b'S P O N S O R P R O F I L EWhy You Should Choose A Credit Union for Your NextHome LoanCredit unionsoffer numerous financial products that help people maximize their income andincrease 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 productsin opening a primary savings accountmortgage loan practices and offer tips for to customers. Credit union members,or a new checking account, your localborrowers new to buying a home and the like bank customers, have access tocredit union can probably offer the bestprocess that they will navigate through.checking and savings accounts, CDs,financial products and packages in town. loan products, and credit cards. Here areAnother great feature of obtaining a several reasons why credit unions can be4. Less restrictive credit eligibilitymortgage through your local credit more beneficial than a traditional or localrequirements. If youve been denied aunion is how the mortgage will be community bank: loan from a corporate bank, considerhandled after closing. Most traditional applying for a loan through a creditlenders package loans in which they1. Making you a top priority. Unlikeunion. Many credit unions have lesssell to other investors, or what is corporate banks, credit unions arestringent loan eligibility requirementscommonly referred to as the Secondary working in the best interest of depositors,and may be willing to work with youMarket. Because of this, loans have or members, not stockholders. This is whywhen you have a low credit score. Theyto adhere to certain standards in the most can offer much better service andcan also make exceptions for uniquelending industry. Otherwise, they would will go out of their way to make you, thecircumstances, such as being self- not be attractive to investors and the member, happy. Theyre less focusedemployed or having a bankruptcy onlenders would have trouble selling them. on turning a profit and more focusedyour record. Credit unions typically keep most of on ensuring theyre providing membersthe mortgages that they write in their high-level service and competitive rates.5. Lower interest rates. Credit unionsown portfolios. This means that they do They even have a not-for-profit status sotypically offer lower interest rates on mostnot have to worry about what other theyre exempt from many taxes. lending products, including mortgages.investors are going to think about the When youre looking to make someloans that they write. For the most part, 2. Low or no minimum balancelarger investments, dont forget to shopthey can write loans according to their requirements. As corporate bankscredit unions for the best rates. Manyown standards, and they will not have continue charging high fees for droppingwill extend the most competitive ratesto worry about any outside influences. below a minimum balance on savingsfor personal loans, credit cards, andThis further allows credit unions to offer and checking products, credit unions aremortgages. Remember that the creditproducts that most banks and brokers doing the oppositelowering balanceunion is a not-for-profit organization andcannot, giving them a competitive requirements so that maintaining anisnt going to raise fees just to turn a profit.advantage in mortgage lending.account is less stressful. Many onlyTheyre also less likely to add on excess require a minimum balance of $1 to $10fees for different loan products. From refinances and purchases, to and have very few rules or provisions forconstruction loans and home equity keeping your account in good standing.A mortgage loan is often the largestlines of credit, your local credit union single financial commitment a personshould always be your first stop for your 3. Lower fees on banking products.will ever make. Obtaining a mortgageentire mortgage lending needs. ORNL Shop around for a loan or a checkingthrough your local credit union can beFCU is staffed and equipped to handle account and youll find that creditvery rewarding. A credit union will takeyour mortgage requests. Together, we unions usually offer lower fees on basicthe time to help borrowers becomecan navigate through the mortgage transactions. Whether youre interestedfinancially literate about the bestexperience and help you thrive!8 ONLY TRUST HBAGK MEMBERS'