Introducing Toni Price, the Vice President of Real Estate Lending at First Commonwealth Federal Credit Union. Toni's extensive experience and commitment are vital in helping our members navigate the often complex journey of real estate financing.
For this chapter in the "The Faces of First Commonwealth" series, we sit down with Toni to gain valuable insights into her professional path and the wisdom she imparts to our members. Her story is one of dedication and passion, as she ensures the financial health and homeownership dreams of those she serves.
1. Can you share a bit about your background and what led you to your role as VP of Real Estate Lending at First Commonwealth Federal Credit Union?
I actually fell into this role. After graduating from college, I was initially looking for a job in human resources and was interviewing extensively. A friend working at a bank in New Jersey suggested I work there while continuing my job search. Once I started, I fell in love with the work and eventually entered their management trainee program, which led me to lending. Thirty-five years later, I can honestly say I love my job. This is only the third place I've worked, which is relatively uncommon in my field. I've been very fortunate and genuinely enjoy what I do.
2. What’s a typical day like for you at the credit union?
There really isn't a typical day. They’re all very different. As a manager, I constantly work with the loan officers, processors, and underwriters, addressing various scenarios and coming up with solutions to make things work. I stay on top of all mortgage and home equity cues to ensure everything that needs to get done is done. My responsibilities include checking rates daily and selling loans to Fannie Mae, along with monthly reporting. This is just a broad overview.
3. What do you enjoy most about working with our members?
Unfortunately, I don't work directly with members as much as I'd like; my role involves more interaction with my staff. However, when I do work with members, my favorite part is helping them find the right product and getting them into their new home.
4. How do you like to spend your time when you’re not working?
I enjoy spending time with family and friends, golfing, and exercising.
5. What are some common challenges that members face when navigating the real estate lending process, and how do we help them overcome these challenges?
The most common challenge I feel members face is not understanding the lending process. Before looking at homes, they should consult with a mortgage officer to understand their credit, affordability, and the lending institution's requirements. Many are unaware of details like the need to explain large deposits, which can slow down the process. Meeting with a mortgage officer beforehand helps them understand the process and makes things go much smoother.
6. What are some misconceptions about mortgages that you often address with new clients?
One surprising misconception is that many members don't know we offer mortgages. It still amazes me. Despite some members considering us first, others aren't aware of our mortgage services. Our competitive rates and in-house servicing, are significant selling points. Members benefit from talking to someone they know instead of dealing with an unfamiliar servicing place.
7. What advice would you give to members who are considering applying for a mortgage or a home equity loan?
Do your homework and understand the product you're applying for. Mortgage officers are there to explain the details. Don't just focus on the rate; understand how the mortgage works. For example, if applying for an adjustable-rate mortgage, know how long the initial rate lasts and what happens when it changes. Understanding these aspects is crucial.
8. What does the process of applying for a mortgage at First Commonwealth look like and how is it made easy for members?
It's extremely easy. Members can apply online through links on our website, or if they're not tech-savvy, they can call and speak to someone who will complete the application for them. Our loan officers are knowledgeable and are here to guide members through the process, explaining what they need and making it simple.
9. Can you explain the different mortgage options available at First Commonwealth and how you help members decide what's best for them?
We offer a range of products, including fixed-rate, variable, construction, jumbo, FHA, VA, and a special professional loan program. The only product we don't currently offer is a USDA loan, which I'm working on. The key is listening to the member's needs and guiding them accordingly. For instance, if they plan to stay in the house for only a few years, an adjustable-rate mortgage might be better. If they're tight on cash, a fixed-rate might be more suitable. It's about understanding their situation and recommending the best product.
10. Home equity loans can be a powerful tool for financial management. Could you elaborate on how members can leverage their home equity through First Commonwealth’s offerings?
Home equity loans are great when you need money for home improvements, car purchases, education, debt consolidation, and refinancing. We offer home equity loans with no closing costs, making it easier to access cash without refinancing the first mortgage. This is particularly beneficial for those with low rates from previous purchases or refinances.
11. For members considering refinancing, what are some of the benefits they might not be aware of, and how does your team guide them through this process?
Understanding the reason for refinancing is key. If it's to get cash, we might suggest a home equity loan instead of a mortgage, especially if they have a low rate on their current mortgage. In cases like divorce, where refinancing is necessary, the rate may not be a factor. We help members by understanding their goals and guiding them through the best process for their needs.