Shopping on rate vs customer service
Frequently Asked Questions
Straight answers to the questions we hear most.
Customer service is a key differentiator. Credit unions consistently rank higher in customer satisfaction surveys. They are member-focused and often provide a more personalized, community-oriented experience. Banks, especially large ones, can feel more impersonal and bureaucratic, though they may offer more robust 24/7 digital support.
These terms are often used interchangeably in the mortgage context. Technically, “forbearance” is the general agreement to pause payments, while “deferment” often refers to the specific solution where the missed payments are moved to the end of the loan. In this case, you resume your normal payments, and the forborne amount becomes a non-interest-bearing balloon payment due when you sell the home, refinance, or pay off the loan.
Potentially, yes. If your switch causes a significant delay and you cannot get an extension from the seller, they may have the right to cancel the contract and keep your earnest money, especially if a backup offer is waiting.
No, receiving a Loan Estimate is not a loan approval. It is a formal offer and estimate of the loan terms and costs based on the initial information you provided. The lender has not yet completed its full underwriting process, which includes verifying your financial information and the property’s appraisal.
You can find easy-to-use DTI calculators on most major financial and mortgage websites, including ours! These tools automatically do the math for you once you input your monthly income and debt figures.
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