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No two Montana homebuyers arrive at the closing table by the same road. One is saving for a first home on a tight down payment. Another just started a business after years working for someone else. A third already owns a place and wants to put its equity to work or is eyeing a piece of land and dreaming of building. Each needs a different kind of loan and finding it shouldn’t depend on which box they happen to fit.
That’s the thinking behind the lineup at Whitefish Credit Union, which offers everything from first-time buyer mortgages to land and construction loans. “We have a full suite of products,” says Matt Venturini, senior vice president and chief lending officer. “And lenders can assess someone’s situation and say, ‘This is what I think would fit best.'”
Sometimes that starts by questioning the request. Many borrowers walk in asking for a 30-year fixed-rate mortgage, the loan they’ve heard the most about, and a lender may suggest something else.
“You ever thought about an ARM?” Venturini says. “This is how much you would save monthly.”
An ARM, or adjustable-rate mortgage, can start with a lower rate than a fixed loan. For some buyers that means a lower payment now and the ability to qualify for more. Whitefish Credit Union offers both, along with a range of fixed-rate products.
The same matching applies across the rest of the lineup. First-time buyers can look at a program requiring as little as 5% down. Homeowners who need cash down the road might be better served by a home equity line of credit, which lets them borrow when they need to instead of paying interest on money they haven’t used yet. For those buying a lot or planning a custom home, Whitefish Credit Union also offers land loans and construction financing, a process we previously covered in depth.
Whitefish Credit Union underwrites every mortgage in-house and keeps its loans on its own books instead of selling them to investors. That means its underwriters aren’t tied to the rigid guidelines that secondary-market loans require, and they can make decisions based on the credit union’s own policies and their own judgment.
Venturini points to the self-employed as a common example. Secondary-market programs typically want two years of tax returns showing steady income. A carpenter who left a contractor to start a business may have a strong track record but only 18 months of it on paper.
“Maybe we have a year and a half, we might be comfortable with that,” Venturini says. “We’re not just trying to fit something within a box. If we’re comfortable with it, we’ll move forward.”
The same in-house control shapes how the credit union handles mortgage insurance. Many lenders require private mortgage insurance, or PMI, when a buyer puts down less than 20%, adding a monthly charge that, depending on the loan program, can last for years or even the life of the loan. Whitefish Credit Union doesn’t charge it. Instead, it adjusts the interest rate to reflect the risk. Venturini offers a round-number example: a $100 monthly PMI payment adds up to $1,200 a year. “We figure if we’re going to do the loan, we’ll adjust the rate for whatever that risk is,” he says, “rather than charging another monthly fee that you can’t get rid of unless you refinance.”
Local knowledge also plays a role. Property values in Montana can vary widely from one county or town to the next, and Venturini says that understanding of each market helps the team decide when a loan makes sense and when a higher down payment might be warranted.
The relationship doesn’t end at closing. Many mortgages are sold, sometimes more than once, leaving borrowers unsure who to call when they have a question. Whitefish Credit Union services its own loans, so a member with a question, a change to an automatic payment, or interest in refinancing can call or walk into a branch. If the original loan officer has retired or moved on, the portfolio is reassigned so there’s always someone to talk to.
“That’s what people really appreciate,” Venturini says. “They can get that information quickly and get their problem solved.”
With eight branches across Northwest Montana, Whitefish Credit Union is close to home for many borrowers. Whether you’re buying your first place, weighing a fixed rate against an ARM, or tapping the equity in a home you already own, the first step is a conversation with a local lender.
Learn more about Whitefish Credit Union’s mortgage and home loan options at whitefishcu.com or call (406) 862-3525.
