Home Loans: Where Should You Get Funded?

Banks vs. Credit Unions: Which is Better for Home Loans?

If you're looking for a home loan, chances are you may have thought of going to your local bank. This is probably common practice for most of us. However, there are alternative organizations like credit unions that offer home loans. 

Here are some of the reasons why credit unions fare better than banks:

Lower loan interest rates

Unlike with banks that are for-profit institutions, credit unions operate as not-for-profit; hence, they may be more flexible to give you a lower interest rate.

Lower fees

In relation to their not-for-profit structure, credit unions are able to charge lower-than-standard fees and penalties compared to banks.

Customer-focused banking

Since credit unions are made up of local residents in their respective communities, they usually know their clients—or members in this case—which can translate to faster and friendlier customer service.

For home loans with low interest rates, contact us at 954-745-2400.