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Affordable options that fit your life.

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Mortgages

Firefly's home loans open the door to opportunities.

Owning a home brings multiple benefits. Whether you're looking to purchase your first home with the help of a traditional 20-year or 30-year home loan or refinance, we make it easy to apply online for great Minneapolis-St.Paul mortgage options  designed to fit your goals without breaking the budget.

60-Day Rate Lock

60-Day Rate Lock

We update our rates daily. Lock-in your rate for 60 days at any point during the mortgage process.

Today's Rates 

 

First-Time Homebuyer

First-Time Homebuyer

Enjoy the perks of a Traditional Mortgage with a lower minimum down payment.

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Mortgage Benefits

Mortgage Benefits

Firefly can help connect you to local, licensed Realtors and affordable insurance policies.

Explore Benefits 
Member Savings

Member Savings

Compared to banks, members save an average of $914 in the first year alone with a Firefly mortgage.

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Homeownership begins with the right mortgage.

Get pre-approved    request a customized quote    Sign up for rate watch 
Rates in effect as of November 25, 2020 and are subject to change without notice.
Product Rate APR
1st Mortgage Purchase
30 Year Fixed Rate3.500%3.634%
20 Year Fixed Rate3.000%3.184%
15 Year Fixed Rate2.750%2.987%
10 Year Fixed Rate2.625%2.968%
1st Mortgage Refinances
30 Year Fixed Rate3.500%3.618%
20 Year Fixed Rate3.000%3.163%
15 Year Fixed Rate2.750%2.959%
10 Year Fixed Rate2.625%2.927%

Mortgages are available for properties in Minnesota, Wisconsin, Florida, and Arizona. Equal Housing Lender.


Firefly offers a First-Time Home Buyer Traditional Mortgage option to those who do not currently own a home and have not had a mortgage in their name in the last three years. 
 
  • Fixed-Rate option
  • Up to a 30-year term
  • 3% minimum down payment
Use a Traditional Mortgage for the purchase of a primary residence, vacation home, or refinancing.
 
  • Fixed-Rate 
  • Up to a 30-year term
  • 5% minimum down payment on traditional fixed-rate mortgage of a primary residence*

*Ask for details on minimum downpayment for second home or duplex.
 

Firefly works with the TruStage Auto & Home Insurance Program to connect our members with insurance options designed to be affordable. We also work with local, licensed Realtors at Servion Realty to help our members find the homes of their dreams:

Learn More about TruStage     Learn More about Servion Realty 
 

Buying a home can be a whirlwind process. At Firefly, we take pride in helping our members find smart, affordable ways to make home ownership possible. We do not outsource our underwriting process - our dedicated team of mortgage professionals are with you every step of the way from application to closing. Contact us at any time to see the status of your application.

STEP 1: GETTING PRE-APPROVED

The first step in the mortgage process is to apply for financing. Our in-house underwriting team will review your application and supplemental information to determine the amount that you are qualified for. If we determine you are a qualified borrower, you will receive a pre-approval letter - typically within two days of your application (if no additional documentation is needed). Many Realtors request a pre-approval letter before they will begin to show you homes.

To help our team process your mortgage in a timely manner, we request you provide us the following information* as soon as possible in the application process:
 
  • Copy of your last two years W-2s
  • Copies of the last 30 days pay stubs
  • Amount of your expected home insurance premium
  • Name and phone number of your home owner's association (if applicable)
  • Copies of most recent financial statements for each asset listed on your application
  • Proof of funds for closing
  • A check for the amount of $530.00 for your appraisal & credit report payable to Firefly Credit Union or written authorization to take from your existing Firefly account

When sending statements/taxes/paystubs etc. please include all pages of document, even if blank. Screenshots are not accepted. Additional information may be requested in addition to the items listed above.


STEP 2: FIND A REALTOR

A Realtor will help you find a home that fits your needs and your budget. They will be your advocates along the way by helping you create a competitive offer, review purchase agreements, find a reputable inspector, etc.

