Wings Financial Mortgage Review

4 Dec    Investing News

Wings Financial was founded in 1938 by a small group of airline employees in Apple Valley, Minnesota.

Since it was established, Wings Financial has grown to become one of the largest credit unions in the country and has been recognized as the first such organization exclusively dedicated to serving the men and women of the U.S. air transportation industry.

Wings Financial is a not-for-profit institution that supports members regardless of their location, though much of its activity centers around the Twin Cities and Seattle/Tacoma metro areas.

Wings Financial Overview

After 80+ years of operation, Wings Financial is still committed to providing affordable lending solutions for professionals working in the aviation industry. wings financial

Compared to other lenders, this credit union distributes a limited variety of home loan options, offering only conventional and jumbo fixed-rate or adjustable-rate mortgages.

Despite its small pool of product choices, Wings does work with its members to find affordable mortgage solutions with down payments as low as 3 percent for qualified borrowers. Membership to this credit union is strictly enforced to ensure aviation professionals have priority access to its banking services.

Before a mortgage application can be officially submitted, interested borrowers must first apply to become a Wings Financial member and obtain a personal checking account.

Once a membership is obtained, borrowers can submit their loan applications online or directly through a lending agent. Homebuyers with high credit scores may be qualified for low down payment options, including 3 percent on fixed-rate or 10 percent on adjustable-rate mortgages.

Additionally, Wings offers a host of free informational resources to users via its website and will support member inquiries for the full life of the loan. This lender’s customer-focused approach has earned it an A rating via the BBB website.

Current Wings Financial Mortgage Rates

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Wings Financial Loan Specifics

Wings Financial offers a limited variety of conventional mortgage types compared to other lenders, as it does not facilitate any government-backed home loan programs.

This lender provides traditional fixed-rate and adjustable-rate mortgages to qualified borrowers, along with jumbo loans for more expensive home purchases. Homebuyers looking to do business with Wings Financial must apply for membership before a mortgage application can be submitted.

Fixed-Rate Loans

This mortgage option allows homebuyers to lock-in a negotiated interest rate for the full loan term, regardless of fluctuations within the broader market. A wide selection of loan terms, includes 10, 15, 20, or 30 years.

Monthly payments and interest rates are largely dependent on the selected loan term, as shorter durations typically come with higher monthly payments, but lower interest rates. This option is beneficial for borrowers who plan to stay in their home long-term.

Adjustable-Rate Loans

This mortgage option features a variable interest rate that may increase or decrease over time, based on the performance of the market index. This type of home loan typically has lower rates and monthly payments for the first few years, though they can rise sharply after the initial fixed-rate period.

Offered duration times of the fixed-rate period, include 5, 7, and 10 years. This type of mortgage is convenient for first-time homebuyers and borrowers that are unsure about their long-term property plans.

Jumbo Loans

Wings Financial offers several jumbo loan options that can be negotiated as either fixed-rate or adjustable-rate mortgages. Borrowers are eligible for jumbo loans of amounts greater than $453,100, as determined by the Federal Housing Finance Agency.

Wings Financial offers a 30-year fixed-rate jumbo loan with interest as low as 4.5 percent and several adjustable-rate jumbo loan options, including 5, 7, and 10-year ARMs. These types of jumbo mortgages are best for homebuyers who are looking to invest in large or expensive properties.

In addition to these standard mortgage products, Wings Financial furnishes incentive programs for first-time homebuyers and borrowers who are able to make a substantial down payment. For example, Wings extends a 10 percent down payment, no-PMI option on its ARM products up to $1,000,000.

To qualify, borrowers must have an active checking account with Wings Financial and a credit score of 740 or higher.

This lender also operates a HomeAdvantage program for qualified borrowers in 33 U.S. states who choose to partner with a real estate agent within Wings Financial’s professional network.

Homebuyers can search for homes via the Wings online MLS listings and organize results by price, location, amenities, and even architectural style.

Wings Financial Membership Requirements

One of the difficulties of obtaining a loan from Wings Financial is its strict membership guidelines, as being an official member is a prerequisite for all of its banking services.

This operational model was established when the credit union was founded over 80 years ago and still continues to this day, though eligibility has been somewhat expanded. Membership in Wings Financial Credit Union is open to:

  • Individuals who live or work within eligible Minnesota or Wisconsin counties
  • Individuals who live or work within the Seattle-Tacoma, Washington, metro area
  • Anyone who works or has worked in the U.S. aviation industry, such as employees of airlines and associated government agencies, or employees who work with air freight, air courier, or air transportation support services directly
  • Members of the Wings Financial Foundation
  • Any immediate family member of a current Wings member

As a not-for-profit institution, Wings Financial is able to provide its members with highly competitive loan products and interest rates, without as many back-end or hidden fees as other lenders.

This is one reason why membership eligibility guidelines are so rigid, along with its long-standing commitment to the men and women of the U.S. air transportation industry.

Wings Financial supplies its members with a streamlined mortgage application process that can be completed online or in person, though its physical branches are only found in Minnesota, Michigan, Florida, Georgia, and Washington.

Interested borrowers can contact a lending agent directly by calling the customer service directory or by submitting a loan application via the Wings Financial website.

While official rate quotes cannot be obtained online, this lender does have a number of free tools that can help homebuyers understand their options, such as its affordability calculator, payment calculator, and mortgage rate calculator.

First-time homebuyers can benefit from Wings Financial’s extensive database of digital resources, which includes educational seminars, home buying guides, and an extensive FAQ page.

Wings Financial Lender Reputation

For over 80 years, Wings Financial has supplied professionals in the aviation industry and their families with a variety of specialized banking services. This lender is recognized as an Equal Housing Lender and is federally insured by the National Credit Union Administration.

Wings currently hold an A rating on the Better Business Bureau website but are not considered a BBB accredited institution. In total, the lender has had 22 customer complaints filed against it over the past 3 years, though most concern issues with savings and/or checking accounts.

  • Information collected on Jan. 07, 2019

Wings Financial Mortgage Qualifications

Loan Type Rate Type Loan Term Options Membership Requirements Mortgage Insurance Requirements
Fixed-Rate Loans Fixed 10, 15, 20, and 30 years Members Only Yes, if down payment >20%
Adjustable-Rate Loans Variable 5/1, 7/1, and 10/1 Members Only Yes, if down payment >20%
Jumbo Loans Fixed or Variable 30-year fixed Members Only Yes, if down payment >20%
OR
5/1, 7/1, and 10/1

The primary mortgage qualification for Wings Financial is that borrowers must already be an official member of the credit union. Without a membership, homebuyers will not be able to obtain any home loan product from this lender.

To become a member, borrowers must be a current or former employee of a recognized company within the U.S. aviation industry or live/work within an eligible region of Minnesota and Wisconsin, or within the Seattle-Tacoma metro area.

Beyond membership, Wings Financial considers a range of criteria when determining mortgage eligibility and rates, including credit score, credit history, and loan-to-value amount.

All fixed-rate mortgages offered by this lender are subject to Fannie Mae fees based on credit score, LTV, and other applicable factors. The standard credit score stands at around 740, though borrowers with lower credit scores may still be able to obtain a home loan at a higher interest rate.

While each of Wings Financial conventional mortgage products has different guideline specifics, all options may require mortgage insurance if the down payment amount is less than 20 percent. A loan origination fee of $950 and additional third-party closing costs will apply.

Wings Financial Phone Number & Additional Details

  • Homepage URL: https://www.wingsfinancial.com/
  • Company Phone: 1-800-692-2274
  • Headquarters Address: 14985 Glazier Avenue, Suite 100, Apple Valley, MN 5124-6539

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