Credit Unions vs. Private Mortgage Bankers
Why your next mortgage should come from a Mortgage Banker, and not a Credit Union.
Recently an article came out stating that buyers are turning to Credit Unions for mortgages. Credit Unions are great for everyday banking. They typically have lower banking fees than traditional banks, you as an account holder are a shareholder, and it's a not-for-profit structure so any profits gained are returned back to you in the form of different services, and reduced fees. The downfall of using a Credit Union for a mortgage is that you are forced to use one of only a handful of loan programs they offer.
Credit Unions typically don't have access to all loan programs that the State of Colorado currently offers such as renovation lending programs (FHA 203K, Homestyle Renovation), or Down Payment Assistance programs like CHFA, CHAC, NHF Platinum etc.
Another downfall of using Credit Unions for your home loan is that they are usually much more strict when it comes to credit score requirements and down payment amounts. They can also be very particular about property types--like condos, or townhomes.
Lastly, the service they provide may be quite exceptional Monday-Friday, 9am-5pm but what if you have questions after hours? What if you need a pre-qualification letter at 5pm on a Sunday? In today's market, as competitive as it is with such low inventory proving your ability to purchase when you make an offer is almost as important as the offer itself! Great Mortgage Bankers make themselves available at all times to provide you with everything you need to make the homebuying process go as smoothly as possible.
Still have questions? Please feel free to contact Popish Mortgage at your convenience. You can call the number at the top of the page or fill out this form and we will be in touch as soon as possible.