b'S P O N S O R P R O F I L ECredit unions offer numerous financial products that help people maximize their income and increase their savings, often with fewer or lower fees than traditional banks. Credit unions are similar to traditional banks in the sense that both institutions offer financial products to customers. Credit union members,in opening a primary savings accountmortgage loan practices and offer tips for like bank customers, have access toor a new checking account, your localborrowers new to buying a home and the checking and savings accounts, CDs,credit union can probably offer the bestprocess that they will navigate through.loan products, and credit cards. Here arefinancial products and packages in town.several reasons why credit unions canAnother great feature of obtaining a be more beneficial than a traditional or4. Less restrictive credit eligibilitymortgage through your local credit union local community bank: requirements. If youve been denied ais how the mortgage will be handled after loan from a corporate bank, considerclosing. Most traditional lenders package 1. Making you a top priority. Unlikeapplying for a loan through a creditloans in which they sell to other investors corporate banks, credit unions areunion. Many credit unions have lessor what is commonly referred to as the working in the best interest of depositors,stringent loan eligibility requirementsSecondary Market. Because of this, loans or members, not stockholders. This is whyand may be willing to work with youhave to adhere to certain standards most can offer much better service andwhen you have a low credit score. Theyin the lending industry. Otherwise, they will go out of their way to make you, thecan also make exceptions for uniquewould not be attractive to investors and member, happy. Theyre less focusedcircumstances, such as being self- the lenders would have trouble selling on turning a profit and more focusedemployed or having a bankruptcy onthem. Credit unions typically keep most on ensuring theyre providing membersyour record. of the mortgages that they write in their high-level service and competitive rates.own portfolios. This means that they do They even have a not-for-profit status so5. Lower interest rates. Credit unionsnot have to worry about what other theyre exempt from many taxes. typically offer lower interest rates on mostinvestors are going to think about the lending products, including mortgages.loans that they write. For the most part, 2. Low or no minimum balanceWhen youre looking to make somethey can write loans according to their requirements. As corporate bankslarger investments, dont forget to shopown standards, and they will not have continue charging high fees for droppingcredit unions for the best rates. Manyto worry about any outside influences. below a minimum balance on savingswill extend the most competitive ratesThis further allows credit unions to offer and checking products, credit unions arefor personal loans, credit cards, andproducts that most banks and brokers doing the oppositelowering balancemortgages. Remember that the creditcannot, giving them a competitive requirements so that maintaining anunion is a not-for-profit organization andadvantage in mortgage lending.account is less stressful. Many only requireisnt going to raise fees just to turn a a minimum balance of $1 to $10 andprofit. Theyre also less likely to add onFrom refinances and purchases to have very few rules or provisions forexcess fees for different loan products. construction loans and home equity keeping your account in good standing. lines of credit, your local credit union A mortgage loan is often the largestshould always be your first stop for your 3. Lower fees on banking products.single financial commitment a personentire mortgage lending needs. ORNL Shop around for a loan or a checkingwill ever make. Obtaining a mortgageFCU is staffed and equipped to handle account and youll find that creditthrough your local credit union can beyour mortgage requests. Together, we unions usually offer lower fees on basicvery rewarding. A credit union will takecan navigate through the mortgage transactions. Whether youre interestedthe time to help borrowers becomeexperience and help you thrive!financially literate about the best 8 ONLY TRUST HBAGK MEMBERS'