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Credit Union Mortgages
If you are stick and tired of paying high rates
for your mortgage, then maybe it is high time that you think about
getting a credit union mortgage instead. Credit unions offer lower
prices and rates on their mortgages and can give you much better
deals on all of the credit based purchases that you make, making
them a valuable tool for anyone who is looking to purchase a big
ticket, high end item like a house, a car, or a recreational vehicle
of some sort.
However, before you dash over to your nearest credit union in hopes
of getting a low rate on your next mortgage payment, there are a few
things that you need to know first. The first, and most important,
aspect of getting a low rate credit union mortgage is that you have
to belong to a credit union first. Not so tough, right? Well, unlike
a commercial bank that only requires a quick background check, a
credit union requires that you meet their criteria - often placing
you into a category of some sort. This is because credit unions are
cooperatives of people who all share one common trait. Maybe they
live in the same zip code, maybe they went to the same college, but
you need to determine the defining criteria of a credit union before
you can join.
So why are mortgage rates so low for a credit union? This is
because, unlike regular banks, credit unions are non profit
cooperatives, meaning that they could care less about making
millions on your money. Nearly all of the profits made from a
mortgage loan go right back into the hands of the credit union
customers in the form of interest. Therefore, because a credit union
has no desire to make major amounts of money, a credit union
mortgage is almost always lower than a commercial bank mortgage.
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