New Bedford Homeowners: Why Credit Unions Are the Best Choice for Home Loans

Have you been thinking about getting a home equity loan or taking out a home line of credit? Are you looking to do some home improvement projects and would like to see how much you could borrow to get the job done? Do you live in Bristol or Plymouth counties in Massachusetts and have good credit? If you answered yes to any of the questions above, you should consider using a credit union for home equity loans or for a home line of credit.

The Advantages of Using a New Bedford Credit Union
A credit union is a not-for-profit financial institution that provides savings and loan opportunities to members within a specific community or work environment. St. Anne Credit Union in New Bedford, MA has been in business since 1911 and provides member services to over 3,100 residents living and working within Plymouth and Bristol counties. There are many advantages to choosing to work with a credit union for home equity loans rather than using a nationwide bank or other lending service.

One of the most obvious advantages is the savings that are available on the fees and interest rates charged to New Bedford homeowners in a line of credit or home equity loan. In some cases you can save as much as an entire percentage point compared to the traditional, national banking interest rate, which can really add up over the length of the loan.

When you join a credit union you become a member. Members that apply to a credit union for home equity loans receive much more personalized service than even long-term nationwide banking customers. While you will still need to fill out all of the paperwork and go through the approval process, your New Bedford credit union is much more likely to go to bat on your behalf and help you to get the best rates and terms available.

Questions to Ask Yourself Before Taking a Loan
A line of credit or home equity loan is an additional expense that will mean monthly payments over a period of months or years. There are some important financial questions that you must ask yourself before you take out a loan:

  • Will you be able to pay back the loan according to the terms set by your New Bedford credit union?
  • Will the loan be used for repairs or remodeling expenses that will increase the value of your home or improve the future of your family?
  • Will taking out this loan put you and your family in a better financial position for the big picture?

Questions to Ask Your Credit Union Before Taking a Loan
Once you decide that the home equity loan or line of credit you are considering will be within your means to repay and that it will be advantageous to your family or financial future, its time to speak with your New Bedford credit union to find out what to expect from the process:

  • What kind of credit, income and equity will I need to have in order to qualify for a credit union home equity loan or line of credit?
  • What type of fees are required in order to apply for and finalize a loan for New Bedford homeowners on a line of credit or home equity loan?
  • What can I expect from the application and approval process?

How to Join a New Bedford Credit Union
As previously mentioned, St. Anne Credit Union in New Bedford has been serving the local community since 1911. It is the oldest credit union in all of Southeastern Massachusetts. With over 3,100 members and approximately $18,000,000 in assets, St. Anne Credit Union has a lot to offer new members who are seeking a home equity loan or line of credit.

Membership at a credit union is quite simple. Just meet the criteria for membership, which in this case is that you must work or live in Bristol County or Plymouth County Massachusetts. To join, you are required to take out a $25 minimum Main Share savings account.

Once you have established your membership through a Main Share account, you can apply for any of the other savings, checking, investment or loan programs available. Savings include the Main Share savings and Christmas Club account. The NOW Checking account does not require a minimum amount to open and a starter kit is available to members on the day the account is opened. Investment opportunities include CDs, money market accounts, IRA retirement savings plans and more. Loans can include home equity or line of credit loans for New Bedford homeowners, as well as new and used auto loans and 5-30 year mortgage loans.

Speak with your New Bedford credit union representative for more details about all of the programs and possibilities available through St. Anne Credit Union. Located conveniently on Union Street in historic New Bedford, customers can either stop by and speak with a representative face-to-face or call 508-993-0011 during business hours.