Whether you’re a first-time homebuyer or seasoned borrower, taking out a mortgage loan is a big deal. Sure, you can go with any loan that’s going to give you the amount you need. Perhaps you even have a set idea of rates and terms you want in a mortgage and are just hoping you can find the right lender.
What you need in a lender, besides for them to just lend you the money, are people that care. And not just until you have signed your name to the mortgage and are stuck with them. You need someone that prides themselves in customer service, works hard to ensure every customer has the right loan that fits their financial needs and a lender that sometimes understands times get tough.
Get to Know U.S. Bank
This bank started way back in 1863 as the First National Bank of Cincinnati. After a couple of mergers in the current century, they took on the name U.S. Bank and established a headquarters right there in Cincinnati. Presently, they are the fifth-largest bank in the country.
Despite their success and growth, they still take care to appreciate each customer on an individual level. They pride themselves on building trust with each client through excellent customer service and understanding the customer’s needs and desires. By providing tailored financial services, they can figure out which situation works best for each client.
Foreclosure Assistance
In times of crisis, when the mortgage payment is not at the top of your list of priorities, U.S. Bank understands. When going through financial hardship, they want to ensure they’re providing clients with the resources and options to avoid foreclosure.
If your problems are short-term, and you’ll still be able to afford your loan payment, here’s a couple of options they provide to help you stay in your home:
- Repayment Plan – Your past due amount will be added to your monthly payments over an agreed-upon time frame until you’re up to date.
- Hardship Loan Modification – This allows you to roll past-due interest and escrow payments into your current loan. You may also qualify for an interest reduction.
If your issues seem to be more long-term, and you don’t think you can afford the property anymore, they also have options to leave your home and avoid foreclosure:
- Short-Sale – They will allow you to sell your home for less than you owe without debt with the final sale.
- Deed-in-Lieu of Foreclosure – This option gives you the chance to relinquish ownership back to them to avoid foreclosure, and increase the likelihood you’ll be able to take out a loan in the future.
Help in Times of COVID
If you’re struggling due to the current pandemic, U.S. Bank can offer up to 180 days of mortgage forbearance.
Is U.S. Bank Right for You?
Still, aren’t sure if they’re the right choice for you? Their website has the above information and so much more to help you come to a final verdict.