William Raveis Real Estate
John Spanos, William Raveis Real EstatePhone: (914) 843-0777
Email: [email protected]

Financing Your Mortgage through a Credit Union

by John Spanos 07/11/2021

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Buying a home is an exciting time. As you start to comb through listings and decide you’re ready to take the plunge to purchase, you’ll want to pursue getting pre-approved for a mortgage. This way, you'll know how much you're approved for and can shop for homes within your price range. Additionally, having a pre-approval boosts your chances of having your offer accepted once you’ve found a house you want to buy. If you aren't already pre-approved, this delays your ability to put in a bid, which means someone else may be the one moving into your dream home.

To get yourself qualified for a mortgage, it’s a good idea to shop around for rates. Many people find they do best with a credit union, however, there are some drawbacks you might want to consider before making your decision of the type of lender you want to work with.

Credit Unions Require a Membership

Unlike traditional banks, credit unions aren’t open to everyone to use. To apply for a mortgage through a credit union, you’ll have to join as a member. The drawback is not just anyone can join. To qualify for membership, you’ll have to be affiliated with a specified organization or meet other designated criteria set by the credit union’s guidelines.

Many people find they are successfully able to locate a credit union they are eligible to join, but it’s not a given. To check to see if you meet the criteria for membership to a credit union near you, check MyCreditunion.gov.

Fewer Branch Networks

Credit unions are community-based non-credit entities. As a result, most of them are geographically concentrated and operate with fewer branches than traditional banks. This means your options may be extremely limited if you want in-person service.

Having a physical branch to visit when you want to resolve problems is a convenience many people often want when working with a financial institution. Consider how important this access to your lender would be to you. If you’re comfortable with strictly phone contact or online options (which might also be limited, depending on the size of the credit union), in-person access may not be an issue for you.

Limited Financing Options

Larger commercial banks typically have a broad range of financing options. While you might find a good rate at a credit union, you’ll typically find far fewer product offerings than you would at a larger bank.

Depending on your individual credit and financial standing, a credit union may not be able to offer you the best interest rates on a mortgage. Additionally, since they are smaller entities, they don’t always have nearly as much cash on hand as traditional banks, which means they might be limited in the number of mortgages they can approve at a given time.

When shopping for lenders to pre-approve you for a mortgage, you have many options between traditional banks, credit unions, mortgage banks and mortgage brokers. If you diligently do your homework, it’ll empower you to find a lender that can meet your financing needs.

About the Author
Author

John Spanos

As a successful 'Broker', I firmly believe my role as a agent is to facilitate all transactions through very thorough research and collaboration with my clients direct input.

The single best launch point with conducting a effective listing or sales transactions is by providing a comprehensive almost micro report into the area's of client locations or interests. Then we will discuss my 'clients' expectations, resources, and goals. So that we stay completely on track to search and identify the best opportunities available for the client.

Fortunately, I have a wealth of knowledge, in both the various Westchester markets. But have exceptional resources and certifications for researching all the hidden markets locally and county wide for the best values to fit the clients needs and requirements.

I am certified with all 4 certificates as a 'Appraiser' to run individual bank and retail analysis. Including but not limited to 'Comparative Market Analysis'. As well as being included in the Top 8% of Listing Sales Brokers in Westchester.

As a Web Based Software Professional, I am certified in the upper echelons of Internet  Applications, from various Social / Professional and Active Media for searching, identifying, and capturing the highest most qualified buyers and sellers for you property.

I am looking forward to working with you.

Please feel free to contact with any questions or special interests.