Refinancing in New Bedford, MA: Get a Credit Union Home Loan

refinance-home-loanHave you been thinking about refinancing your home loan in Massachusetts? There are a lot of advantages to getting a home loan with your local New Bedford credit union. Many mortgage companies and large banks just can’t compete with the personal service and benefits that you will get at your local credit union. For example, St Anne Credit Union in New Bedford provides services, such as credit union auto loan, home loan, checking and savings, to people who work or live in Bristol and Plymouth counties.

That’s much different than a nationwide banking system or mortgage lender that provides service to millions of customers. No wonder you start feeling as though you are “just a number” with those financial institutions – there’s no way you wouldn’t be with so many customers. Your local credit union can provide you with personalized customer service right here in your own backyard and what’s more you aren’t “just a customer” when you open a New Bedford CU account, you are a member.

Membership Makes a Difference

For many people, the most obvious difference between banks and credit unions is what attracted them the most. Your New Bedford credit union is a non-profit financial institution that serves over 3,100 members and has over $18,000,000.00 in assets. It was established in 1911 and is the oldest credit union in all of Southeastern Massachusetts. So while a credit union might be smaller than a national bank, it still has enough assets, members and opportunities to provide you with all of the options you could ever need.

Other benefits include the ability of credit unions to sometimes offer lower interest rates and have less stringent requirements than other types of financial institutions. When you go to refinance your home with a credit union home loan or purchase a car with a credit union auto loan, it will be very similar to getting a loan with a bank. If you are already a member of St Anne Credit Union, all you need to do is speak with a customer service agent. If you are not a member, it is really easy to become one, as long as you live or work in Bristol or Plymouth counties right here in Southeastern Massachusetts.

What You Need to Know

When you decide to refinance your home loan, you are under absolutely no obligation to continue working with your current mortgage company. Some financial institutions might try to tell you that, but the truth is that you can bring your mortgage to any lender you choose as long as the lender is licensed to do business in Massachusetts. When you speak with a representative at your New Bedford credit union, make sure to ask about current rates for a credit union home loan, as well as any closing costs and settlement fees. Fill out the refinancing forms that the credit union requires and be prepared to submit the necessary documents, such as recent paycheck stubs, income tax returns and other financial documents.

If you have a New Bedford CU account, the process can go a lot smoother than at an impersonal bank, however you need to know that the credit union will still need to run your credit and schedule an appraisal of your home. This is important to ensure that your home has enough value to more than cover the amount of the loan with some equity leftover. A good credit score is important to every lender, so if you have a good history of paying all of your bills on time and do not have a lot of credit card debt, you should have a strong credit rating. If you have missed a couple of car payments or pay your credit card bill late on a regular basis, you might have a lower score.

While each financial institution is different, most lenders will provide their lowest interest rates as a reward for borrowers who have credit ratings of 740 or above on the FICO credit scale. Higher interest rates may still be offered to borrowers who have a score that is less than 700 on the FICO credit scale. Speak with your New Bedford credit union representative to find out more about lending options and opportunities.

St Anne Credit Union in New Bedford, Massachusetts

If you live or work in Bristol or Plymouth counties in Southeastern Massachusetts and are looking to join a local credit union, look no further than St Anne. With over a century of experience providing service to the local residents, our team can help you get the credit union home loan, checking and savings, investment opportunities, credit union auto loan or other type of New Bedford CU account that you have been looking for to improve your financial situation. You can come visit us in person or contact us by calling 508-993-0011. Our team will be happy to answer any questions that you might have about becoming a member of our New Bedford credit union.