In today’s world, it seems like a person can get a mortgage just about anywhere. There are mortgage banks, mortgage brokers, and online mortgage sources. Many insurance companies and investment brokers offer mortgages to their clients, or to the general public. However, is there an advantage to getting a mortgage through Volt Credit Union in Springfield? In today’s blog we’ll discuss just that.
Single Service Providers Are Prime
In today’s largely atomized world, it is easy to feel like you’re dealing with dozens of different vendors for every individual need. This is true in many cases, and sometimes that works, but when it comes to financial services it’s a major advantage to have several services from a single provider.
Volt Credit Union Can Do This
We have the power to mainstream all of our services for obtaining a mortgage in a way that a mortgage banker, broker, or online mortgage source can not.
An advantage of having Volt Credit Union as your mortgage provider is that you can also host your savings and checking account with us. You can invest long-term into certificates of deposit, and IRAs. If you find you need a credit card or a car loan—and sooner or later everyone does—you can obtain those through us as well.
We Streamline The Process For Members
It is generally much easier to get any of the above services through an institution you already have a relationship with. For example, if you decide you want a credit card, we already have your financial information on record. Our credit card department may even have standing pre-approvals awaiting your acceptance.
This is an efficient path versus going to a third-party and starting from a base-level inquiry for a credit card application.
We Won’t Sell Your Mortgage
If you already have a mortgage, you’re probably well aware that lenders routinely sell loans to different lenders, or servicers. In fact, this can happen several times over the course of a 30-year mortgage.
For you as a homeowner, it’s not a particularly threatening situation. However, it is inconvenient. Each time a mortgage is sold, the owner must begin making payments to a new company and location. The adjustment is usually minimal, however, it sometimes leads to late posting of a payment, or some issues with transference of the escrow account.
Volt isn’t looking to sell your mortgage. That’s because credit unions like us loan “in-house” to generate ongoing interest income, rather than selling the loan for a one-time fee. This means you will likely be dealing with the same servicer for the life of the loan.
Volt Credit Union On Mortgages
If you’re looking for a mortgage, don’t be fooled by some of the very attractive rates you see from third-party sources. Check with Volt Credit Union, and see how our rates stack up. If you have any questions regarding mortgages, or simply want to talk about your finances with one of our in-house financial professionals we’d love to speak with you. Contact us today, or call (417) 520-0374.
