We compared two online mortgage lenders – Altra Federal Credit Union and Society Mortgage. Find out which lender is a better option when applying for a home loan.
Buying a home is probably the most important investment you will make in your life, and such a significant financial decision should come with the right mortgage lender. Think about it this way: since you will be paying off your mortgage for the next 15 or 30 years, you need a lender who will offer you the most favorable terms on your mortgage. You also want to have a mortgage lender who explains how different mortgage types work and which one best suits your needs. Finally, you need a mortgage process that works seamlessly from beginning to end.
With so many mortgage lenders across the US, we look today at the pros and cons of Society Mortgage and Altra Federal Credit Union. Which one best fits your homeownership plans and financial expectations?
Altra Federal Credit Union is a well-known name, going strong since 1931. Society Mortgage has recently entered the market, starting as a mortgage lender in 1996 in Florida. We chose them for this review because of their stellar reputation as a mortgage company that goes the extra mile for its clients. Can this relative newcomer dethrone Altra?
Interest Rates
What’s the most important feature that decides which mortgage is best? It’s the interest rates. Interest rates depend on your credit score, mortgage length, debt-to-income ratio, and income.
Society Mortgage
Overall, Society Mortgage outperforms Altra Federal Credit Union as it offers more competitive and personalized interest rates.
Society Mortgage takes the time to assess each borrower’s financial situation and tailors its rates to reflect their credit profiles, income, and overall financial health. They factor in a borrower’s credit score as well as additional aspects like debt-to-income ratio and individual financial goals.
Society Mortgage borrowers thus receive a rate that accurately reflects their situation and maximizes affordability. This means you can still benefit from a favorable interest rate even if your credit score is less than perfect.
Personalized attention like this can make a significant difference, especially for first-time homebuyers or people with unusual financial circumstances.
Altra Federal Credit Union
Altra Federal Credit Union tends to offer more standardized rates, which may not always provide the best possible deal for every borrower.
Average rates work best for people with straightforward finances and normal credit scores but might be less helpful for others. Standardized rates are easy to compare and understand. Still, for borrowers who prioritize cost savings over the life of their loan, an average rate may not be the most financially advantageous solution, and Altra’s more uniform rate structure may leave some borrowers feeling underserved.
Fees
Transaction fees can impact the overall level of a mortgage. This is especially important for first-time homebuyers with a specific budget and must fit the mortgage, down payment, transaction fees, and closing costs within that budget.
Both Society Mortgage and Altra Federal Credit Union are clear about the fees that come with mortgages, so that there are no unpleasant surprises and unexpected expenses. They clearly outline all associated costs to help borrowers budget effectively and avoid unnecessary stress.
In some cases, Society Mortgage may lower or waive certain fees to further help borrowers with their financial management. Altra Federal Credit Union is clear about fees and costs but may be more reluctant to lower them.
Range of Loan Products
Most people know about conventional loans because they are the most common type of mortgage loan. However, many other types of mortgages might fit your financial situation better. In this regard, Society Mortgage excels itself.
Society Mortgage
Society Mortgage offers conventional mortgages, FHA loans, VA loans, USDA loans, and refinance loans for existing mortgages. Society Mortgage was built on the premise that they want to offer customized mortgages that match people’s finances like a key to a lock. They offer USDA loans if you want to live in a suburban or rural setting. You can apply for a FHA if you have a lower credit score. They will examine your financial situation and fit it into the right mortgage vehicle.
Altra Federal Credit Union
Altra Federal Credit Union also offers many types of mortgages, focusing on conventional mortgages. They have the expertise and know-how to give borrowers plenty of affordable mortgages. Still, if you are looking for a mortgage that better matches your financial situation, then Society Mortgage may be a better fit.
Availability and Support
A lender’s availability and the quality of their customer support can significantly impact the mortgage experience. Many people require guidance and financial education to understand how mortgages work and need their lender to stand by their side.
Society Mortgage
Society Mortgage is very accessible: reviews and clients praise its support and customer satisfaction. Many existing clients mention the dedication and constant communication of Society Mortgage’s loan officers and how they made the process easy to understand and follow. They also praised the personalized support they got and the information regarding mortgages.
Altra Federal Credit Union
Altra Federal Credit Union is a solid mortgage lender with years of experience. It has professional loan officers willing to help and guide homebuyers within business hours, which may not always fit those who require extra help or more guidance. While Altra’s staff is highly experienced, it may stick to traditional banking services—which borrowers requiring flexibility and proactive support may find inadequate.
The Loan Process
Both Altra Federal Credit Union and Society Mortgage have developed their loan process to make it easy to follow. They have online application services for pre-approval and digital tools that make document submission quick and hassle-free.
Society Mortgage
Society Mortgage is willing to deliver quick turnaround times to help borrowers move forward with their home purchases at a quicker pace. This follows their philosophy of offering excellent customer service and personalized mortgage advice that matches people’s needs.
Altra Federal Credit Union
Altra Federal Credit Union’s loan process is reliable and solid, as it’s based on years of experience. Since this mortgage lender may be more entrenched in their process, though, this may involve longer waiting periods.
Altra Federal Credit Union vs. Society Mortgage
So, what’s the verdict?
Let’s start with the similarities between these two mortgage lenders. They are both solid, reputable, and reliable. They are experienced and have developed loan processes that work. They offer competitive interest rates and different mortgage types to better fit borrowers’ finances.
Society Mortgage is focused on delivering personalized service with highly competitive rates that accurately match people’s unique financial circumstances. They offer a wide range of mortgage types and will take the time and effort to match them to what borrowers need. They offer exceptional customer support and customized solutions.
Altra Federal Credit Union is drawing on decades of mortgage-lending experience. This makes it a trustworthy mortgage lender, even if they’re not always eager to go the extra mile. Their solutions are mainstream and helpful but may not always fit people’s expectations and home-buying needs.
If you are looking for a mortgage, check both lenders, as they are reliable and trusted. However, Society Mortgage may be a better match for you if you want something more than a conventional loan or need more personalized support or attention.
