ADA Member Advantage announced March 3 it named Laurel Road as its endorsed purchase mortgages and mortgage refinancing provider for the Association’s members.
The endorsement gives ADA members access to rate discounts and financing options without monthly mortgage insurance payments on primary residences.
In addition, Laurel Road’s online mortgage platform can help speed up the closing process for members looking to purchase a new home or refinance an existing mortgage, according to ADA Member Advantage. The program also covers a rate discount on other loan options for second homes and investment properties.
“We have a good track record built with Laurel Road,” said Deborah Doherty, CEO of ADA Member Advantage. “They are consistently rated well for offering savings opportunities and customer service by our members. We are really pleased to be launching this new endorsement with them. Members have indicated in surveys that a mortgage product is of great interest, and after reviewing multiple proposals we determined Laurel Road was the best program on offer for ADA Members.”
Laurel Road, an online lender and brand of KeyBank N.A., is already the endorsed provider for student loan refinancing and has worked with ADA members since 2015.
“Laurel Road is really enthusiastic about this opportunity to deepen our relationship with the American Dental Association,” said Alyssa Schaefer, CMO of Laurel Road, in a news release.
Ms. Schaefer added that Laurel Road’s wide variety of home financing options and low rates represent a plethora of options for ADA members.
“A home is so important,” she said. “And we believe our program will help members make their vision for home a reality more easily and with greater cost savings than they could find from a traditional retail bank.”
According to ADA Member Advantage, traditional mortgages often require that borrowers who want to avoid paying monthly mortgage insurance payments put down at least 20% of the purchase price of the home. So, for a home that costs $180,000, borrowers must pay at least $36,000 to avoid the payments. The payment insures the mortgage for the lender in the event that the borrower defaults, and is on average between 0.55%-2.25% the cost of the original loan. This money isn’t applied to the principal or interest, so it represents a substantial additional cost to home-owners.
ADA members who would like to check their rates or speak with a representative from Laurel Road can visit laurelroad.com/ada.