Want A Loan To Buy Your Dream Home? – 5 Ways Credit Unions Can Help

Whether you’re a first-time buyer or planning to relocate, you’re probably thinking about applying for a mortgage loan. Asking for a loan is not as easy as it may seem. There are many challenges that you may face during the process.

On the contrary, credit unions make the process hassle-free. Consumers are stuck on the traditional idea of taking out a mortgage with a lender or bank. However, a growing number of borrowers these days are shifting their interest to credit unions.

According to recent research, in the second quarter of 2018, credit unions over the world had loan balances of over $350 billion, making it the highest number for any quarter. Obtaining a home loan through a credit union is easy and preferable. Here’s why you should choose credit unions for a home loan over other options.

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A Better Customer Service

Credit unions are designed to keep the community in mind. You can finance your home through a financial institution that is professional and understands you. Buying a home is one of the greatest investments of your life. Thus, it is helpful to know that you are borrowing money from an institution that considers you a member of the community. Credit unions provide excellent customer services for all members.

Better Rate Of Interest

Mortgage loan credit union interest rates are more competitive than other financial institutions. When you borrow money from a credit union, you do more than just banking transactions. You become a member, and as a member, you are eligible for many benefits, like lower interest rates.

Credit unions are not interested in reserving the profits for themselves. They redistribute to their members in the form of lower loan rates and higher dividends. Even if your credit score is not impressive, these organizations work with you and get you the best rate possible.

Minimum Extra Fees

During the home-buying process, many buyers remain apprehensive about additional financial obligations like closing costs, origination fees, taxes, insurance, and so on. While terms and conditions differ from one institution to another, the general rule of credit unions remains the same – you will have fewer extra fees compared to banks and other lenders.

In-House Services

Many credit unions offer in-house services to their members. The application and payment of mortgage remain an uncomplicated process. Commercial banks often sell the mortgage that they originate.

However, credit unions hold on to the loans. This suggests that credit unions are not subject to interest rate fluctuations that come with a bank mortgage. These organizations ensure your mortgage stays put and remains in safe hands.

Member-Owned Community

Apart from financial benefits, the membership of credit unions also brings many other perks. Community involvement means you become a part of something bigger and meaningful. A commercial bank doesn’t have the same commitments and advantages for its members.

Credit unions are owned by the same members that they serve. The services are dedicated and personalized. The customer service at these organizations helps you turn your financial goals into a reality. Whether you are a novice or simply looking for a low-interest mortgage, you can rest assured.


If buying your dream home is on your bucket list, and you’re still working on improving your credit score. Make credit unions your go-to choice!

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