Are you familiar with faith-based mortgage lending in the United States? If you’re considering mortgage refinancing and prefer dealing with business that practice Christian principles, faith-based mortgage refinancing might be for you. Here’s an article on HSH.com with the basics you need to know when selecting a faith-based mortgage lender:
The proverb that “birds of a feather flock together” might explain why some homebuyers and homeowners gravitate toward so-called faith-based lenders when they want to get a new mortgage. If you hold deep religious beliefs or respect those who do, you might want to give your business to someone who shares your faith or incorporates religious precepts into his or her business practices.
Keep in mind that faith-based mortgage lending isn’t that much different at the end of the day than dealing with a conventional mortgage lender; however, you’ll most likely be dealing with a credit union, which like banks are exempt from the Real Estate Settlement Procedures Act. You would hope that your faith-based credit union wouldn’t take advantage of you with fees and markup of their best refinance rates; however, it’s best to do your homework as you would with any other mortgage lender.
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