When it comes to getting a mortgage, it seems like you can get it anywhere. From mortgage brokers and online mortgage sources, there appears to be a lot of options. However, have you considered getting a mortgage through a credit union or local bank?
Choosing the right mortgage is vital because you will be paying for it for a long time. You better make sure it’s something that you can pay for comfortably.
Yes, these are other mortgage options as well, and there are a lot of benefits to this. What are they?
Gain Access to Other Financial Services
With a credit union or local bank, you gain access to various services; therefore, you don’t need to worry about speaking to numerous vendors to address every individual need that you have. Additionally, it’s a lot easier to get other financial services through an institution you already have a relationship with.
Gain Access to Home Equity Loan/Home Equity Line of Credit
At some point when buying a home, you might decide to get a HELOC as part of the down payment. This is no surprise because this is a common strategy buyers make to avoid private mortgage insurance. With that, banks and credit unions are natural sources of HELOCs.
If you already have a relationship with one, it will be easier to get it. A lot of credit unions provide home equity loans. However, even after you’ve been in your house for some time, you may need secondary financing for other purposes like home renovation. Whatever the reason is, you can get secondary financing so much easier if you have a solid relationship with an institution.
Have Peace of Mind That Your Loan Won’t Be Sold
As much as possible, credit unions don’t sell mortgages because they own in-house financing to generate ongoing interest income. Instead of selling the loan for a one-time fee, their approach allows them to generate ongoing interest income instead.
Have Personal Contact With the Institution
Should you encounter any problems with your mortgage, rest assured that you can have face-to-face contact with the credit union. There are a lot of opportunities for something to go wrong along the way. Even though lenders would fix the problems by phone or email, the best solution is to discuss them in person.
With that, you can guarantee that a credit union will give you the privilege to discuss with them in person any of your concerns. Unlike online mortgage lenders, they are 100% web-based, which makes face-to-face contact impossible.
Get Your Mortgage Today
When shopping for a mortgage, it’s easy to get swayed by attractive rates you see from hired-party sources. As mentioned, there are many options you can choose from. Still, it’s worth checking with your credit union bank and seeing their rates. As discussed in this post, you can get some of the benefits if you get a mortgage from a credit union. These benefits may be worthier compared to slightly lower interest rates. Therefore, it’s crucial you weigh your options.
For a reputable Buffalo credit union, Good Neighbors Credit union is here. We deliver a range of products, services, and tools that empowers members to manage their finances. Contact us today.