The real estate market in Wisconsin is finally balancing out between sellers and buyers. Prospective buyers have more chances of landing a good deal, and interest rates are slowly falling. Now is the right time to buy property in Wisconsin, which means your next stop is to find the right mortgage lender.
Most people in the state are familiar with Altra Federal Credit Union. Still, a relative newcomer to our state, Society Mortgage, may soon offer them stiff competition. Both mortgage lenders offer competitive services, but they seem to focus on different client needs, especially in terms of personalized service and mortgage types.
Letโs look at both mortgage lenders so you can pick the one that fits your home-buying needs.
Personalized Service
The biggest difference between Society Mortgage and Altra Federal Credit Union is probably the level of personalized service each provides.
Society Mortgage prides itself on its highly personalized approach to client interactions. The same loan officer works with you throughout the mortgage process. This gives a sense of continuity and confidence that many homebuyers appreciate. The final result is a mortgage that fits your needs and finances.
Altra Federal Credit Union has a larger volume of clients, which means it may struggle to focus on each and everyone with the same level of attention. Also, it has a traditional structure where different representatives cover specific stages of a mortgage application. Thus, you may find yourself speaking with different representatives each time you reach out. This can be frustrating, as a consistent point of contact adds certainty and reduces confusion.
Fees and Rates
Regarding fees and rates, both Society Mortgage and Altra Federal Credit Union are competitive and offer similar prices and interest rates. Fees and rates matter because they determine how much you will be paying every month; a small interest rate difference now can add up to a big difference as the years pass.
Company Background
Based in Onalaska, WI, Altra Federal Credit Union has a long-standing history in the state as it has been lending mortgages since 1931. In many ways, Altra is Wisconsin when it comes to mortgages. They have extensive experience in the property market and draw on their reputation as a trusted choice for many borrowers.
This established presence also means they may not be as agile in adjusting to new trends or individual client needs as a newer company.
Society Mortgage has only recently opened its Wisconsin office, which brings a fresh perspective to the local mortgage landscape. Their recent entry into the market means that every loan they process matters to them. Clients can expect a high level of personal attention as Society aims to build its local presence and reputation as a mortgage lender in Wisconsin.
Range of Loan Products
Most people know about conventional mortgage loans, but other types of loans might fit your needs and homeownership expectations. Society Mortgage outshines its competitor in this area.
Society handles many different types of loans, including conventional mortgages, FHA loans, VA loans, USDA loans, and more specialized options. They can match their clients to the right mortgage vehicle and help them buy their Wisconsin home on the best possible terms. Their mortgage products make homeownership accessible to first-time buyers as well as people looking to refinance.
Besides mortgages, Altra also offers a full range of financial services, from personal and business to lending and investments. To Altra, mortgage products are just one feature of their many services, meaning clients may have less choice regarding more specialized mortgages.
If you want a conventional mortgage, both Altra and Society will give you competitive quotes and the level of service you deserve. If you are looking for a more customized approach, you should check Society to find a solution that best fits your finances and budget.
Availability and Support
The home-buying process can be time-sensitive and stressful. Making an offer on your dream home depends on the right support from your mortgage lender. As relative newcomers in the mortgage industry in Wisconsin, Society is more willing to work hard to accommodate clients’ schedules. They will provide dedicated customer service when it is most convenient for you.
Altra Federal Credit Union provides solid and professional service, but it follows its standard business hours and schedules. For busy individuals or families, a willingness to go the extra mile can make a big difference in their confidence, satisfaction, and overall mortgage experience.
Learning Resources
Both companies help their clients understand the different types of mortgages available to them by offering them resources to explain the various aspects of the mortgage process, the requirements, and the benefits of each mortgage loan. Both Altra and Society provide such learning resources to their clients.
Altra Federal Credit Union
Altra offers several educational resources, including:
- Online Learning Center: Altraโs online learning center gives articles, guides, and tools covering mortgage-related topics as well as terms like interest rates, loan types, and the overall mortgage process.
- Mortgage Calculators: Altra’s website features several calculators, such as mortgage payment, affordability, and refinance calculators. Clients can input their financial details and get estimates, which helps them plan their budgets and expectations.
- Workshops and Seminars: Altra occasionally hosts workshops and seminars that cover various aspects of home buying and financing. Clients can ask questions directly to mortgage experts to better understand the local real estate market.
- Personalized Guidance: Clients can access personalized consultations with Altraโs mortgage specialists, who can walk them through the lending process and provide advice based on individual financial situations.
Society Mortgage
Society Mortgage also focuses on client education with a range of educational resources. Some features of Society’s learning resources include:
- Comprehensive Learning Center: Society’s online learning center is filled with informative articles and blog posts as well as FAQs that cover a wide range of mortgage-related topics.
- Interactive Tools: Society has interactive tools and calculators similar to Altra’s. These include mortgage calculators that help clients estimate monthly payments, determine how much they can afford, and assess the potential benefits of refinancing.
- Webinars and Educational Events: Society hosts webinars and educational events that better explain different mortgage products, the application process, and give tips for first-time homebuyers. Clients can speak with experts and ask questions in real time.
- One-on-One Consultations: Society provides personalized service and one-on-one consultations with mortgage professionals. Clients get tailored advice and ask questions that help them decide how to move forward in their homebuying goal.
- Resource Guides: Society has downloadable resource guides that cover key mortgage topics such as the steps to obtaining a mortgage, tips for improving credit scores, and strategies for saving for a down payment.
Pre-approval
Both lenders will provide pre-approval for their mortgages to help prospective homebuyers have a clear picture of how much home they can afford in Wisconsin. Itโs easy to send all the necessary documentation to Altra or Society and get the pre-approval process going. Both offer online application forms where you can send all relevant information. Pre-approval in hand, you can then start looking for a home that fits your needs and your budget.
Altra Federal Credit Union vs. Society Mortgage: Whatโs the Verdict?
Both Altra Federal Credit Union and Society Mortgage are reliable and professional mortgage lenders in Wisconsin.
Altra has a well-established presence and extensive experience. It is a trusted mortgage provider who offers mortgages to Wisconsinโs homebuyers. It is also a solid mortgage lender with an established mortgage process.
Society Mortgage brings a fresh approach to the market with its personalized service and commitment to client satisfaction. It is willing to work closely with clients and offers several mortgage loan products, including conventional loans, FHA loans, USDA loans, VA loans, and mortgage refinances.
The decision between Altra and Society will depend on what you value most in your mortgage experience. Society Mortgage offers personalized, customized service and a broader range of mortgage solutions, so it may be the right choice if these issues are high on your list.
Already, people looking to buy their new home have more choices than before. We predict that Society will increasingly challenge Altra’s dominance as it continues to grow and build its reputation in Wisconsin.
