Credit Union Mortgages: What’s the difference?
You may think that, when it comes to mortgages, one loan is just like the next. But the truth is credit unions offer a variety of mortgage options and provide the most personal service experience around to help you through what can be a stressful process.
Buying a house, condominium, apartment or new home will likely involve the biggest financial commitment you’ll ever make, so it’s wise to consider all your options before deciding how to manage it.
We’ll walk you through the home loan process
By joining a credit union, you’ll have access to the traditional mortgage products offered by other financial institutions. VA, USDA, Conventional and FHA loans can be put together by your credit union, and often at a lower cost. Further, credit unions often allow “portfolio” type loans, which are loan options for situations that may not fit standard guidelines.
Getting a mortgage can be confusing, between origination fees, points, appraisal and insurance costs, home inspections, and more. So, customer service is where you will likely find the biggest difference.
“We strive to give excellent personal service, but we also truly care about our members. We take the time to talk with each member to figure out the best product to fit their specific needs.” – Arlena Cook, EECU Real Estate Loan Originator
Having a strong relationship with your credit union can help in tailoring the lending process to help you to qualify for a mortgage that truly fits your needs and budget. Plus, with a credit union, you’ll get more out of your hard-earned money.
Credit unions are not-for-profit organizations founded to serve the communities where they’re located. This allows the credit union to focus on assisting their members and keeping loan rates and fees affordable. Additionally, many credit unions are involved in programs to enrich the community, which will pay off in your new neighborhood.
“We’re committed to making your home buying experience stress free, and as affordable as possible.” – Jeré Capps, EECU Real Estate Loan Originator
As a result, credit unions consistently rank highly in overall service, According to the American Customer Satisfaction Index (ACSI). In 2013, credit unions scored an 85 index rating. The ASCI interviews consumers about recent experiences with such things as checking, savings and loan services, and asks about staff courtesy, financial transaction speed and interest-rate competitiveness, according to the organization’s website.
|Steve Nicastro writes on personal finance for NerdWallet. This article was provided compliments of NerdWallet.com, a consumer finance news and comparison website committed to helping you save money.
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