Inspections

An examination of property for various reasons (such as a termite inspection) to see if required repairs were made before funds are released, etc.

Late Fee

A late fee is assessed when the payment for a loan has not been received and the grace period has passed.

Lien

A legal hold or claim of a creditor on the property of another as security for a debt. Liens may be against real or personal property.

Loan Coupons

Loan coupons contain your payment amount and due date associated with your loan and can be used to help...

Loan-to-Value (LTV)

The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly...

Plans and Specifications

Architectural and engineering drawings and specifications for construction of a building or project. They include a description of materials to be used...

Prepayment Penalty

We here at Members 1st Credit Union are not familiar with this term. Why would a financial institution penalize you for making early payments? We certainly...

Routing Number

The Members 1st routing number is 321174738. A routing number is a unique identifier assigned to every financial institution and used for settling check...

Terms

A term is the duration of time you have agreed to repay a loan balance. In most cases, loans can be repaid quicker than the length of the term. Subsequently...

Variable Interest Rate

A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest rates change. As a result...