Home Mortgage Loans
Not all home loans are created equal. When you compare our mortgage process with others, getting a mortgage at First Community saves you money. We have great low rates, don't charge an application fee, processing fee or closing fee. PLUS, if you apply March 1-May 31, 2018 we'll give you $500 after closing your home loan. Getting started is easy. Click the Rates & Applications button on the right, call us or stop in one of our branches.
Click Mortgage Types below to see all the different products we offer!
- Competitively low variable and fixed rate
- Wide range of terms
- Pre-approval for better buying power
- No pre-payment penalty
- Refinancing available
- Professional, personal service
- Decisions made right here in St. Louis
- Streamlined, on-time closings
- Local servicing for life of loan
Get more information and apply online at our Online Mortgage Center.
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. Below is a list of the MLO's employed by First Community Credit Union (NMLS ID # 684198).
For more information about the registry, please visit the NMLS at www.nmlsconsumeraccess.org
See the Home Mortgage Disclosure Act (HMDA) here.
*$500 Mortgage Promotion Terms and Conditions
$500 will be deposited into First Community account within 5 business days of loan closing. Must qualify for membership. $1 share deposit required. Missouri & Illinois residents only. Loan subject to credit approval. Rates, terms and conditions subject to change without notice. Escrow account required. LTV > 90% will require Private Mortgage Insurance (PMI). Must apply by May 31, 2018. Offer does not include refinances on First Community loans. Not valid with any other offer or First Time Home Buyer program. Your savings federally insured up to $250,000 and backed by the full faith and credit of the United States Government. Equal Housing Lender. First Community Credit Union. NMLS ID # 684198.
- Mortgage Types
First-Time Home Buyer
This mortgage is designed to meet the needs of the first time home buyer. It has minimal out of pocket costs (prepaid items). This product 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.
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).
Fixed Rate Mortgages
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 more than 10 years and want the security of mortgage payments that will not change.
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 $453,100 you are 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 subject to change without notice.
$1 share deposit required. Must quality for membership. Missouri & Illinois residents only. Loan subject to credit approval. Rates, terms and conditions subject to change without notice. Escrow account required. Home owners insurance, real estate taxes and interim interested must be pre-paid at closing. First Community Credit Union NMLS ID # 684198. Federally insured by NCUA. Equal Housing Lender.
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.