Veridian Mortgage Review

Joseph Meyer
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Veridian Credit Union Background

Veridian Credit Union is a cooperative community-based financial institution, established in 1952. Veridian Credit Union is primarily owned by its members. There are currently around 65,000 members and 4 million dollars worth of member loans. Veridian Credit Union serves all the financial needs of their members. They currently have 16 branches in 12 counties. The head office is in Denver, Colorado.

This in-depth Veridian Credit Union review will help you learn what to expect from this particular lender. Keep reading to find out if Veridian Credit Union is the right lender for you.

Current Veridian Mortgage Rates

Since this post was published, Veridian and LendingTree have merged. You can view current mortgage rates and points using LendingTree's free mortgage calculator here.

Also, these are current mortgage rates as of January 2016.

It's always a good idea to compare mortgage rates before you apply for a mortgage, especially if you're considering a VA home loan. Below you will find a list of the current Veridian mortgage rates and loan points for FHA, VA, and Conventional home loans.

Veridian Mortgage Options

Veridian is an online lender that is focused on helping borrowers that have damaged credit. While there are numerous mortgage lenders in that space, what makes Veridian stand out is their "flexible down payment" lending structure. Because most struggling borrowers will have little cash, their lender will have to help them by financing as much of the costs as possible, and making payments to the borrower.

Fixed-Rate Loans

Fixed-rate mortgages are the most common type of mortgage. Because they don’t change over time, they’re popular with borrowers who are worried about interest rate fluctuations. However, the initial interest rate on a fixed-rate mortgage is generally higher than that on an adjustable-rate mortgage or a hybrid ARM.

Fixed-rate mortgages are popular because they promise stability, but fixed-rate loans do have some downsides. Because the interest rate is locked, you can’t take advantage of lower interest rates down the road. You also can’t refinance a fixed-rate loan to take advantage of lower interest rates.

Adjustable-Rate Loans

Over the past few years, many people who have wanted to purchase a home have taken out adjustable-rate mortgages, rather than fixed-rate mortgages.

These adjustable-rate mortgages are typically called “ARM”s because they adjust the interest rate periodically, usually every 6 months.

The theory behind ARMs is that you’ll end up paying a lower interest rate than a fixed rate because of lower initial interest rates and lower initial “teaser” interest rates.

So are ARMs the smart way to go? Let’s dive into the numbers.

The reason why I’m talking about this is because recently in one of my Veridian mortgage reviews, I had a borrower who couldn’t sell their existing home because of an adjustable mortgage. Here’s some of what happened.

The borrower wanted to purchase a home, intending to put 10% down and finance the balance. This borrower already had an adjustable mortgage and wanted to refinance into a lower interest rate.

IFA Loans

When it comes to Home Mortgages, it is all about that Perfect Loan Package, to help you get your dream home. With low rates, lower EMI and no prepayment penalty, Veridian’s proposal is a blend of ICICI Bank’s and Kotak Bank’s loan products. But the top class service makes it stand out. The interest rate offered is the lowest in the Industry. All three banks have the standard BIN structure for the loans (Aadhar / PAN / Passport requirements), but Veridian takes it a little further with its advanced systems.

The borrower is facilitated through an online platform and a mobile app as wide ranging frame work for speedy loan disbursal.

USDA Loans

The process for obtaining a USDA loan is similar to that for most conventional loans in that a USDA loan is normally done through a mortgage broker or lender rather than directly through the USDA.

Fortunately, the application and approval process is more streamlined for a USDA loan. There won’t be as many personal questions asked, such as the purpose of the loan or the borrower’s income.

One of the most attractive features of a USDA loan is that the application process is generally much shorter than that of a conventional loan.

A USDA loan is perfect for anyone who has found their dream house and is in a hurry to get it. If you’re on the move for work, the USDA loan may also be the perfect choice.

The loan will allow you to move faster because you’re not trying to get a bank to approve you. In fact, there will be less need to go through the whole process of filling out the paperwork and submitting it to a bank for approval.

Another reason why borrowers like the USDA Standard mortgage program is that it allows them to use some of the equity in their home to pay for other projects, such as work on their property or a wedding.

VA Loans

Our veterans have placed their lives on the line to protect our freedoms and liberties we enjoy in this country. Over the years, they’ve earned a reputation for selfless sacrifice and bravery. That’s why it’s important for us to ensure that they have access to the finest mortgage loans available.

VA loans are offered by the U.S. Department of Veterans Affairs. They are intended to assist veterans who are looking to purchase a home. Many veterans are eligible for VA loans since the VA is available to assist any veteran who has served during a time of war or conflict, their dependent spouse, active duty service members who have served in combat, or certain National Guard or selected reserve members who received special circumstances.

When you see the words VA loan, don’t automatically think that it’s for everyone. There are criteria to qualify for a VA loan, and you should make sure that you know what they are before deciding that you qualify for one.

Jumbo Loans

For First, Second, and Third Homes.

Aside from conventional loans, there are other mortgage products available that are targeted to specific groups. For example, some mortgage types are made available to first-time home buyers, and some are catered to those who have already owned a home. In addition, some mortgage types are for used homes and some are just for new homes.

Here are the most common mortgage products for people who are looking for loans for their second home, their third home, or their starter home.

Second Home Mortgage

If you have a primary home and want to buy a secondary home, you’ll probably need a secondary mortgage. This mortgage is also called a second mortgage because it is a secured loan taken by a borrower to purchase a second (or third or fourth) home.

Second mortgages are not as common as first mortgages, and they typically carry significantly higher interest rates. Also, the repayment terms are usually longer, extending up to 30 years instead of the conventional 25.

If you aren’t a homeowner (or you aren’t a homeowner looking to refinance your existing home), you’ll probably need a first mortgage, which is a mortgage that is granted to purchase a home.

Veridian Mortgage Customer Service

If you are looking for answers to your Veridian Mortgage questions, then this is the place you need to be. I’ve been asked thousands of questions about Veridian Mortgage over the years, and I’ve answered (and answered) them all.

Veridian Grades

Veridian Credit Union advertises themselves as “The People’s Bank” and they use their motto to support their commitment to their members. Their mission is to provide their members with access to financial services that deliver value, savings, and convenience while rewarding them with great rates and a multitude of benefits.

They offer a powerful strategy to their members by offering savings accounts that offer competitive rates, low-cost loans, and no fees; essentially providing their members with the best of both worlds for a financial institution.

Veridian Mortgage Qualifications

Veridian Phone Number & Additional Details

Veridian’s prior business status for this location was, Veridian Payment Center. How is the “Veridian Payment Center” a valid business name? Perhaps, the prior business owner has the name listed as a DBA (Doing Business As) on the Certificate of Incorporation?

Could you have a look at the business name and address in the kitchen cabinet or on a label somewhere? Sometimes, the processor may have indicated they needed to change the business name to the employer’s/recipient’s name and did so without physically changing the business name.

You may also check with the state/country. Perhaps, the DBA is maintained on the books until the goods and services are sold and the employer/recipient receives the funds, then the business name is changed.