paying points makes sense in your situation. 

  • Proof of income/W2/taxes
  • Proof of funds for down payment

To learn more, click here.

Members Mortgage Services (MMS), located in Hutchinson, KS, connects Emporia State Federal Credit Union (ESFCU) members with competitive mortgage loan products. MMS is owned by a cooperative group of credit unions, including ESFCU.  MMS’s local support team is easily accessible, and is an extension of ESFCU. We all work together to make sure you have the best home-buying experience possible.

A portion of your monthly payment is held by Members Mortgage Services (MMS) in an escrow account for taxes and insurances. MMS will take these funds out of escrow and pay your taxes and insurance for you when they are due.

Home Affordability

Buying a house is one of the biggest decisions you will ever make. It can be overwhelming and you might not know where to begin.

A good first step is finding out how much home you can afford and this calculator can help!

This calculator does not include applicable taxes and insurance.  Interest rates are subject to change.  Current interest rates can be found here.