Advantages of Getting a Home Loan Through a Credit Union
Published on April 9th, 2019
The process of purchasing a home is a daunting task. The decisions can seem endless when it comes to what real estate agent it comes to, what home to buy, and which financial institution to use for your mortgage. Your mortgage is something you will have for many years, most likely 15-30 years, so it is important that you pick the right one. Credit Unions near Elmwood Park like Leyden Credit Union are great alternatives to traditional banks when it comes to securing a loan.
Saving Money
Credit unions are owned by their account holders, or “members” and are not-for-profit. Therefore, credit unions near Elmwood Park like Leyden Credit Union return earnings back to the members in the form of better rates and lower and fewer fees.
Having an Institution on Your Side
Since credit unions are not-for-profit and are owned by their account holders, credit unions look out for the best interest of their account holders more than a traditional bank. It is far more likely that you will have a personal relationship with your loan officer and they will provide great and personal customer service. In addition, credit unions typically will be your mortgage provider for the long term rather than selling your mortgages to several banks.
Due to their member/account holder focused approach, credit unions are generally more willing to work with borrowers who do not have great credit.
To learn more about the differences between credit unions and banks, please read our blog and contact Leyden Credit Union to discuss your options for home loans today!
