Credit Union Mortgage

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Tired of High Mortgage Payments – Get a Credit Union Mortgage Instead

In case you are stick and tired of having to pay high rates for your mortgage, then maybe it is high time that you think about getting a credit union mortgage instead. Credit unions offer affordable prices and rates on their own mortgages and can provide you with much better deals about all of the credit based acquisitions that you make, which makes them a valuable tool for everybody who is looking to purchase a big ticket, high end item being a house, a car, or perhaps a recreational vehicle of some type.

However, before you dash over to your closest credit union in hopes of getting a low rate on your next mortgage payment, there are a few things that you need to know very first. The first, and most important, aspect of getting a reduced rate credit union mortgage loan is that you have to participate in a credit union very first. Not so tough, correct Well, unlike an industrial bank that simply requires a quick background check, a credit union necessitates that you meet their particular criteria – usually placing you into a category of some sort. It is because credit unions are cooperatives of people who just about all share one frequent trait. Maybe these people live in the same zip code, maybe they visited the same college, however, you need to determine the actual defining criteria of the credit union before you can become a member of.

So why are mortgage rates so low for a credit union This is because, as opposed to regular banks, credit unions are non profit cooperatives, meaning that they could care less about making millions on your money. Almost all of the profits made from a mortgage loan go right back to the hands of the credit union customers in the form of Interest. Therefore, because a credit union has no desire to make key amounts of money, a credit union mortgage is almost always lower than a commercial lender mortgage.

Comments: 27

  1. Zachery February 27, 2013 at 8:45 pm Reply

    What is the advantage and disadvantage of mortgage loan and Credit Union loan??

  2. Joey March 11, 2013 at 10:23 am Reply

    Just wonder if there is any special requirements to bank, or hold funds at a credit union. Is it just like a normal bank (with more options)

  3. Barrett March 15, 2013 at 10:48 am Reply

    My friends’ father wants to buy their house for $300,000 (so they can move out and get a new home), but he does not qualify for a mortgage because he will be retiring in a month, and the banks will not approve him. However, he owns a paid-for three family house in Brooklyn, and I think he might get a Home Equity Loan, especially from a credit union. Any suggestuions where to go and how to go about that?

  4. Scottie July 5, 2013 at 3:10 am Reply

    I just got into mortgage lending for a bank in town, I used to work at a credit union and wanted to do mortgages but they didn’t have any positions. Anyway, I am now trying to build up referrals, and how to get realtors to give me some of their loans. I have stopped by a few real estate offices twice a week for two weeks now with rate sheets and introducing myself, but it’s hard to get past the secretary to get to know the realtors. I am looking for advice on how to earn trust from realtors and get them to send business my way. I am also joining some networking events in town too.

  5. Lance July 7, 2013 at 11:11 am Reply

    Is there a reason for this? Does the bank offer services the credit unions don’t?

  6. Stan September 6, 2013 at 6:46 am Reply

    i was recently injured on the job and my car was stolen the next day. im a delivery driver and i need a car so i was going to use my income as a down payment only thing is EVERYONE keeps telling me that in house financing’s interest will be out the roof so what’s so different about a credit union? i was told to try one. my credit is kinda shaky and im looking to build it up.

  7. Mary October 26, 2013 at 1:16 am Reply

    I was thinking of trying to refinance with Bank of America, but I have heard horror stories of them selling peoples’ mortgages to other horrible lenders that will rack up your monthly payment.

    At this point, is there any difference between refinancing with a credit union or a commercial bank?

  8. Angelo December 23, 2013 at 6:26 am Reply

    I went to try to get an idea from my local Credit Union of how much of a mortgage I could pre-approve for, and they the answer was far less than I expected. As she was calculating our totals she said that our monthly debt was bringing down our loan amount possibilities. My question is should I focus on a consolidation loan to reduce monthly payments or throw money at the problem and try to reduce my total debt amount, even though I can not afford to totally remove any actual bills.

  9. Robin December 23, 2013 at 6:31 am Reply

    The reason I want to switch is because I love to travel and there is never any banks or atms for my credit union outside of where I live. Don’t get me wrong I do like my credit union but it would be very convenient for me. Back to the question, I haven’t ever switched banks before.

  10. Shaneka February 1, 2014 at 11:20 pm Reply

    Which do you prefer

  11. Elisha February 2, 2014 at 2:50 am Reply

    explain exactly what a credit union does

  12. Eboni February 12, 2014 at 2:03 pm Reply

    I Bank with Chase but I’ve been thinking of moving my business to a Credit Union; what are the differences?

  13. Felica February 21, 2014 at 3:38 pm Reply

    I’m trying to get out of debt (about $5000 total) and credit unions were mentioned. What is a credit union? What do they do? How do you join? I’m basically just asking for any info about them and any personal experiences with them.

    Thanks! 🙂

  14. Elisabeth February 22, 2014 at 3:33 am Reply

    In banking, what is the difference between a regular bank and a credit union?

  15. Sara February 26, 2014 at 1:00 pm Reply

    I would like to Repair my Credit.

  16. Tessie March 7, 2014 at 11:10 pm Reply

    From the research I’ve done, the rates seem quite a bit better than most other banks. Is there a downside to getting a home mortgage from a credit union? Why wouldn’t everyone do it if the rates are so much better?

  17. Emmett March 19, 2014 at 5:22 pm Reply

    I have heard that credit unions give better rates on savings and loans…..

  18. Nicolas April 8, 2014 at 8:15 am Reply

    I’m not in a stage in my life where I need to know this right away, but for the future it might be nice to know.

  19. Danna April 8, 2014 at 11:25 am Reply

    I don’t use a bank, I use a credit union and I am wondering if anyone knows if credit unions face the same dilema that banks are at the moment? I know credit unions are member owned but they are also insured by the FDIC.

    I am not sure where the problems are coming from and I am not sure how it affects member owned credit unions.

    Any help?

  20. Justin April 9, 2014 at 4:11 am Reply

    What are the pros and cons for getting a refinance of a house through a credit union vs a mortgage company.. besides the interest rates?? I’m looking to refi and I’ve heard to watch out for mortgage companies.. just curious why.. thanks so much!!

  21. Hoyt April 9, 2014 at 8:37 am Reply

    I am currently a senior in high school and my economics teacher keeps stressing for us to switch from whatever bank we have to Sun Coast Schools Credit Union…He says that Sun Coast gives you better credit and its just overall better. I currently have Bank Of America. Well, i need help, PEOPLE! HELP ME CHOOSE!

    Thanks a lot. 🙂

  22. Harriette April 10, 2014 at 6:57 am Reply

    im confuse
    what is the difference between a bank and credit union

  23. Modesto April 11, 2014 at 3:35 am Reply

    Can anyone please explain to me what credit unions are?

  24. Roger May 18, 2014 at 4:32 am Reply

    Just curious, and googles being difficult.

  25. Hipolito May 29, 2014 at 5:55 am Reply

    Pros VS Cons of one to another? Why would you choose
    A bank over CU
    A CU over a bank?

    Opinion from both sides please. Thank you!

  26. Jannette June 2, 2014 at 12:36 pm Reply

    I have to write an essay about it

  27. Bud June 11, 2014 at 5:19 pm Reply

    I’m just trying to figure out the benefits of each.Please help me out if you can.

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