If you’re planning to buy property you may be weighing your financing options. From credit unions to big box, nationally operated companies, there are many lenders vying for your business. So why should you opt for a local mortgage lender over the other guy?
Better customer service when acquiring your mortgage loan
Big box lenders may not keep you with the same person during the entire loan process. As a result, you could end up talking to a new person every time you call in for information or a status update. A local lender, on the other hand, may place a higher value on customer service and keep you with the same point of contact throughout the process. You’ll know exactly who to call and they’ll already be familiar with the specifics of your application or loan.
Better service throughout the life of your loan
Sometimes a lender may sell your loan to a large mortgage company. They do this to free up capital so they can issue more loans to more people. When this happens, the original lender notifies the borrower of the change. While the terms of the loan will remain the same, getting a letter in the mail that your loan was sold may cause confusion. As well, you may need to verify what your payment options are under the new company. This may mean having to create a new account, set up automatic payments again, or downloading another app to your device. This can create challenges if you need to reach out to your lender in the future.
The best credit unions maintain servicing on your loan until you pay it off. You won’t have to jump through hoops to set payments back up. You know who to contact if you have any questions and don't have to waste time searching for the right person. Instead, you can focus on what’s important: making memories in your new home! Keep in mind there may be exceptions for Federal Housing Administration (FHA) and Veterans Association (VA) loans.
While some big box lenders like to tote technology as their differentiator, the best credit unions have the same commitment to time-saving technology. At General Electric Credit Union (GECU) this means:
With GECU you can enjoy competitive technology without sacrificing on service or the benefits of a local mortgage lender. Our dedicated team will be with you every step of the way. Visit us online to learn more and view our lending rates.