Are you looking for a mortgage provider? It can be a daunting process. But at Rivermark Community Credit Union, we want to make it easier for you. Not only can you apply for a mortgage through us, but we want to teach you more about mortgages and the mortgage process as well.
A mortgage is a large amount of money and probably the biggest loan you’ll take out in your entire life. Because of this, you want to make sure you’re working with the best mortgage provider, one that understands you and your needs and wants to help and guide you.
There are so many different mortgage lenders and brokers out there, where should you even begin? What criteria should you be looking for? Here are five features of the best mortgage providers to help you get started.
They Are Experienced
By choosing a mortgage provider who’s experienced, you’re getting years of knowledge, and of course, you want a provider who is knowledgeable. Plus, if the lender has been around for a while, it has worked with many people, meaning that it has likely seen situations similar to yours and will be able to guide you toward the best options for you. You want a mortgage provider who knows what it’s doing and can do it well.
By working with mortgage providers that are experienced, you can also get an idea of how they’ve worked with others in the past. You can check out their reviews and testimonials and see what people are saying about them. More on this later, but you want experienced lenders you can trust. If other people trust them, that’s a good sign.
They Work in Your Area
If you choose a mortgage provider who serves your area, that means the staff knows the community well and they know the neighborhood you’re looking to buy in. Depending on the size of your community, they may even know the specific home you’re considering. All of this is a plus for you, as they already know your market and know how to work everything for you. Additionally, they may even have connections in the community and can point you in the right direction for appraisers, inspectors, and other necessary real estate professionals, making things easier for you.
This is one of the bigger perks of going with a credit union over a bank for your mortgage. Credit unions are local organizations within the community so they know the neighborhoods and the people well. There’s a personalized touch you don’t get everywhere because the people making the decisions live and work in the community too.
They Offer Local Servicing
It’s common for a for-profit mortgage provider to be your first point of contact, but there’s a chance it will sell your mortgage on the secondary market. Since you have no say over who it gets sold to, that means you might end up working with a provider that operates in a different part of the country and that you haven’t had the opportunity to vet.
One of the perks of choosing a mortgage provider that offers local servicing is that your loan stays in your community at an institution you already trust. There are advantages to this. For instance, if local servicing is offered, you can ask questions about your loan directly. You can even sit down with a representative in-person.
They Have Fees and Rates That Are Honest
As we mentioned earlier, a mortgage is a large debt. You want to make sure you know how much money you’ll be spending on fees and in mortgage rates from the get-go. Most importantly, you want to make sure that these fees and rates are reasonable and honest. Do a little research and see what’s being offered by other mortgage providers. This will help you gauge whether the mortgage providers you’re looking into are offering honest rates. Be sure to review this closely and sooner rather than later, as you don’t want to be surprised as you go through the mortgage process or even after closing.
They Come Highly Recommended
With the internet nowadays, it is pretty easy to find real reviews about pretty much anything, including mortgage providers. You can find them on companies’ websites, social media, or other third-party sites, such as Google. Read reviews and testimonials before deciding on a mortgage provider. The best mortgage providers will have glowing reviews.
Additionally, if you’re choosing a mortgage provider that’s local, there’s likely someone in your neighborhood or circle of friends who knows of or has worked with it. Ask around. If you’re working with a real estate agent, ask them for mortgage provider recommendations too. They have likely worked with some in the past and can point you in the right direction.
The best mortgage providers share similar features. However, it’s important to go with the lender you believe is best for you. Speak to several different providers, do your research, and see which not only gives you the best rates but makes you feel valued.
Be sure to fully read any small print too, as you want to make sure you’re fully prepared before choosing a mortgage provider. You’ll be working with your mortgage provider for a long time, and you want a lender you know has integrity and is looking out for your best interest.
If you’re in one of the 11 counties we serve, we hope you’ll consider Rivermark’s services, and if you aren’t nearby, please use them as your standard. We have all the features listed above, and more, and we want to give our members that personal experience.
We know how tough the home-buying and home-loan processes can be and want to make the mortgage process easier for you. Please contact us if you have any questions about mortgage options. We’re happy to help.
