Mortgage through credit union

Sep 11, 2018 8 Comments

Has anyone tried taking a mortgage through credit union? People take auto loans from them but mortgage only through big banks. Any specific reason?

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TOP 8 Comments
  • New DuQvV7x
    The premise of the question is not based on factual data.

    Many people take mortgages from credit unions. Since CUs are a proportionally small part of depository institutions, their footprint in total is understandably small
    Sep 11, 2018 0
  • Sirius XM FceRI6r
    I’ve found going to big banks for mortgages to be slow and at worse rates than finding a local small bank or broker that can close fast and offer more competitive rates. I’ve never tried a CU but you may wish to explore the small bank/broker route. Your loan will probably be sold within the first month of home ownership but I don’t really care about that since the new holder can’t change the terms of the loan.
    Sep 11, 2018 0
  • New / Finance aardy
    They tend to be slow is the biggest issue. Time is money. Being that two equivelant things can be interchanged, how much will you overpay on sticker price of home to use a CU? $20k? $75k? Will you even realize you just did this?
    Sep 11, 2018 3
    • OP
      Then how about closing through a big bank and refinance through them?
      Sep 11, 2018
    • Salesforce 12’’
      Refinancing is expensive. It’s pretty much like taking nee mortgage with almost same amount of taxes and fees. There some cases when it’s worth it but more often than not, bank is the only winner
      Sep 11, 2018
    • Microsoft SOkn03
      How slow is slow? I got my mortgage through my credit union and was told they can close in 3 weeks. I was pretty much approved all ready to go in two weeks and was just waiting for the closing date which was another two weeks.
      Sep 11, 2018
  • VMware Slickwilly
    So developers tend to have incentive deals with big banks rather than small. In my recent purchase I used Wells Fargo for the incentive. But I don’t like them and probably will refinance to a credit union later if it makes financial sense
    Sep 11, 2018 0
  • Microsoft sSMb52
    I find the rates are first tech competitive, but the fees are high
    Sep 11, 2018 0

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