Become a credit union member

Apr 18 2010 All of us are on the lookout for better mortgage rates and would like to avail of the benefits of low rates especially when the credit score is not the best and we would have difficulty finding lenders.
In this regard, one good option to consider is the credit union option as here you can get lower interest rates and they are far more flexible than other lenders in deciding whom they wish to lend to. So borrowers with not too great a credit score will find them ideal to take home loans which they can use to either buy a new house or to refinance any existing high interest rate home loan.
The reason credit unions can do this is due to the fact that they are not in the business to make hefty profits and since they are owned by members, the attempt is to offer the members the best deal possible. Decision making is also quicker as there is less protocol and no rigid hierarchy to slow down decision making.

They are also able to reflect a much healthier balance sheet as compared to the commercial mortgage lenders. This is because they were prudent and did not get into subprime lending to the extent the commercial lenders did and that saved them.

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