The great American dream is to own a house. If you share this dream then you would probably be looking for the best way to sponsor your home buying process. There are many different ways in which you can secure a mortgage loan with a lender. Mortgage solutions are provided by banks, loan centers and even home builders which don?t differ too much in their terms.? You can also take out a mortgage with a credit union. This will help you in saving quite some amount of money which you won?t get with other financial institutions. Since credit unions are non-profit organizations they are designed to serve their customers. This is why they are regarded as better solutions than getting a mortgage from your bank.
You should not have the misconception that credit unions offer you lower rate. More often they have moderate interest rates at par with other financial institutions, but they don?t charge you a host of other fees that banks typically do on your mortgage loan. Thus you are likely to have a moderate interest rate coupled with a smaller amount of fees. Generally credit unions provide better service to their customers. These are non-profit institutions and are managed by employees who understand the plight of general Americans ridden by debt and credit. The interaction with the customer care of credit unions is simple and hassle free as they will answer your phone calls, respond to the letters you write them and try and meet your needs in the best possible way. There are some credit unions which are better than the others. Hence you should research the lenders in your area.
There was a time when credit unions didn?t offer anything more than small amounts of loans to their customers. However, currently they offer a whole range of financial services starting from checking accounts, to car loans to even home mortgages which are very high amounts of loan. You can initially research about the credit union and the services they provide by visiting their official websites. The number of credit unions available today is numerous hence you won?t find problem in choosing a suitable one.
Usually your real estate agent won?t recommend a credit union for your first mortgage; hence you have to find out what options you have with them. You can ask about fixed rate mortgages that have favorable rate and low recurring fees. You can take help of the Freddie Mac system to submit multiple applications together.
Author?s Bio: Marie Lewis is a financial advisor for EasyFinance.com. She brings an unique perspective on personal finance, frugality and all kinds of consumer financial products and services.
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