Securing a good rate for your mortgage loans in Walla Walla is a good move on your part. One way get a good rate and save on costs is to consider applying for one at a credit union. Here are a few things you should know about credit unions to see why these might make for a better choice than banks:
What are credit unions?
These are community savings and loans providers, says the MoneySavingExpert. As non-profit financial organizations, these are founded for the common benefit of members of the community.
What’s the difference between credit unions and banks?
Banks provide dividends to third-party shareholders. By offering stock options, banks need to make money in order to pay these off. Credit unions, on the other hand, don’t have that. They don’t have stock offers or stock holders. This allows them to provide loan and banking services at a much, much lower cost. If you want to find good rates for mortgage loans in Walla Walla, then learn to look beyond banks. Consider the options you can go for with credit unions.
What kind of products are available?
These days, plenty of credit unions offer savings as well as loan products. Some even provide current accounts as well as mortgages like Hapo. You’ll want to thoroughly check the range of products and services offered by a credit union before you pick one.
Do you need a good credit score?
While that’s something banks often insist on, credit unions can be much more flexible. Some offer loans regardless of your credit score so there’s less worry that your application will end up getting tossed and dismissed out of hand. If you badly need that loan, give credit unions a try.
Where to find one?
Look for one in your area. Ask friends, family, neighbors and colleagues for tips and advice.