Credit union vs. bank mortgage: Which is better?

by Jamie Johnson, Newsweek

A common piece of advice given to first-time homebuyers is to shop around before settling on a mortgage lender. One way to find the best rates and terms on your mortgage is by receiving quotes from different types of lenders.

For example, you might compare quotes from both credit unions and banks. Credit unions offer low rates and friendly customer service, while banks usually have the latest technology and the most home loan options. Understanding how credit union and bank mortgages work will help you determine which is the best option for your situation

Vault’s viewpoint

  • Credit union mortgages come with low rates and fees and are easier to qualify for.
  • Bank mortgages don’t have any membership requirements and utilize the latest technology.
  • The right option for you will depend on your financial situation and preferences.

 

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