Wings Credit Union Mortgage Review

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

Since it was established, Wings Credit Union 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 Credit Union 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 Credit Union Overview

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

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 Credit Union 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 Credit Union Mortgage Rates

Wings Credit Union Loan Specifics

Wings Credit Union 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 Credit Union 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 who are unsure about their long-term property plans.

Jumbo Loans

Wings Credit Union 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 $726,200, as determined by the Federal Housing Finance Agency.

Wings Credit Union 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 Credit Union 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.

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 Credit Union’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.

Comprehensive Overview of Wings Credit Union Mortgage Options

Loan Options	Description
Fixed-Rate Loans	• Lock in an Interest Rate for the Full Loan Term • Choose From 10, 15, 20, or 30-Year Terms • Ideal for Long-Term Homeowners
Adjustable-Rate Loans	• Features Variable Interest Rates That May Change Over Time • Initial Fixed-Rate Periods of 5, 7, or 10 Years • Suited for First-Time Buyers and Those Uncertain About Long-Term Plans
Jumbo Loans	• Available as Fixed-Rate or Adjustable-Rate Mortgages • Offered for Amounts Exceeding $766,550 • Best for Large or Expensive Property Purchases

Wings Credit Union Membership Requirements

One of the difficulties of obtaining a loan from Wings Credit Union 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 Credit Union 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 Credit Union Foundation

• Any immediate family member of a current Wings member

As a not-for-profit institution, Wings Credit Union can 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 Credit Union 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 Credit Union website.

While official rate quotes cannot be obtained online, this lender does have several 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 Credit Union’s extensive database of digital resources, which includes educational seminars, home-buying guides, and an extensive FAQ page.

Wings Credit Union Lender Reputation

For over 80 years, Wings Credit Union 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 holds an A rating on the Better Business Bureau website but is 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 Credit Union 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 Credit Union 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 current or former employees 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 Credit Union 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 Credit Union’s 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 Credit Union 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

The Bottom Line – Wings Credit Union Mortgage Review

Wings Credit Union stands out as a unique financial institution deeply rooted in serving the U.S. air transportation industry. Over 80 years, it has maintained a commitment to personalized, affordable lending solutions, albeit with a narrow range of mortgage products.

The exclusivity of its services, upheld through strict membership requirements, ensures tailored services for aviation professionals.

Wings Credit Union not only facilitates homeownership with competitive rates and extensive buyer resources but also reinforces community within the industry.

However, its services’ accessibility is limited geographically and professionally, emphasizing its dedication to a niche sector. The credit union’s reputable standing and customer-centric approach remain its hallmark as it continues to prioritize service over profit.

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