Buying a home is an exciting undertaking, but it’s also a big expense. According to the Consumer Financial Protection Bureau, the average mortgage balance is $244,000 for new homeowners. Though many people turn to banks out of habit, taking out a credit union mortgage may be the better choice for many homeowners. Wondering which financial institution should handle your home loan? Read on to explore five distinct advantages of choosing a credit union mortgage.
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If you want to be just another name on a lengthy list of borrowers, you’ll be fine with taking out a bank mortgage loan. But a credit union aims to get to know you and your preferences and needs. Along with delivering top-notch service, their understanding of your financial status will help you obtain a mortgage loan that meets your individual needs.
- Savings for Members
Unlike other financial institutions, credit unions aren’t out to boost their own bottom line. By offering lower fees, they pass on savings to their members. This model contrasts with banks, which pass on any extra generated revenues to investors.
- A Cooperative Business Model
By joining a credit union, you become a member of a local organization that helps build the community. Members are not simply clients — they’re partners. Instead of distributing profits to investors or higher-ups, the cooperative model benefits members.
- Better Rates and Terms
Anyone seeking a mortgage knows the importance of locking in a good rate. Because credit unions pass profits on to their members, they are often able to offer both lower mortgage rates and better terms compared to banks.
- Perfect Credit Isn’t Mandatory
If past money difficulties have damaged your credit score, a credit union mortgage may still be an option. In particular, lower- to middle-income families are likely to benefit from special loan programs, including some that are specifically geared toward first-time homebuyers.