Whether you’re a first-time home buyer or a veteran, the mortgage process can be confusing and sometimes complicated. First, you need to decide where you want to procure your mortgage — a decision that will completely shape your home buying process. It’s certainly a good idea to look around for the right mortgage lender, keeping all factors in consideration, financial and otherwise. However, more and more prospective home buyers are choosing credit unions for their mortgages, for a number of reasons. Most importantly, credit unions are not-for-profit financial institutions and members are also part-owners, and with their membership comes lower rates and a more personalized one-on-one experience.
Here are a few reasons why you should consider a credit union for your mortgage if you plan to buy a home:
- Saving money with lower rates. Because credit unions are not-for-profit by design, members benefit from fewer fees and lower rates on loans and accounts. Your mortgage loan at a credit union will have a lower interest rate than a mortgage from a big bank, and the savings will add up over the life of your loan. Polam’s mortgage loans feature competitive rates and low closing costs, so you can live comfortably without dealing with excessive fees or overblown interest.
- Finding the best mortgage for your budget. Credit unions aren’t out to make money off of their members — we want to work with you to get you the best mortgage loan for your long-term budget and overall price range. Our loan specialists understand that every prospective home buyer has a different lifestyle and different financial situation, and our goal is to get our members into their dream home with as few additional costs as possible.
- A more personalized home buying experience. If you choose a bank for your mortgage, you’re likely not getting the best deal — and not just in a financial manner. Banks are generally motivated by profit, which means you’re less likely to get the personalized experience that you would get at a credit union, where you’re a member and part-owner. Buying a home is a big deal — you want your money and the security of your big purchase to be in the right hands, with a team that focuses on a personalized member experience instead of a profit-motivated one.
Polam’s mortgage specialists are always happy to help prospective homeowners in our community. If you’re interested in a member-focused home buying experience, visit one of our branches and we’ll walk you through our mortgage process. Happy home hunting!