Home Lending

Credit Union Home LendingCredit unions are a great option for home lending. You’re likely to see lower fees and rates at credit unions because they pass on the savings to their members. This is different from banks, whose sole purpose usually involves generating revenue for investors. A credit union’s ‘stockholders,’ per se, are the members, the customers.

Local Loan Service & Underwriting
There’s a greater chance that you’ll know your loan servicer when you finance with a credit union. With bank mortgages, it’s common for the company that collects your mortgage payments to change several times over the life of your loan. That’s usually not the case with credit union mortgages. If you get a loan at a credit union, you’re more likely to know who’s going to service your loan. It’s probably going to be the originating credit union. Sticking with the same loan servicer can save you from late fees that could arise due to confusion over where to send your payments.

Better Flexibility For A Variety Of Credit Scores
Credit unions appeal to borrowers with less-than-stellar credit. Potential homebuyers who don’t have a traditional profile, such as an excellent credit history, can benefit from getting a credit union mortgage. Credit unions are more likely to make lower- and middle-income loans than other originators. Credit union also typically offer special programs that appeal to 1st-time buyers.

Whether you’re building or buying a small or large home, Y-12 Federal Credit Union has home lending options to fit your needs! It doesn’t just stop at financing, though. Our Home Lending Advisors are on stand-by to help you every step of the way and a convenient online portal is available to help you manage your loan. Click here to learn more about our home lending tools!