In the cutthroat mortgage-lending environment in the Beehive State, another type of financial facility is giving banks a run for their money: credit union. Clearly, Utahns are beginning to open their eyes and think smart when it comes to choosing where to borrow money for a home loan.
If you’re still one of the many that have yet to convert and only see credit unions as an alternative, do yourself a favor and discover why they’re better than banks in every department:
Keen to Help You Save
Whether you plan to purchase a new property or refinance a mortgage in Ogden, Salt Lake City, or Provo, a credit union is a place to go to truly find the most favorable rates and lowest fees in the land, Wasatch Peaks Credit Union reminds. Many banks and other unconventional lenders don’t advertise their best interest they could go, but that never happens in non-profit institutions.
Credit unions aren’t out there to milk customers; instead, they’re in the business to assist homebuyers to buy their dream houses at the least possible cost.
Willing to Take a Risk with You
Because banks are for-profit institutions, it’s safe to say that they’re under more pressure to only originate mortgages with less risk. This is why you should never expect to access the lowest rates if your credit score is below the acceptable mark, or at least be subjected to a larger down payment requirement.
A credit union operates the opposite. It’s the ideal venue to apply for a mortgage, especially if you own a less than desirable profile. These institutions tend to offer special programs for first-timers and financially troubled borrowers.
Eager to Make You Financially Savvier
A typical credit union would do everything to turn you into an informed homebuyer. Not only does it make you a less risky borrower, but also financial literacy is the key to helping its members build their wealth properly.
It’s a big no-no not to consider credit unions when you shop for a mortgage. More than adding them to your radar, they should be your first priority.