When buying a home, most people compare the price, monthly payment, and especially the interest rate.
But after more than 25 years in mortgage lending, I encourage buyers to consider a bigger question:
Which mortgage option best fits my overall financial goals?
Because choosing a mortgage isn’t just about rate. It’s also about cash needed to close, mortgage insurance, monthly expenses, loan structure, and available financing options.
That’s where choosing who you borrow from can make a difference.
Credit Union vs. Bank or Mortgage Broker
Banks, mortgage brokers, and credit unions can all provide mortgage financing. One difference is that credit unions are member-focused financial institutions and may offer proprietary portfolio mortgage programs in addition to other financing options.
At Langley Mortgage, we offer a variety of mortgage solutions designed to meet different homebuyer needs.
- No Private Mortgage Insurance: PMI can add an additional expense to a borrower’s mortgage payment. With an eligible no-PMI Langley mortgage, qualified borrowers can avoid a separate monthly PMI expense.
- Pathway Mortgage: Financing Up to 103%: For qualified borrowers, Langley’s Pathway Mortgage offers financing up to 103% of the home’s value with no PMI. Eligibility requirements and underwriting guidelines apply.
- Not a Langley Member?: Ask us about membership eligibility and how to become a Langley Federal Credit Union member.
The bigger message for homebuyers is simple: Don’t just shop for a mortgage rate. Shop for a mortgage strategy.
Compare the rate, but also consider your cash-to-close, mortgage insurance, monthly expenses, loan structure, and overall financial objectives.
The right mortgage isn’t necessarily the one with the most attention-grabbing advertised rate. It’s the financing solution that fits your individual circumstances and homeownership goals.
Noel A. Shepherd
Licensed Mortgage Loan Officer
NMLS #313280
Langley Mortgage | Langley Federal Credit Union
DISCLAIMER
All loans are subject to credit approval, underwriting requirements, program eligibility, and applicable terms and conditions. Programs and terms are subject to change. Not all applicants will qualify.