Mortgage through a credit union or a bank?

  1. American_Choices profile image78
    American_Choicesposted 5 years ago

    Mortgage through a credit union or a bank?

    What are the pros and cons? Have you considered or shopped a mortgage at your local credit union? Are you a member of a credit union yet choose a bank for your home mortgage? Why or why not?

  2. EuroCafeAuLait profile image85
    EuroCafeAuLaitposted 5 years ago

    I am honestly not sure, having not applied for a loan in so long.  It would depend upon the interest rates and the terms.  Generally speaking the credit union sounds like a friendlier place to get approved.  When I was shopping for car loans, it was darn near next to impossible to beat the credit union's rates.  But there are many good bank loans out there.  I would steer clear of adjustable rates and life insurance policies, however.

  3. LoisRyan13903 profile image82
    LoisRyan13903posted 4 years ago

    From experience with personal loans-not mortgages though-it seems to be easier to get a loan through a credit union compared to a bank.  The one I used to have does look at the credit score and while they may be a little more flexible than a bank, they still will turn down applications if the score is too low.