Buying a home is one of the biggest decisions you will make in your life.
When it comes to making major purchases such as this, credit unions are known for offering some of the best mortgage rates and lowest closing cost pricing when compared to other financial institutions.
If you have been weighing your options when it comes to credit unions vs. banks, consider these facts before making your final decision.
Credit Unions Put Their Members Over Profits
One of the main differentiating factors between credit unions and banks is the fact that credit unions are not-for-profit financial institutions.
As a credit union member, you are also an owner of the credit union yourself. This type of business model puts people before profits, a business ethic that appeals to many looking for a loan that will benefit them in the next stage of their life.
As a member of a credit union, you will be a part of an organization that has your best interest in mind when it comes to your financial well-being.
Competitive Loan Rates
When shopping around for the best deal for your mortgage loan, you may find credit unions offer lower rates and closing costs than banks.
When it comes to the loan process, many potential homebuyers are happy to know that credit unions often do their best to work with members to ensure speedy closings. This will help in the long run to offset potential cost and can improve the speed of the home buying process. .
Credit unions share of the mortgage market has seen significant growth over the last decade thanks to the advantages it offers to its ,members.
If you have any questions when it comes to securing a mortgage loan that is right for you, be sure to stop by a brand or call us 800-835-3400. We are here to help you on your financial journey.
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