What is a Freddie Mac Fixed-Rate Mortgage product?
A Freddie Mac fixed-rate mortgage product refers to a mortgage loan that is originated, funded, and serviced by a lender but is ultimately sold to Freddie Mac, a government-sponsored enterprise (GSE) established to provide stability and liquidity to the...
Continue ReadingWhat is an Adjustable Rate Mortgage (ARM) Loan?
An Adjustable Rate Mortgage (ARM) Loan is a type of home loan where the interest rate can change periodically based on the performance of a specific benchmark or index. This means that the monthly payments can fluctuate over time. Here are the key...
Continue ReadingWhat is a NMLS ID?
The NMLS ID# (Nationwide Multistate Licensing System & Registry Identification Number) is a unique identifier assigned to mortgage loan originators (MLOs) and institutions involved in mortgage lending. This system was established to improve supervision...
Continue ReadingWhat mortgage products are available?
People Driven Credit Union offers the following mortgage products: Conventional Products: Freddie Mac Fixed Rate Fannie Mae Fixed Rate Adjustable-Rate Mortgages Home Possible (Freddie Mac) Home Ready (Fannie Mae) Construction ...
Continue ReadingMortgage Documents Needed:
Copy of your driver’s license Last 2 years W2’s Most recent 30 days span of paystubs Last 2 years Federal Tax Returns Most recent two months bank statements, all pages Contact information for homeowner’s insurance...
Continue ReadingDoes People Driven Credit Union offer Mortgages?
People Driven Credit Union wants to be your mortgage lender! We partner with Member First Mortgage to provide you with a wide range of mortgage services. Whether buying your first home, building your dream home, moving up, or scaling down, Member First...
Continue ReadingHow do I check the status of my loan application?
You may give us a call at 248-263-4100 to speak with the loan...
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