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5 Places to Secure Mortgage Loans in Baton Rouge

5 Places to Secure Mortgage Loans in Baton Rouge, home loans in baton rouge
Don’t Know Where to Start?

Getting a mortgage is a huge financial step. It is essential to choose a mortgage lender that will be there to catch you when you take that leap of faith. With so many options out there and confusing jargon, it can be hard to decipher the best option. In our pursuit to provide transparency and clarity for our customers, we have compiled a list of five institutions that offer mortgage loans in Baton Rouge.

Your Options for Mortgage Loans in Baton Rouge

It is critical to stay informed when seeking a mortgage lender in Baton Rouge. The more you know, the more prepared you are to make the right decision. Some prominent mortgage lenders you will come across include:

  1. Mortgage bankers – a company, individual, or institution that originates mortgages. Mortgage bankers use their own funds or funds from a warehouse lender to fund these mortgages. After a mortgage is created, the mortgage banker can retain it, or sell if to an investor.
  2. Credit Unions – member-owned, nonprofit-making financial institutions that offer favorable interest rates to the shareholders. Some advantages of credit unions include higher interest rates, lower loan and credit card rates, lower fees, and customer focused service.
  3. Savings and Loans – a type of thrift institution that specializes in accepting savings, deposits, and making mortgage and other loans. They function similar to retail banks and credit unions, but have some limitations on services that can be offered.
  4. Mutual savings banks – financial institution chartered by a central or regional government, without capital stock, that is owned by its members who receive all the firm’s unclaimed profits as dividends.
  5. Correspondents lenders – lender that funds loans in its own names but sells the loan to a direct lender, which then services the loan.

This list doesn’t comprise every possible option out there, but gives an idea of the big players in the lending landscape. When choosing where to get a mortgage loan in Baton Rouge, ensure that you have done your research.

Why a Credit Union? Why Essential?  

Who wouldn’t want to work with an enterprise that provides great customer service, competitive rates, and prioritizes its members? Credit Unions are nonprofits that provide all of these benefits and more. Essential FCU aims to serve its members rather than maximize corporate profits, and thus your money is safe with us. Our experienced and passionate staff will make it their utmost priority to keep you informed and satisfied along the way. Stop by one of our locations or visit our website to learn more about the Essential difference.

Your Home for Mortgage Loans in Baton Rouge

Now that you know more about the different mortgage lending options, we hope you feel ready to make Essential your home for mortgage loans. Give us a call at 225-353-8238 or send us an email. If you are not already a member, feel free to apply for membership here. We would love to hear from you!