Buying a house is a life-changing experience and often one of the largest investments you’ll make. Navigating the interest rates, real estate market, and mortgage rates can be confusing. That’s why you want to ensure you’re set up for success. You can get a mortgage through a multitude of places: mortgage banks, mortgage brokers, insurance companies, and even investment brokers. But is there an advantage of getting your mortgage through a credit union? It turns out there is! Below we’ll review a number of reasons why getting a mortgage through a credit union is advantageous.
Attractive Rates and Terms
Credit unions are not-for-profit financial institutions. They are structured as cooperatives whose members own the credit union, not shareholders or investors. Unlike for-profit lenders like banks or insurance companies, credit unions have a mission to put their members before profits. Sometimes credit unions target a specific demographic or community, like teachers, veterans, or a particular city’s residents. Because of their not-for-profit status, credit unions may offer more attractive mortgage rates and loan terms as well as lower closing costs, which can save you thousands in interest expenses over the lifetime of a loan.
Unique Programs, Flexible Requirements
Because they are generally more innovative and flexible, credit unions can often help you move into a new home (or refinance your existing property) faster and easier than other financial institutions. Because credit unions are less likely to sell your loan, an added bonus is that you’ll likely deal with the same company for the entire life of the loan, which can be reassuring and more convenient.
Superior Customer Service
As mentioned earlier, credit unions have a mission of putting their members before profits. As a result, they tend to be invested in the community that they serve and provide better customer service overall to members applying for a mortgage. In-person contact is normally available, and in general, they are more customer-focused than big banks and attuned to their members’ needs.
TNConnect Credit Union is a non-profit, community-focused financial institution serving members in Knox, Blount, and Sevier counties. We are committed to helping our members succeed and grow financially, providing a full range of financial products, from checking, everyday savings, and loans to pet savings and retirement accounts. Connect with us TODAY online, or by calling 865.688.2424. Please also be sure to ‘like’ us on Facebook or follow us on Instagram or Twitter!