Their good reputation precedes them
When you’re looking for a lender, there are a lot of factors to consider. Of course, rates, loan terms, and monthly payments are up there. But possibly even more important is the reputation your lender holds. If they come recommended by friends, family, or online sources, you have the references to know you’re working with someone you can trust.
Fast response times when you reach out
If you’re a first-time homebuyer (and even some who’ve been around the block already), you’re bound to have a bunch of questions. If you’re reaching out to lenders for answers, you want them to get back to you quickly. Those speedy responses are a big green flag.
When a lender takes the initiative to help
Yes, a fast response time to questions is important. But an even more important green flag is when your lender takes the initiative to fill in information you didn’t know you needed. If they go above and beyond to help educate you or provide the info that people in your situation commonly are looking for, that’s a green flag. They might also recommend resources to help you learn more about the process, like RMCU’s Money Mastermind course.
A competitive rate that isn’t too good to be true
You’ll know it when you see it: a rate that’s too good to be true in today’s market. But when you unpack the fine print, you wind up paying more. Trade in that red flag for a green one when you find a lender with a competitive rate and open communication on all the details and extra fees, so you know exactly what you’re paying for.
One point of contact you can count on
It’s a hassle to have to switch representatives every time you have a question, and re-explaining your situation each time adds hours to the process you don’t have. If your lender sets you up with a point of contact with whom you can build a relationship, consider it a green flag.
They suggest ways to save
If your lender is open about programs that might be a good fit for you or ways to help you save money, take it as a big green flag. This shows that they’re trying to find the best fit for you, not just trying to make a buck. That’s a lender you can trust.
A community-focused lender
You’re embracing the community by buying your home here. Find a lender who does the same. This gives you a leg up on finding out about local programs that could benefit you, and your lender has insight into the area and its market conditions. When you borrow from a local credit union like RMCU, your money stays in the community.
If you’re wondering where you stand on your journey to purchase a home, reach out to an RMCU branch in Belgrade, Bozeman, Butte, or Helena, and connect with the real estate loan officer who can help you through the process and get those keys.
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