Whether your plans are to purchase a brand new home or if you are looking to refinance an existing credit union home loan, you should check with St Anne Credit Union in New Bedford before you go anywhere else. You can get interest rates savings, low fees and other benefits just by going to your local credit union for home loans, refinancing and even a home equity line of credit. Buying a home and getting a home loan is a big decision, so it’s very important to make sure that you get your loan through a local lender that you can trust to give you the best deal available.
How Do Credit Union Home Loans Work?
If you know anything about home loans and home equity line of credit loans, then you pretty much know how a credit union home loan will work. You must be a member of St Anne Credit Union in New Bedford in order to reap the benefits of membership, such as interest rates savings, credit union checking account options and other ways to save money. Unlike other credit unions, which are designed for use by employees of a specific organization or industry, St Anne Credit Union is open to people who work or live in Bristol and Plymouth counties in Southeastern Massachusetts.
It is important to be prepared for everything that you will need to do in order to get a credit union home loan. Similar to a traditional bank loan through another lender, it is important to have all of your paperwork and information prepared so you will be able to quickly go through the process of applying for a loan or home equity line of credit. The rest of this article will provide you with some tips that will help you to navigate through the process of getting a home loan at your local credit union in New Bedford.
Tip #1 – Speak the Language
Understanding what your loan representative is talking about is the best way to get a good deal on your new home loan from your credit union in New Bedford. There are a lot of different types of home loans and mortgages, including:
- fixed-rate loans
- adjustable rate loans
- home equity line of credit
You will want to know as much as you can about the different types of loans and how the interest rates savings that you get through your credit union checking account membership will be affected by the type of loan that you choose. Learn about things like points, homeowners insurance, property taxes and down payments, as well as other things that can affect your monthly payment amount.
Tip #2 – Be Careful With Credit Accounts
In advance of getting your credit union home loan, make sure to be very careful with your credit accounts. In fact, experts recommend that you do not open brand new accounts or even apply for anything that might involve running your credit for at least six months prior to applying for a loan at your local credit union in New Bedford. The same advice holds true for closing accounts. Do not close any of your credit accounts, even accounts that have a zero balance. Existing accounts show a history of credit and the more history you have, the better.
You also need to make sure that you pay your bills on time. Did you know that every time you pay your credit card bill a day late, it goes against your record? Make sure to pay your bills early or at least on-time and always pay more than the minimum amount due. Late payments and high balances will really count against you when it comes to determining your credit score.
Tip #3 – Figure Out How Much You Can Afford
This is a big tip that will help you to get the right house with the right sized payments so you won’t get in over your head. Most of the foreclosures that you see in your local area happen because people bought a house with payments that were more than they could pay. Work with your credit union in New Bedford to make sure that the credit union home loan or home equity line of credit that you get will be affordable. Sometimes changes made to interest rates savings and other benefits from being a member with a credit union checking account and Share savings can make a difference. It never hurts to ask.
Contact St Anne Credit Union in New Bedford
If you are interested in learning more about getting a credit union home loan or home equity line of credit in the local Plymouth or Bristol county area of Southeastern Massachusetts, look no further than St Anne Credit Union in New Bedford. Our team can help you choose the loan with the best interest rates savings. Take advantage of all the opportunities afforded to credit union members, including deals on credit union checking accounts, money market accounts, certificate of deposits, car loans, home loans and much more. Give us a call at 508-993-0011 or visit our location on Union Street in New Bedford, MA.