When looking for a mortgage you can go to a number of different types of lenders (the places that lend you the money to buy your home): banks, mortgage brokers, or credit unions are the most typical lenders.
What’s a credit union? The research continues to show that many people – particularly those under the age of 40 – do not know the difference between a credit union and a bank. There are several overall differences that I won’t go into a whole lot of detail on here in this post, but if you’re not sure, I recommend this link. This short video explains the big differences very clearly – and comically!
What I’d like to talk about here is the credit union difference, as it applies to mortgages or home lending. Some of the unique characteristics of a credit union are that we are local and owned by our members (as customers are called in the credit union world). In addition to offering competitive rates, our structure makes us particularly strong in providing excellent service. When you are shopping for a mortgage, working with a lender that’s knowledgeable, accessible, and “hands on” is incredibly important, especially if you are a first-time home buyer.
Another distinct feature of many credit unions in Maine is our product offering. I mentioned the “CU Promise” program in a previous post with respect to the flexible down payment options. However, there are other great features to this product, such as guaranteed same-day decision making, guaranteed local servicing, and guaranteed on-time closing. And believe me, based on my years’ of experience in this business, you’ll be especially glad for the on-time closing feature!
As you think about where you want to get your mortgage, think about the features that are most important to you in a lender then research various institutions. It is likely you will find that credit unions offer the characteristics that you value.
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