You may think that getting a mortgage from a credit union is only an option if you live in a small town. The truth is, credit unions operate in almost every city and town, including the Big Apple.
Credit unions operate on the principle of “self-help, self-responsibility, and accountability” among their members rather than focusing on profits like other financial institutions.
This makes them the best mortgage lenders New York and allows you to get many benefits when you get your mortgage from a credit union instead of another type of lender. As a result, many prospective buyers are turning to credit unions for their mortgage needs.
Here is why you should consider doing the same!
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Credit Unions Provide Lower Rates and Fees
Most credit unions offer below-market interest rates to their members. So, whether you’re applying for a mortgage or looking for another type of loan, a lower interest rate can save you thousands of dollars over your lifetime because you pay less in interest.
You may qualify for an even lower rate if you are a member of an organization like the military or an alumni group. Some credit unions offer fixed rates, so you know exactly what your payment will be each month. Credit unions also often have lower fees than other types of lenders.
You Get an Ally To Help You Become a Homeowner
Credit unions can make getting a mortgage even easier because they often have a smaller staff and don’t rely on a huge office in another state.
The smaller size of credit unions also means you’ll have a better relationship with the people working with you, such as your loan officer. They can guide you through the process of getting a mortgage by helping you find the right loan for your budget, credit situation, and other factors.
Credit Unions Offer Flexible Options for Financing
Because credit unions are not profit-centered, they are often willing to work with people who have less-than-perfect credit. Credit unions have special programs for self-employed people, people with a history of medical debt, and more. Credit unions also frequently offer escrow options for people who are worried about paying their property taxes. These flexible options can help you become a homeowner even if you may otherwise be turned away by other lenders.
No Hidden Fees or Surprises
You may think that you’ll be charged an application fee or a processing fee for your mortgage, but those fees are not often charged by a credit union. In addition, you’ll be given a full breakdown of your loan terms and conditions before you sign any mortgage papers. This means you have time to review the documents and ensure everything is correct before you sign on the dotted line.
There Is No Pre-disclosure Requirement
If you get a mortgage from a bank or another type of lender, you’ll likely be required to disclose any issues with your credit. This could mean a credit card debt that went into collections or late payments on your car loan.
A credit union will not require you to disclose these types of issues. This means you can get the help you need to become a homeowner without having to worry about certain issues coming back to haunt you.
Final Words: Should You Get a Mortgage From a Credit Union?
In today’s housing market, it can be challenging for potential homebuyers to secure financing on a new or existing home. But as you can see, a credit union is a great option if you’re looking to get a mortgage.
They offer lower interest rates, flexible payment options, and often do not require a pre-disclosure. In addition, credit unions can be a great option if you have a less-than-perfect credit score. These benefits make credit unions the best mortgage lenders in New York.