In today's fast-moving market, we recommend that you find an experienced, full-time Realtor. A reputable Realtor will look out for your best interests and will not put you in an uncomfortable or unrealistic housing situation.

STEP 3: SEND YOUR MORTGAGE LOAN OFFICER YOUR PURCHASE AGREEMENT

Once you find a home and your offer is accepted, your Realtor will send a copy of the signed Purchase Agreement (plus any Addendums if applicable) to your Mortgage Loan Officer.  At this point, your Mortgage Loan Officer will work on getting your appraisal, title work, and flood zone information ordered.

At this point in the home buying process, Firefly's mortgage team will request you also provide us with the following items:
 
  • Copy of your earnest money receipt (down payment)
  • Copy of the legal description or Realtors’ multiple listing of property
  • Copy of the closing disclosure from the sale of your current home (if applicable)
Once we have received this information, you can plan for a closing date about 45 days out.

STEP 4: SELECT A TITLE COMPANY

Firefly will ask you to select a Title Company for your loan. Your Realtor may have a preferred Title Company, but it is ultimately up to you on which Title Company you want to use. Firefly can run fees for different Title Companies to help you with your decision. Once chosen, notify your Realtor and Loan Officer. They will work with your Title Company to prepare your title work and any other documents prior to closing. You can read more about what a Title Company does here.

Note: As a word of caution, always confirm instructions with your Realtor and Mortgage Loan Officer either in-person or by phone before wiring money to avoid scams and phishing attempts.
 

STEP 5: CLOSE ON YOUR NEW HOME

After you give your Realtor the name of the Title Company you would like to work with, they will work with all parties to plan a closing date. This is when you and the seller will go on your closing date to sign paperwork and exchange the keys to your new home.
 

Aside from searching for a property that is the right fit for you and your family, many steps in the mortgage refinancing process are similar to what you likely experienced when you first financed your home. Review the steps below to learn more about the mortgage refinancing process with Firefly. Contact us at any time to see the status of your application.


STEP 1: DECIDE WHAT REFINANCE OPTION WORKS BEST FOR YOU

Whether you are looking to lower your interest rate, shorten your loan term, or switch to a different mortgage type, refinancing may be a good option to help you reach your financial goals. If you are still determining if refinancing makes sense or are unsure what refinance option best fits your situation, you can give our mortgage team a call or set up a time to meet with our mortgage loan officers. They can help give you a sense of what your monthly payment would be after refinancing and can help you determine the current equity you have built in your home.


STEP 2: APPLY FOR YOUR NEW MORTGAGE

Complete your mortgage refinance application on our website. Once your application is received, our in-house underwriting team will review your application and any supplemental information. A Firefly Mortgage Loan Officer will reach out within two days to let you know the status of your application and what documents are needed to move forward.

STEP 3: SELECT A TITLE COMPANY

Firefly will ask you to select a Title Company for your loan. We can run fees for different Title Companies to help you with your decision. Once chosen, let us know. We will order the title, appraisal, and flood zone information for the new loan on your property. This usually takes anywhere from two to three weeks. You can read more about what a Title Company does here. You can read more about what a Title Company does here.

STEP 4: SCHEDULE A CLOSING DATE

After your title work and any additional documentation has been processed, your Mortgage Loan Processor will reach out to schedule a closing date. Refinances generally take 30-45 days to close from application date.

Note: As a word of caution, always confirm instructions with your Realtor and Mortgage Loan Officer either in-person or by phone before wiring money to avoid scams and phishing attempts.
 

Buying a home is a big financial move.  At Firefly, we want to make sure you're equipped with the knowledge you need to make educated decisions during the home buying process. Check out these resources for additional guidance*:

Mortgage loan calculator   Refinance calculator   Read our blogs on home ownership  

 

*Calculators are hypothetical and are for illustrative purposes, please reach out to Firefly's mortgage team for detailed quotes.
 

 

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