Metro Credit Union Mortgage Review – Is it a Secure Option for Your Money?
When it comes to choosing a mortgage lender, security is paramount. You want to make sure that your money and personal information are in safe hands. So, is Metro Credit Union Mortgage a secure option for your home loan needs?
To answer that and many other questions, we have made this Metro Credit Union Mortgage review, so buckle up and read on!
Metro Credit Union has been serving its members since 1925 and has a long-standing reputation for financial stability and security. They have an A+ rating from the Better Business Bureau and are insured by the National Credit Union Administration (NCUA).
In addition to their financial stability and security measures, Metro Credit Union also provides transparency throughout the lending process. Their agents will walk you through every step of the way so you can feel confident in your decision.
They offer everything starting from personal loans, business loans, car loans and mortgages. Their mortgage program includes fixed rate mortgages, FHA loans, USDA loans, VA loans, first time home buyer, refinancing and line of credit.
|Loan Amount||Up to $2,5 million|
|Loan Terms(Years)||10, 15, 30 and 40 years|
|Credit Score Range||N/A|
|Mortgage Programs||Fixed rate, Jumbo, USDA, FHA, VA, First time home buyer, Masshousing, Home equity loan, refinancing and line of credit|
|Employment Statuses Considered||Employed full or part- time, self employed.|
|Intended Use||Home purchase and refinancing|
|Joint Loan Applications Accepted||Yes|
|Minimum Age||18 and above|
|Verification Documents Required||Tax returns, Social Security number, bank statements|
How much money can you borrow from Metro Credit Union Mortgage
When it comes to borrowing money for a mortgage, one of the most important considerations is how much you can borrow. Metro Credit Union offers a range of loan amounts depending on your individual needs and financial situation.
The minimum amount you can borrow from Metro Credit Union Mortgage is $50,000, which is ideal if you’re looking to purchase a smaller property or refinance an existing mortgage. However, if you need more significant funding for a larger home or investment property, they also offer loans up to $2,5 million.
To determine how much money you can borrow from Metro Credit Union Mortgage, several factors are taken into consideration. These include your credit score, income level, employment history and any outstanding debts or expenses.
Metro Credit Union Mortgage Pros & Cons
Metro Credit Union Mortgage has its own set of advantages and drawbacks. Let’s take a closer look at their pros and cons.
One of the biggest benefits of working with Metro Credit Union is that they have been in business since 1925 and they are both NMLS and HUD accredited. They also offer a huge array of loan and mortgage options and as well other financial programs.
On the other hand, they do hold an A+ BBB rating but they are not a BBB accredited company. Additionally they have a lot of negative reviews and a lot of open disputes.
- Long time in business
- HUD accredited
- NMLS accredited
- Not BBB accredited
- A lot of complaints
- Poorly rated
What is the longest loan term you may obtain from Metro Credit Union Mortgage?
If you’re looking for a mortgage with an extended repayment period, Metro Credit Union Mortgage may be the right option for you. The credit union offers up to 40-year fixed-rate mortgages.
A longer loan term means lower monthly payments, but it also means paying more interest over time. However, if your goal is to keep your monthly payment low and manageable over the long term while building equity in your home, then a longer-term mortgage may be just what you need.
It’s important to note that different loan programs have different maximum terms available. For example, FHA loans have a maximum term of 30 years for most borrowers but can extend up to 35 years for some qualified applicants with disabilities.
What mortgage rates do Metro Credit Union Mortgage offer?
Metro Credit Union Mortgage offers competitive mortgage rates that may vary depending on the loan program, credit score, and other factors. The interest rates for fixed-rate mortgages remain constant throughout the life of the loan term.
The 30-year fixed mortgage rate at Metro Credit Union Mortgage ranges from 2.875% to 3.625%, while the 15-year fixed rate ranges from 2.375% to 3%.
A higher credit score can help you qualify for a better interest rate. Also keeping your debt-to-income ratio low may increase your chances of getting approved for a favorable deal.
What is the estimated funding time?
This is a common question, and with a good reason. After all, you wouldn’t want to wait for months before receiving the funds you need to purchase your dream home.
With Metro Credit Union Mortgage, the estimated funding time varies depending on several factors such as loan type and application processing time. However, they aim to have loans funded within 30 days or less.
