Need a mortgage loan? You might want to visit your local Walmart

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You can get so much more than bread and milk at your big box store.


Key points

  • Walmart is a popular store for budget-conscious shoppers.
  • Now consumers can have the option of applying for a mortgage at Walmart.
  • Walmart partners with Lenders One Cooperative to begin offering mortgages.

When you think of a shopping spree at Walmart, you can imagine loading your cart with groceries, paper goods, and maybe even clothes or toiletries. But soon, you may be able to buy something much more substantial at Walmart – a house.

To be clear, Walmart is do not get into the construction industry. But he East partnered with Lenders One Cooperative, a retail lending subsidiary of Altisource, to offer mortgage products and related services to customers.

So far, Lenders One has three Walmart locations under lease, but plans to significantly expand its in-store presence. Meanwhile, Walmart shoppers will have the option to apply not only for regular mortgages at the big box store, but also for products such as refinances and home equity loans or lines of credit.

A great opportunity all around

Lenders One’s goal in bringing its mortgage services to Walmart is to expand its customer base and compete with larger, more well-known lenders. Founded in 2000, Lenders One Cooperative has a network of over 240 independent mortgage bankers, credit unions, banks, correspondent lenders and providers of mortgage products and services.

Meanwhile, Walmart has long been a trusted name for consumers, so partnering with Walmart is a strategic move for Lenders One. It’s also good for home loan seekers, as they can enjoy the convenience of being able to apply or learn about borrowing options locally.

Should you rush to sign a mortgage at Walmart?

The fact that you can possibly stock up on eggs and sign a mortgage in the same shopping trip is unquestionably convenient. But to be clear, if you’re looking for a home loan, it’s always a good idea to shop around with different mortgage lenders rather than taking the first available offer.

Lenders consider a variety of factors when deciding what interest rate to offer mortgage applicants. These include your credit score, your current level of debt relative to your income, and your current income. You may be collecting offers from six different mortgage lenders, and one of them ends up being significantly more attractive than the others, so do your research before taking out a home loan.

Another thing you’ll want to keep in mind is that different lenders charge different closing costs to finalize a mortgage. A lender may offer a better deal on a mortgage rate, but charge such a high fee to finalize your home loan that your rate savings are wiped out. While closing costs can be negotiable, lenders can choose if they want to budge on theirs – it depends on how important they think your business is.

You will need to have an overview when signing a mortgage loan. You might end up getting a great deal at your local Walmart, but you should also do your research to be sure. Walmart is often known for having the lowest prices in town – but we don’t know if that will apply in the context of mortgages.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

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