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First Community Credit Union Home Loans: North Dakota’s Leading Partner in Homeownership

Buying a home is a milestone in anyone’s life. It is more than just another financial transaction; it signifies the beginning of a new chapter, filled with hopes and dreams for the future. It could be your very first home, an upgrade for the family, a downsize for retirement or maybe a vacation place to getaway. Navigating the complexities of the mortgage process can be overwhelming. This is where First Community Home Loans steps in as a dedicated partner in helping you achieve your homeownership goals. In this blog post, we’ll explore what sets FCCU Home Loans apart, the services we offer, our approach to customer satisfaction and why we are the ideal choice for your next mortgage.

Who is First Community Home Loans?

First Community Home Loans is a sub-brand of First Community Credit Union, we are a local mortgage lender known for its commitment to providing personalized and efficient mortgage lending. With a large, diversified presence in the real estate and financial sectors, we offer a wide range of mortgage products designed to cater to your specific needs, whether you are a first-time homebuyer, an experienced investor, or looking to refinance your existing mortgage.

A Brief History of First Community Home Loans

Although we have been serving our mortgage members since the early days, we established the First Community Credit Union Home Loans sub-brand in 2021 with the goal of transforming the home loan experience. FCCU Home Loans was created with a shared vision: to create an optimized mortgage lending experience that prioritizes the buyer above all else. It is our mission to simplify the mortgage process and make home ownership accessible and affordable for everyone.

First Community Home Loans has grown into a trusted name in the mortgage industry. We have expanded our services, enhanced our technology, and developed a reputation for delivering results. Our growth can be attributed to our commitment to our customers and our ability to adapt to the ever-changing home buying landscape, not to mention our award-winning team.

Why Choose First Community Home Loans?

Choosing the right mortgage lender is critical for a smooth, successful home buying experience. Here’s why First Community Home Loans stands out:

1. Member First Approach- At the heart of our philosophy is a commitment to putting the members first. As a member of FCCU, you are an owner, meaning the only person we need to make happy is you. We understand that each buyer’s financial situation is unique, and we tailor our services to meet your individual needs. Our team of experienced loan officers takes the time to listen to your goals, answer your questions, and guide you through every step of the mortgage process.

2. Wide Range of Mortgage Products- Whether you’re looking for a conventional loan, FHA loan, VA loan, or refinancing options, First Community Home Loans offers a comprehensive suite of mortgage products. This variety ensures that you can find a solution that fits your specific needs and financial situation.

3. Competitive Rates and Fees- The FCCU Home Loans team is committed to offering competitive interest rates and transparent fees. We strive to provide cost-effective solutions without sacrificing the quality of service. Our team works diligently to find the best rates available and help you understand the financial implications of your mortgage options.

4. Innovative Technology- In an age where technology drives convenience, our team embraces innovation to enhance the customer experience. Our online application process is user-friendly, and we offer digital tools to help you manage your mortgage and track your application status. Additionally, we offer an eSign option for your convenience. This option allows you to electronically sign your disclosures, as well as upload any required documentation, online. You will upload these through the borrower portal, a secure, password-protected site.

5. Expert Guidance- The team at FCCU Home Loans consists of knowledgeable and local professionals that bring years of experience to the table. This is important because our local professionals have a good pulse on the markets and trends, making sure you are informed and prepared to hit the market in search of your new home with confidence. Our expertise extends beyond just closing deals—we are dedicated to educating our members and helping you make informed decisions when purchasing your home. Additionally, our team is award winning. In 2024, FCCU was recognized as an outstanding partner for the Champion of Affordable Housing Award and as a top rural housing lender in North Dakota by USDA Rural Development.

Mortgage Products Offered by First Community Home Loans

First Community Credit Union Home Loans offers a variety of mortgage products designed to meet different needs and preferences. Here’s a detailed look at our offerings:

1. Conventional Loans- Conventional loans are a common type of mortgage. They are not insured or guaranteed by the federal government and typically require a higher credit score and down payment. This typically leads to a lower interest rate on the purchase or refinance of your home.

2. FHA Loans- Backed by the Federal Housing Administration, FHA loans are designed to help first-time homebuyers and those with less-than-perfect credit qualify for a mortgage. These loans often have lower down payment requirements and more flexible credit guidelines. FCCU Home Loans can provide expert assistance in navigating the FHA loan application process.

3. VA Loans- VA loans are available to eligible veterans, active service members and certain members of the National Guard and Reserves. These loans are backed by the U.S. Department of Veterans Affairs and offer benefits such as no down payment and competitive interest rates. First Community Home Loans is well-versed in VA loan requirements and is committed to helping veterans and service members secure financing for their homes. Thank you to those who serve our country.

