Mortgage Advice: Credit Union vs Bank? Any Advice? (loans, house)
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Looking to buy a house soon but would like to start doing my research. I read a lot about credit unions and how they offer lower fees etc, is that true? Any experiences you guys can share with either?
Most of the times those loans are only open to members of the credit union. Since legally they are non-profits not everyone can join a credit union you will have to be affiliated with some group that does business with this type o financial institutions. i.e. Delta Airlines credit Union is only open for employees who are active, past and family. They do at times have better rates and are member owned.
Easier said than done. I don't want to get hard credit pulls in going to multiple places. There is a credit union affiliated with the university I work in and there are many credit unions in NJ that allow you membership for basically either living, working, doing business, etc in the county.
I'm a big fan of my credit union. Easy, cheaper checking and loans (auto, home) have generally been quick, painless, and with good rates/fees. I have subsequently refi'd out for a better deal, but thay will always be my first stop in shopping for a loan.
I love my credit union, too. I'll never go back to the corrupt BIG banks. Lower fees and great customer service, too. I have belonged to both North Jersey Federal Credit Union and Affinity Federal Credit Union over the past years....both are very good.
I love my credit union, too. I'll never go back to the corrupt BIG banks. Lower fees and great customer service, too. I have belonged to both North Jersey Federal Credit Union and Affinity Federal Credit Union over the past years....both are very good.
Aside from the big banks, anyone you get a mortgage from is likely going to sell the servicing to a big bank anyway. So you might as well go for the cheapest. I found that you could get better deals on the net than you could from a bank or a credit union.
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