Nonprofit Model = More Savings for Members
Unlike banks, credit unions are nonprofit. Because of this, credit unions put the money they make back into their institution to be able to best serve their members—one way they do this is by offering the best mortgage rates. From lower loan rates to lower fees, when you get a mortgage loan through a credit union, you’ll enjoy more savings.
Qualification Requirements are < at Credit Unions
Well, they may not be less, but they certainly are more flexible when compared to banks. For instance, when you apply for a mortgage loan at a credit union, the credit score and down payment requirements are typically lower than at big banks. Additionally, credit union members may also be able to enjoy a higher debt-to-income ratio requirement, making it easier for them to be able to be approved for a larger loan.
Customer Relationships are > Than Selling Loans to Others
Mortgage loans are often sold by banks to different lenders to make more profits, but because the main goal of credit unions is to best serve its members, they’re much less likely to do this. What this means for members is increased convenience and decreased confusion about where to send monthly payments to, avoiding potential late fees or even escrow issues.
Whether you want to apply to become a member of BHCU so you can enjoy our many loan benefits or you’re currently a member and want to apply for a loan today, we’re here to help! Visit us in person or online, or call us at 610-595-2929 today.