4. USDA Loans- USDA loans are backed by the U.S. Department of Agriculture and are designed for homebuyers in rural and suburban areas. These loans offer benefits such as no down payment and reduced mortgage insurance costs. First Community Home Loans can help you determine if you qualify for a USDA loan and guide you through the application process. Not all our communities may qualify for this type of loan. It is important to talk with one of our lenders to ensure that you qualify for a USDA loan. We were recently recognized as a leading lender in North Dakota by the USDA.

5. Refinancing- If you’re looking to lower your monthly payments, reduce your interest rate, or tap into your home’s equity, refinancing might be the right option. First Community Home Loans offers various refinancing options, including rate-and-term refinancing and cash-out refinancing, to help you achieve your financial goals.

The Application Process with First Community Home Loans

Navigating the mortgage application process can be complex, but First Community Credit Union Home Loans is dedicated to making this process as smooth and straightforward as possible for you. Here is a snapshot of what to expect:

1. First Meeting- Your journey begins with an initial meeting where a mortgage loan officer will discuss your needs, goals and financial situation. This step is crucial for determining the best mortgage product for you and answering any questions you may have about the process.

2. Pre-Approval- The next step is getting pre-approved for a mortgage. This involves submitting documentation such as income statements, credit reports and employment information. Our FCCU Home Loan team will review these documents to determine how much you can borrow, what home loan might best suit you and at what interest rate.

3. Home Search and Offer- Once you’re pre-approved, you can begin searching for your new home with confidence. With your pre-approval letter, you can make accurate offers on properties you want to purchase, knowing that you have the backing of a reliable lender.

4. Loan Processing- During this time, our team will verify your financial information and order and appraisal and title work for your home property. These are third party services and our FCCU Home Loans team will work to ensure everything is done in a timely manner.

Once completed, loan processing will review signed disclosures and make sure there is sufficient information to continue to underwriting. Your timely response when required documents are needed will help keep the process running smoothly.

5. Underwriting- After your offer is accepted, the loan processing and underwriting phase begins.

During the underwriting process, FCCU will verify your work history and review financial documentation, title work and appraisal information.

Your loan officer may request additional documentation during this process to ensure the application meets your loan program’s guidelines.

6. Approval Process- Once we receive approval from underwriting, FCCU Home Loans will work with the title company to finalize numbers, do a final check on employment and make sure we have everything to create your closing documents.  The expected timeframe for this is one week or less.

At least 3 days prior to closing, a closing disclosure will be sent to you for signatures. This will outline all the closing costs associated with your loan.

7. Closing- The final step is closing your mortgage. This is where you’ll sign all the necessary documents, pay any closing costs and finalize your loan with your mortgage loan officer and the title company. We will guide you through this process to ensure that everything goes well and that you understand all the terms of your mortgage. Once this process finishes, you’re now a proud homeowner! Congratulations!

Customer Testimonials and Success Stories

See what a few of our members had to say about their experience with the FCCU Home Loans team:

“I love that they are like family! So personable, fast and friendly.”

“The staff are always so friendly and welcoming. They always make you feel like you are the number one priority!”

“I love the hometown feel. You get the chance to know everyone in the branch and they know you too. It makes a very welcoming atmosphere.”

“The staff will explain programs and procedures clearly and make helpful suggestions.”

Community Involvement and Corporate Responsibility

First Community Credit Union and our Home Loans team believe in giving back to the community. We are actively involved in multiple charitable initiatives and community service projects across our entire footprint. Our commitment to community extends beyond just providing financial services; we aim to make a positive impact in the communities we serve, because life is better with community.

The Future of First Community Home Loans

As FCCU Home Loans looks to the future, we are focused on continuing to provide exceptional service and expanding our reach to make housing more accessible for everyone. Our team believes that home ownership is a right that everyone should have the ability to achieve, and we will do our absolute best to make that a reality. First Community Credit Union is committed to our core values of Community, Growth, Integrity and Passion. They will continue to be our guiding principles as we move into the future of home lending and financial services.

Full Service Financial

First Community Credit Union Home Loans is your go to place for mortgage lending. However, our team at First Community Credit Union offers much more than that. FCCU is a full-service financial institution offering checking and savings accounts, credit cards, personal loans, recreational loans, home equities, business & ag loans, identity theft protection, CD’s, HSA’s and more. When you choose First Community Credit Union, you are choosing a one stop shop that will take care of all your financial needs. This means we can build relationships together, grow together and succeed together.  After all, Life is Better with Community at First Community Credit Union.

Learn more about our home loans at myfccu.com/homeloans.