Mortgages aren't simple: 5 things to know

Mortgages aren’t the simplest thing in the world, and that is why it’s so important to learn all you can before getting one. Whether you’re looking to buy your first home or refinance your fourth home, knowledge is power.

Here are five things you should know about mortgages and the lenders who offer them:

1. Working with real people matters

With the help of technology, there are so many ways to get a quote or lending amount estimate online. Although these avenues may be fast and easy, there’s a lack of accuracy and customization to your personal needs and wants.

Working with real people when you research and apply for a mortgage will help, as you have an informed guide along the way.

2. Local lenders know better how to help

In addition to working with real people, you’ll want to find a mortgage lender who provides local assistance and connection to other resources. These local resources should include underwriters, processors and originators.

Finding local customer service offers more flexibility, understanding of the community and economy, and reliable help along the way.

3. Mortgages take effort and dedication

You shouldn’t waste your time with a mortgage lender who doesn't make you feel like a priority. Unfortunately, all too many first-time buyers end up in exactly this situation. If you aren’t sure about your lender, find someone who can help you meet your individual needs.

For example, certain mortgage lenders, such as Teacher’s Credit Union, offer flexibility on second market requirements where other lenders can’t or won’t. You’ll find having access to a professional Mortgage Originator at all times is tantamount — whether that be in person, on the phone or online.

Getting through this process successfully requires dedication and effort from both parties, including your mortgage lender. Find someone you can rely on that has multiple convenient locations and dedicated professionals.

 

 

4. Many people are involved in a mortgage

From the underwriters to the originator, there are quite a few people involved in making a mortgage loan happen. When you think about it, the best possible scenario involves a limited number of people that all know each other and work together, keeping everyone on the same page.

This isn’t the case with many large banks and mortgage lenders and, unfortunately, leads to a lot of problems. It’s for this reason that choosing a local credit union to finance or refinance your next home is wise; everyone is on the same team. More mortgages reach a successful close when you can rely on all members of your team, while also being able to reach them personally.

5. Your loan requires service

Countless mortgage brokers are eager to help you apply for a loan, but how many are there after the fanfare has ended? If you’re worried about what happens after the paperwork is signed, you’re wiser than most.

Servicing a loan takes effort from lenders, although most big lenders sell closed mortgages to third-party agencies that could be located anywhere.

Keep everything close by choosing a local lender, such as Teacher’s Credit Union, which has satisfied customers and a trusted reputation.

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