To ensure that your loan proceeds smoothly and with minimal delays, it’s crucial to provide all necessary documentation promptly. This includes income statements, tax returns, employment verification documents and any other paperwork requested by the lender.
Do they charge mortgage origination fees?
Fortunately, Metro Credit Union Mortgage does not charge an origination fee for most of their mortgage programs. This fee usually covers the cost of processing and underwriting your loan application, as well as any other administrative tasks associated with getting you approved for a mortgage.
It’s worth noting that the amount of this fee can vary depending on factors such as the size of your loan and your credit score. However, in general, you can expect to pay between 0.5% and 1% of your total loan amount in origination fees.
Does Metro Credit Union Mortgage charge prepayment fees?
On the bright side, Metro Credit Union Mortgage does not charge prepayment penalties on any of their loan products. This means that if you want to pay extra towards your mortgage principal or pay off the entire loan early, there will be no penalty fee assessed.
This policy is great news for borrowers who may have fluctuating income levels and want the flexibility to make larger payments when they can afford it. Additionally, paying down your mortgage faster than required can save you thousands of dollars in interest over the life of the loan.
What mortgage programs are available?
Metro Credit Union Mortgage offers a variety of mortgage programs to cater to the diverse needs of its clients. Here is their extensive offer:
- Fixed-rate loans
- First time home buyer
- Home equity loan
- Refinancing and line of credit
Choosing from Metro Credit Union Mortgage’s range of mortgage programs allows individuals not just flexibility but accessibility too. So when the time to buy your dream home comes, consider this lender.
What property usage types does Metro Credit Union Mortgage allow?
Metro Credit Union Mortgage offers a variety of property usage types that borrowers can choose from depending on their needs.
- Primary residences
- Investment properties
- Secondary/vacation homes
- Multi-unit properties
So be sure to contact them if you see the property that fits your needs on the list we provided.
How do people rate the customer service and user experience?
Customer service and user experience are two crucial factors that contribute to the overall satisfaction of borrowers. In terms of customer service, Metro Credit Union Mortgage has received mixed reviews from its clients.
While some customers have praised the bank’s agents for their responsiveness and professionalism, others have complained about unhelpful representatives who did not communicate clearly or handle inquiries effectively.
As we have mentioned, they have a lot of user complaints and a lot of disputes open, This breaks down their credibility as a company. Mainly because a lot of customers have stated that the staff is very unprofessional and rude. They also stated that they refuse to help and explain anything.
So, it’s safe to say that Metro Credit Union reviews are very poor and the rating of 3,4 out of 5 stars shows that. Because of that, we do advise you to find a good and reputable lender with good ratings.
And that’s where our team of experts can help you! Feel free to reach us, since we can help you find a mortgage banker that suits your needs the best and that is also a good lender.
Contacts of Metro Credit Union Mortgage
Do you have any inquiries about Metro Credit Union Mortgage? Maybe you need assistance with your application or want to clarify something regarding their mortgage programs. Whatever it is, the contacts of Metro Credit Union Mortgage are readily available for you.
Office location: 200 Revere Beach Pkwy, Chelsea, MA
Phone number: (617) 884-7200
Fax: (617) 488-5439
Availability of Metro Credit Union Mortgage
In case you are interested in working with Metro Credit Union, their office working hours are from Monday to Saturday, from 8am to 5pm. They are based in Chelsea, Massachusetts and they only operate in that state.
Metro Credit Union Mortgage Summary
- Metro Credit Union Mortgage is a credit union that offers a wide range of loan programs aside from mortgages, as well as savings accounts and credit cards.
- The company has been in business for almost a 100 years and offers competitive interest rates, flexible loan terms and programs for all of their loan programs.
- As for mortgage loan programs, they offer a wide variety of both government based, conventional loans and programs for first time home buyers.
- This lender is registered in NMLS and has HUD accreditation, but doesn’t have a BBB accreditation for providing mortgage services.
FAQs About Loan Company
How to Contact Metro Credit Union Mortgage?
You can contact this credit union on this phone number (617) 884-7200.
What Services Does Metro Credit Union Mortgage Offer?
They offer a wide range of loan programs for education, vehicles, personal expenses and home loans.
How Can I Obtain a Loan at Metro Credit Union Mortgage?
You can obtain a loan from this lender by applying online or scheduling an appointment and doing so in person.