CAMBRIDGE, Mass.–MIT Federal Credit Union has launched a new mortgage department.
“This new department is an exciting addition to MIT Federal Credit Union, allowing the credit union to offer more real estate-related products and a digitized process.” MI FCU said. “Members now have the option of a mobile app, as well as a web portal, which can be accessed from their computer. With both points of access, members can apply for a mortgage, complete their required tasks such as upload documents, eSign disclosures, receive instant loan updates, and have access to mortgage calculators any time of the day.”
The features streamline the application, underwriting, and closing of the lending process, MITFCU said.
“With an in-house department, we’ll have more flexibility and options available to assist our members in getting into the home of their dreams,” said VP of Mortgage Operations Dmitriy Banar.
In addition to traditional mortgages, MIT Federal Credit Union will offer new products with up to 100% financing for single-family purchases and financing on investment properties.
This spring, the credit union said educational seminars will be provided and open to the public including but not limited to: Meet your Home Loan Mortgage Team, First Time Homebuyer sessions with Q&A – for those looking at buying their first home, and Everything You Need to Know about Purchasing a Fixer-Upper. We will have various professionals during our seminars in attendance to answer your questions and provide some great tips.
“We will be providing a faster, more efficient, digital process to make buying your new house, refinancing your current mortgage, or tapping into your built equity, an enjoyable experience,” says Dmitriy Banar. “Whether you are a do-it-yourselfer or want someone to walk you through the entire process, we are here to answer your questions and accommodate your specific needs.”
When asked about the housing market in 2022, Dmitriy replied, “I see 2022 as an opportunity for us to engage in the purchase market as well as the refi market, which was big in 2021. The housing market will continue the hot streak, but with that will come new challenges. In 2022, we will also be in a rising interest rate environment. This means the need for a knowledgeable, responsive, and efficient lender will be even more important. As a nationwide mortgage lender and with our new team and technology, this is where MIT Federal Credit Union will be able to stand apart from our competitors.”
Banar joined the Credit Union in the summer of 2021 with over 16 years of mortgage lending experience. Prior to joining MIT Federal Credit Union, Dmitriy was employed at UniBank for Savings. He ran the Mortgage Department as VP of Mortgage Operations. The new Mortgage Team brings over 50 years of combined lending experience, along with the assurance that each person applying for a mortgage will receive personalized attention. MITFCU said.