What are the benefits of getting a mortgage from a credit union?

Credit unions are member-owned, non-profit institutions that often offer competitive interest rates, lower fees, more personalized service, and flexible lending criteria. They may be more willing to work with members who have unique financial situations and often keep loans in-house rather than selling them.

Do I need to be a member to get a mortgage from a credit union?

Yes, you must be a member of a credit union to obtain a mortgage from them. Membership requirements vary but often include living in a certain area, working for specific employers, or belonging to particular organizations. Some credit unions have open membership policies that are easy to meet.

How do credit union mortgage rates compare to banks?

Credit unions often offer competitive or better mortgage rates compared to traditional banks because they're non-profit institutions that return earnings to members. However, rates can vary, so it's important to compare offers. Credit unions may also offer lower closing costs and fees.

What types of mortgage loans do credit unions offer?

Most credit unions offer conventional mortgages, FHA loans, VA loans (if they're approved VA lenders), USDA loans, and sometimes specialized programs for first-time homebuyers or low-income borrowers. Some also offer portfolio loans that they keep in-house with more flexible terms.

How is the service different at a credit union versus a bank?

Credit unions typically offer more personalized service with local decision-making. You're likely to work with the same person throughout your loan process, and they may be more flexible with unique situations. However, they might have fewer branch locations and less advanced online technology compared to large banks.

Are credit union mortgages FDIC insured?

Credit union deposits are insured by the NCUA (National Credit Union Administration) up to $250,000 per depositor, similar to FDIC insurance for banks. This federal insurance protects your deposits but doesn't directly affect mortgage lending - it's more relevant for savings and checking accounts.

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Workmens Circle Credit Union

Credit Union NMLS #712372

527 Stephenson Ave STE 2, Savannah, GA, 31405

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