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Where To Apply For A Mortgage - Bank Or Credit Union?

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  • Where To Apply For A Mortgage - Bank Or Credit Union?

    Many people dream of owning the perfect home. It is their main goal in life to secure a safe haven for them and their family. Buying a home is a complex process, one that requires a lot of important decisions. This includes finding a reliable mortgage lender. Will it be a Massachusetts bank, or a local credit union?

    To determine which type of financial institution is right, you will have to learn more about their operations and which services they can provide to you. These issues should definitely be investigated, as not all lenders are alike. For instance, Massachusetts credit union is a not-for-profit financial institution, whereas a bank is geared towards making lots of profit. That will, of course, reflect in their fees and interest rates.

    Both agencies concur; mortgages are loans that are secured by a lien on the house you purchase. Although this is one factor they agree upon, there are plenty of issues a Massachusetts bank and an MA bank have different philosophies on. Here are a few examples.

    1. Banks will accept anyone, while credit unions are limited to the people living in their community and state. Because they accept applications from everyone, banks tend to have stricter lending requirements.
    2. They are nonprofit, which means that they can offer lower interest rates on loans and mortgages than a Massachusetts bank. Credit union banking fees are also lower, just like their down payments and upfront closing costs.
    3. If you want a large selection of mortgage types to choose from, apply at a bank in MA. Of course, it does not mean that because their mortgage department offers fewer solutions than a bank, that a credit union will not try to accommodated your mortgage needs. Talking to a mortgage consultant does not cost you a penny, so why not inquire about your options, before you get roped into an expensive mortgage elsewhere?

    Remember, when you open an account at a credit union, you are not just a customer - you also become one of the owners, and you will be treated as such!

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