One of the most discouraging aspects of purchasing a brand new home is all of the hoops that you have to jump through just to get a home loan. Dealing with a bank, going through agents that don’t even know you, where you are just a number on a piece of paper – it can all be very frustrating. You are being judged and evaluated by a bunch of random information in a file and you never get a chance to meet the people who will decide whether you get to purchase your dream home – or not.
When you work with your local New Bedford credit union, it becomes a completely different story. St Anne Credit Union in New Bedford is run by local representatives to provide services for members who work or live in the Southeastern Massachusetts counties of Bristol and Plymouth. Our employees are your neighbors and they work for the members, not for a huge team of corporate investors and owners. When you decide to get a credit union home loan through your New Bedford CU account, everything changes.
How is a Credit Union Different?
The experience you get at a local New Bedford credit union will be drastically different than what you might get going through a lender at a bank or other type of financial institution. While some things are the same, other things will definitely be different. Credit unions are member-owned and work as a financial co-op. They are also not-for-profit and pass on the earnings of the institution to the members through discounts in fees, higher interest rates for savings and lower interest rates for credit union home loans and car loans.
Even the traditional banking industry acknowledges that there is a clear advantage to working with credit unions through the lobbying that they do against moves to expand lending capabilities. They claim that local credit unions, such as St Anne Credit Union in New Bedford, already have advantages that are unfair in the competitive arena. Because credit unions have lower operating costs than banks and don’t have shareholders to answer to, outside of their local members, they are able to offer low closing costs and low mortgages, which are not typically available through regular banks.
Advantages of Getting a Credit Union Home Loan
In addition to all of the perks afford to members just for having a New Bedford credit union membership and account, there are other clear benefits to working with St Anne for a home loan. In recent years, more and more consumers have figured this out as well, with credit unions boosting their mortgage volume from $55 billion to $96 billion in just three years. When you have a New Bedford CU account and apply for a credit union home loan, you can gain access to the following advantages:
- more personal service from local representatives
faster closings so you can move into your dream home sooner
- no or low fees, plus low mortgage interest rates
better rates on credit union home loan and auto loan opportunities
- higher return rates on Certificates of Deposits and Money Market accounts
- options such as credit union home loans, refinancing, equity line of credit and more
Why Aren’t Credit Union Home Loans More Popular?
You might be thinking to yourself, well if getting a home loan from the local New Bedford credit union is so awesome, why aren’t more people getting them? One reason why other financial institutions are still so popular is because most people don’t understand how a credit union works and what it takes to be a member.
At St Anne Credit Union in New Bedford, you don’t have to work at a specific place or belong to a special club, all you need to do is work or live in Bristol or Plymouth counties. Come by our location on Union Street in New Bedford and speak with one of our friendly customer service representatives. They can help get you set up with a New Bedford CU account and membership, brief you on all of the options available to our members and even provide you with details on credit union home loan and auto loan opportunities for the future.
There are currently over 7,000 credit unions that are chartered within the 50 states and through federal sources. That number is growing to include more location-based community unions, corporate credit unions and industry specific institutions. St Anne Credit Union in New Bedford is the oldest credit union in Southeastern Massachusetts. It launched on August 3, 1911 and currently has over 3,100 members and over $18,000,000 in assets. To find out more about our local New Bedford credit union or to apply for a credit union home loan, give us a call at 508-993-0011. Our team of experienced representatives can help you find the best options and solutions for your unique needs.