Get a free appraisal when you apply for a cash-out refinance or new mortgage. More info on the Details tab below.
- Variety of Financing Programs
- Competitive Rates
- Refinancing Available
- Personal Service
Cash-Out Refinance Promotion*
Now is the time to use your home's equity and refinance your loan. Home values are up, and loan rates are bound to go up as well. You may not know your home's value, but beginning January 1, 2022 and through February 28, 2022, we will pay for your appraisal. Knowing your home's value will allow you to maximize your cash out, and we may be able to lower your rate!
The funds from your Cash-Out Refinance can be used for whatever you'd like – paying off debt, home renovations, tuition, etc. – it's your money and choice.
Looking to buy a home? We have your appraisal cost covered for that as well.*
- Competitively low variable and fixed rates
- Wide range of terms available
- Pre-approval available
- No pre-payment penalty
- Refinance for a potentially better rate
- Streamlined, on-time closings
- Local servicing for the life of the loan
- Affordable monthly payments
- Local decisions made in the St. Louis area
- Prompt responses and personal service
Remember that your annual real estate taxes are paid directly by First Community using the funds in your escrow account. For questions contact Loan Servicing.
Ready to Apply?
Get more information and apply online at our Home Mortgage Center.
*$1 share deposit required. Must qualify for membership. Appraisal fee must be paid upfront at time of application but fee will be credited at loan closing. Offer does not apply to refinances with First Community. Offer valid 1/1/22-2/28/22. Properties must be owner-occupied or a secondary residence. Only available in Missouri, Illinois, Colorado, Kansas, Arkansas, Tennessee, North Carolina, South Carolina, Georgia, Alabama and Florida. Loan subject to credit approval. Rates, terms and conditions subject to change without notice. LTV > 80% will require Private Mortgage Insurance (PMI). Escrow account required. First Community Credit Union NMLS ID # 684198. Equal Housing Lender.
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First-Time Home Buyer1
This mortgage is designed to meet the needs of the first-time home buyer. It has minimal out-of-pocket costs (prepaid items). It has no origination fees, no closing costs, no private mortgage insurance (PMI), no down payment requirements and no prepayment penalties. It has a competitive rate and is available as a 30-year fixed rate or a 5/5 ARM. To qualify as a first-time home buyer, the applicant cannot have owned a home or had an ownership interest in a primary residence for the past three years.
If you have had joint ownership in a home in the last three years, you can apply as an individual applicant and qualify for the first-time home loan.
We've put together a First-Time Home Buyers Guide. It will help walk you through the home-buying process so you know what to expect and can be prepared.
Adjustable-Rate Mortgages (ARMs)
First Community offers 1, 3, 5 & 7-year ARM mortgages that provide a lower initial monthly payment and slowly adjust over time. The rate cannot adjust more than 2% at each adjustment and no more than 6% over the life of the loan. Jumbo loan amounts are available and only 10% down is required to avoid Private Mortgage Insurance (PMI).
The fixed-rate mortgage provides the security of a fixed interest rate for the entire life of the loan. First Community offers 10, 15, 20 and 30-year fixed mortgages. We recommend this loan if you plan to stay in your home for more than 10 years and want the security of mortgage payments that will not change.
Vacation Home Loans
Thinking about a home away from home? Buying your own vacation home allows you to get away as often as you like! There's limitless potential for a home right on the lake, in the mountains, beach or something nestled off the beaten path. We can help make it a reality with a home loan. With a variety of loan products available, low fees and competitive rates there will never be a better time!
First Community will finance the acquisition of land or refinance a land loan whether you intend to build a home or just invest. All vacant land loans are amortized over 15 years and 2, 3 or 5-year balloon land loans are available.
If you need to borrow at least $647,200 it is considered a “jumbo mortgage.” We have adjustable and fixed rates for our jumbo mortgages. Not everyone offers jumbo mortgages and our rates are always competitive.
Mortgage products are subject to change without notice.
$1 share deposit required. Must quality for membership. Loan subject to credit approval. Rates, terms and conditions are subject to change without notice. Escrow account required. Homeowners insurance, real estate taxes and interim interest must be pre-paid at closing. First Community Credit Union NMLS ID # 684198. Federally insured by NCUA. Equal Housing Lender. Properties must be owner-occupied or a secondary residence. Only available in Missouri, Illinois, Colorado, Kansas, Arkansas, Tennessee, North Carolina, South Carolina, Georgia, Alabama and Florida. Required LTV may vary by state.
1 First-time homebuyers are defined as those persons who have not owned a home or had an ownership interest in a primary residence for the past three years.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), requires credit union mortgage loan originators (MLO) and their employing institutions to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Once registered, each MLO is provided a unique identifier from the NMLS. This list contains the MLO's employed by First Community Credit Union (NMLS ID # 684198).