Advice from the experts: how Altra can help prepare you for the purchase of a new home
Over the past year, the home has become a more versatile space than ever before. The pandemic kept people indoors in unprecedented ways, turning houses into de facto classrooms and office spaces — and it’s likely an emphasis on working from home will continue for years.
Your home, now more than ever, is the center of your life, so it’s important to have the space and comfort you need.
If you find yourself searching for extra space, a better location, or both, now may be the right time to look at buying a new home — and Altra Federal Credit Union is here to help you become a more prepared homebuyer, giving you the information you need to find the right home and the right loan program.
We spoke with two Altra lenders — with a combined 40 years of experience between them — to hear what advice they have for homebuyers navigating the current market, and what sets Altra apart from the competition.
Advantages of working with Altra
Altra offers a wide range of loan options that can be tailored to whatever your needs are: from a conventional fixed-rate loan to government-backed loans and programs designed specifically for new homes, the Altra team will work with you to find the right fit.
While different loan programs have different interest rates, down payments, and terms of length, one thing remains the same when working with Altra: their paperless application process helps keep closing costs and processing fees lower than the competition.
Less time spent worrying about closing, and more money in your wallet — what’s not to love?
“We’re a local credit union, but we really are mighty,” says Jeanne Struckmann, mortgage lender at Altra’s Cascade Creek NW branch. “I think we have some of the best programs in town, because our process is so streamlined and we really care about the people we work with.”
Jeanne Struckmann
Educating the Buyer
Above all, Altra believes in giving its members the tools they need to confidently make financial decisions. That’s why they create content to help people through the buying process, like their guide for first-time homebuyers and online brochures explaining the Altra home loan review process — and of course, lenders are always ready to answer any questions.
Craig Sacia, Altra’s VP of real estate services, notes that financial literacy is a core tenet of Altra’s business — they believe in giving members all the advice they need before making major commitments, so they know they’re heading down the right path.
“We understand that this could be a member’s biggest transaction, possibly, of their life,” says Sacia. “We don’t underestimate the role we play in making sure they’re protected and covered, and that they have a good experience.”
It’s the right time to sell…
Struckmann says the current market in Rochester is especially seller-friendly; homes are selling in a matter of hours, with multiple offers regularly coming in above list price.
Her top two bits of advice were simple: get pre-approved for a home loan, and prepare to move quickly, because there’s lots of other buyers that are ready to do the same.
“I’ve heard of open houses that start at 10 in the morning, and there’s lines of cars waiting outside by 9:30,” says Struckmann. “There could be offers made by the afternoon. I’ve been in the business for over 20 years, and this is unlike anything I’ve ever seen.”
...but it’s also a good time to buy
That influx of demand does not mean the market’s all bad for buyers, says Sacia. Housing inventory is extremely low — which drives the current seller’s market — but historically low federal interest rates make it an inviting environment for buyers as well.
He says it’s a great time to lock in a low interest rate for decades to come — whether you’re refinancing an existing mortgage, or entering into a new one entirely.
“You could buy a $400,000 house now with the same payment as, perhaps, a $350,000 house from a few years ago,” says Sacia. “The only problem is inventory. There’s very high demand, and inventory hasn’t kept up. Once you get to spring and more listings are out there, they’re going to move fast.”
Having people in your corner
Buying a home in today’s fast-paced, seller-oriented environment means buyers have to move with confidence, Struckmann adds. With the backing of Altra’s team, buyers can breathe easy knowing they have an entire lending team in their corner, always ready to give a helping hand or a kind word.
It comes down to the main mantra of Altra: help members live their best life. She says it’s much more than a slogan — it’s a guiding principle that everyone buys into.
“We live the member experience, and that’s what I love about working here,” says Struckmann. “It’s not just talking points. It’s amazing how much time and energy we spend on making sure we’re easy to do business with, and making sure the member walks away happy when the deal is done.”
