Meet ourHome Loan Professionals

Yes, members can refinance for a lower rate, shorter term, or to get cash out for other needs. We can save members from paying many fees and associated closing costs as our costs are usually much lower than what other lenders charge. Call us at 913-599-1010 to learn more about how to refinance your existing mortgage.

No, we often pre-approve members by having them complete a mortgage loan application before they shop for a home. Once your application is approved, you can select a home that is within the range of the dollar amount of your pre-approval.

• Conventional - There is a 3 percent down payment requirement.

• Zero Down - No down payment required for first-time home buyers. A 1% minimum borrower contribution is required, which can be part of closing costs or required cash reserves.

Mortgages with less than a 20 percent down payment require Private Mortgage Insurance to protect the lender against default. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses and possibly repairs, decorating or appliances. Call us at 913-599-1010 to learn more about down payment requirements.

Absolutely not! That was a true statement when houses were $30,000 each, but it is no longer the case. The smaller your mortgage the truer it is, however, because a smaller balance results in fewer savings. Have your loan officer calculate the cost of the loan versus the savings and the period of time it will take you to recoup the expenses of the refinance. This should help you decide whether it's worthwhile or not, and it will only take the loan officer a few minutes to calculate.

Rates change daily and are available by 10:00 A.M. Monday through Friday. You may also call Mainstreet at 913-599-1010 (toll free 888-395-1010). Our Call Center can provide rates, but if you have further questions you can ask for a member of the mortgage department.

There is no application fee for a pre-approval, however once a specific address is identified and before an appraisal is ordered, a $450 application deposit is collected. This application deposit is credited back at closing.

Unlike the primary mortgage market between borrowers and lenders, the secondary mortgage market is where lenders and investors buy and sell existing mortgages. Selling mortgages allows Mainstreet to offer the products you want - long-term fixed-rate mortgage loans with low down payment options. By selling the loan in the secondary market, Mainstreet eliminates a significant amount of interest rate and/or portfolio risk.

On closing day the borrowers come to Mainstreet and sign the final settlement statement that itemizes all the final costs and credits associated with the mortgage loan, along with other loan disclosures. The lengths of time for closings vary but most usually are completed within 30 minutes. All disclosures will be explained and this is an additional opportunity to ask any questions and get clarification on anything that you don't fully understand. You will be signing a note promising to repay the loan and a mortgage or deed of trust (the security instrument). After signing, the mortgage and an instruction letter will be forwarded to the title company and recorded in the Register of Deeds office along with the Deed (if purchasing a home).

A basic pre-qualifying exercise will give you a feel for how much home you can afford. We can help you estimate how much you can afford based on your current income and monthly obligations. Call us at 913-599-1010, or visit a branch to learn more about getting pre-qualified and pre-approved. Visit Mainstreet's mortgage page before you shop. Being a pre-approved buyer gives you the ability to make a qualified offer to purchase a home. A buyer with guaranteed funds has more leverage in a negotiation battle than the buyer who is still waiting to hear back from their lender.

A credit score is a score that attempts to condense a borrower's credit history into a single number that will predict the likelihood that a person will pay their bills as agreed. Points are assigned for different pieces of information such as payment history, length of time of residency and employment, length of time credit has been established, use of credit and any negative information such as late payments, collections, bankruptcies, and charge-offs. The score will range from 350 to 850, the higher the better. For mortgage loans, a score of 680 or above indicates a good score.

You pay a predetermined interest rate for the duration of the mortgage. Mainstreet offers you a choice of 10, 15, 20 or 30-year terms. You will pay more interest over the term of the 30-year mortgage but your monthly payments are lower than the shorter-term fixed-rate loans that we offer. With the 10, 15 or 20-year mortgage, you have a higher monthly payment but you build up the equity in your home faster.

• You plan to own your own home for only a few years (3 to 6), and/or

• You want to lower initial monthly payments more than a traditional 30-year fixed-rate mortgage offers, and/or

• You need a lower initial monthly payment to qualify for a larger loan &/or buy more home, and/or

• You are a first-time home buyer and need the lowest payment to start out in your new home.

Appointments can be made as quickly as 1 hour in advance and looking up to 2 weeks out in the calendar. Some appointments are available by phone or in-person, while others are phone-only appointments.

Services available

CARD SERVICES

• Get assistance with ATM, Debit or Credit Cards

NEW ACCOUNTS

• Open a new membership

• Open a savings, checking, IRA, Youth or Business account

LOANS & MORTGAGES

• Purchase or finance vehicles, Harleys, ATVs or motor homes

• Meet with a representative to borrow money for nearly any purpose

• Apply for a Mastercard^® credit card and borrow money as you need it

• Discuss options to borrow against your home’s equity

• Discuss your business lending needs with a representative

OTHER FINANCIAL NEEDS

• Schedule a call or in-person appointment to update your account information

• Get help accessing your online account, mobile app or other online features

• Make an appointment to get your business or personal documents notarized

• Transfer money to an individual or entity

• Place a stop payment on a single check, ACH or a series of checks

• Schedule time to access your safe deposit box