You’ve probably heard it before, a bank telling you they are different from other lenders as a way of asking for your business. At Wallkill Valley Federal Savings & Loan we don’t just talk about being different, we are different. So today we thought we would walk you through our loan process so you can see for yourself what makes us unique and why we are the conventional loan lender of choice for the Hudson Valley.
The Inquiry
When you are interested in applying for a mortgage, you might call a bank to inquire about a prequalification letter. When you call us, we start asking tons of questions right from the start! We want to get to know our customers and find out what they are looking for, what their goals are for home ownership. Are you looking for a lower payment or a deal with a low interest rate? We aren’t interested in selling a particular product, instead we focus on the needs of the individual with the hope of finding the right product to fit your needs.
The Pre-Qualification
We’ve talked before about the importance of a pre-qualification letter and why they are important. If you are interested in learning more specifics, please feel free to read our blog article on the topic here. The bottom line, when we begin the loan process, the next step after the inquiry is the pre-qualification process. To start, we pull the customer’s credit and review their paperwork. We do our best to make this step as painless as possible. If you want to email us the paperwork, that works. If you want to fax it to us, that will work too. You can start the process online or you can come in and meet with us face to face. Whatever way you are comfortable, that is the way we will go. Once the paperwork is ready, we will prepare the pre-qualification letter.
After your offer is accepted
Once you have found a home, put in an offer and had it accepted, you are ready to put in an application. Our application fee is a low $150. At this point we have 2 things working in our favor to keep the process moving forward quickly. First, we have already gathered a ton of information and second, we process all our applications in house. We do not have to wait for paperwork to be transferred to corporate, it is right where it needs to be.
The approval process
This is where WVFS&L shines. Our team is under one roof. We do not ship loan applications away to be decided on based solely on the numbers on the page. Instead our loan committee sits together and discusses the applicant, their goals and the property they want to purchase.
The closing
Our closings are special, we understand what it means to our customers. Once your loan has been approved, we do our closings in our branch. Additionally we have low closing costs. We do not sell our loans to Fannie Mae or Freddie Mac and as a result, we do not have to adhere to loan level pricing.
Servicing the loan
We service our loans in house. Even long term mortgages such as the 30 year fixed. In fact, we will continue to service the loan for as long as it exists. This means that you always have someone to talk to, someone who understands you, your home and your goals.
Are you looking for a loan? We have several different products and would love to help you find the one that is right for you. For example:
• We offer 6 different mortgage products
• 4 different home equity loan products
• 3 products for investment properties
Wallkill Valley Federal Savings & Loan, wants to help you fulfill your dream of home ownership. Are you looking for a mortgage? Melissa Flickenschild (NMLS# 524987), our Senior Residential Local Officer, would be happy to sit with you to review options and begin your loan experience. Give her a call at 845-895-2051 or email her at mflickenschild@wallkill.com.
WVFSL is an Equal Housing Lender.
NMLS# 404992
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