Did you know Credit Unions offer mortgages?
Contrary to popular belief, banks aren’t the only financial institutions where a homebuyer can get a mortgage. In fact, credit unions offer home purchase financing with competitive features and advantages that shouldn’t be overlooked.
Comparing different loan providers is a smart way to make sure you’re getting the best deal when purchasing a home. One reason for considering working with a credit union is that, being non-profit organizations, credit unions don’t use interest rates to make money the way that banks do, enabling them to offer mortgage interest rates that are frequently better and processing fees that are consistently lower.
Even with their sizeable markets and customer bases, banks often have more stringent underwriting requirements, which can often make things difficult for aspiring homeowners whose credit is less than perfect. Being member-focused, however, credit unions have the people, the time and the resources to look at mortgages on an individual basis and work one-on-one with their members to help them achieve their financing goals.
When it comes to researching mortgages, choosing a provider and applying for financing, everyone’s needs are unique. But no matter what type of property you’re looking to buy, it’s smart to consider all your options to be sure that you choose the right financial partner. So when you’re ready to fulfill your dream of home ownership, the Western New York Federal Credit Union will be glad to help.