Benefits of a credit union mortgage
Discover why a home loan from a credit union costs less and provides you with better service.
When it comes to getting a mortgage, homebuyers face a choice: credit union or bank? Of course, we’re biased—we’ll choose a credit union every time. The facts back us up. Take a few moments to learn why you’ll come out ahead with a home loan from a credit union.
Lower fees at credit unions
Banks operate for-profit and one of the ways they boost profits is through higher mortgage origination and processing fees. Credit unions, on the other hand, are non-profit or not-for-profit organizations. Instead of pursuing profit, credit unions focus on the financial well-being of their members. This allows credit unions to offer mortgages with significantly lower fees than banks.
A long-term relationship
Many a homebuyer has been dismayed to find that their bank-financed mortgage was sold to another financial entity. Problems arise when the homebuyer doesn’t receive the same level of service as with the original lender.
Credit unions rarely sell mortgages to second parties. The service you get when originate the loan is the service you’ll continue to get.
Consumers does sell home loans in some cases. However, when you get a mortgage with us, you can count on us to service it for the entire life of the loan.
Decisions are made locally
Big banks governed by corporations headquartered in a different region or state don’t have knowledge of the local community, making it difficult for some homebuyers to get financing.
Credit unions are part of the communities they serve so they’re more willing to work with situations that banks refuse. These include:
- non-traditional and non-conforming properties
- large acreage
- non-warrantable condos
- self-employed borrowers
- jumbo financing
- unique credit profiles and less-than-perfect credit
More mortgage options available through credit unions
Credit union loan officers live in the communities where they work, and they actively look for ways to support their communities. For example, Consumers caters to local buyers by offering specialized programs for:
- first-time homebuyers
- public service providers including teachers, police officers, firefighters, EMS personnel and RNs
- medical professionals, including MDs, DOs, PAs, NPs, CRNAs and DMDs
- zero-down payment buyers
We’re here to help
Discover the the advantages of a credit union home loan for yourself. Our loan officers are here to personally help you every step of the way in getting a mortgage. Explore your loan options online or call us at 800-991-2221.
Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.