Credit unions operate much like banks, but they are nonprofit organizations. They also offer mortgages, and supporters of these institutions say that because credit unions are nonprofit, they can often offer loans at lower fees and with lower mortgage rates.
Subsequently, are credit unions easier to get loans from?
Credit unions typically offer lower fees, higher savings rates, and a more hands-and personalized approach to customer service to their members. In addition, credit unions may offer lower interest rates on loans. And, it may be easier to obtain a loan with a credit union than a larger impersonal bank.
Also, do credit unions give better mortgage rates?
Lower Mortgage Rates
While costs will always vary between institutions, when it comes to mortgage loan rates, credit unions often have much better rates. Credit unions are able to offer low mortgage rates, much lower than banks, because they borrow against themselves, being responsible to their own depositors vs.
What credit score do you need to buy a house through a credit union?
FICO scores range from 300 to 850. And, if you’re interested in the best interest rate possible, you’ll need a credit score of approximately 740 or higher.