Massachusetts residents have plenty of options when it comes to getting a mortgage loan for their home. Whether you need a new loan for a new home purchase or if you want to refinance, get a home equity loan, or explore a home equity line of credit, it is essential to choose a lender that has your best interests in mind. While most people think about traditional banks for home loans, more and more Americans are seeking out a credit union home loan for their real estate investments.
When you join a credit union in New Bedford, you also gain access to a whole new world of opportunities to grow your money and save on interest rates and fees. Just open a New Bedford Share Savings when you join St Anne Credit Union and start reaping the benefits right away. Take advantage of money market accounts, certificate of deposit accounts, and other types of New Bedford credit savings programs that can help you improve your financial health. And when you are ready to buy a home or refinance an adjustable rate mortgage or high-interest rate loan, speak with one of our representatives about your options!
Why Choose a Credit Union?
There are many advantages associated with joining a credit union in New Bedford besides friendly service and local opportunities. A credit union is a not-for-profit organization. You don’t become a customer of a credit union; you join as a member. Credit unions are member-owned cooperatives that provide some of the lowest interest rates for credit union home loan and automotive loan options in the country. They are becoming a popular resource for first time home buyers and homeowners looking to get out of bad mortgages from high-interest lenders.
The more you learn about the differences and benefits associated with joining a credit union, the more advantageous it becomes. Banks are notorious for treating their customers like a number. If you don’t have “X” amount of dollars in your account, you might feel as though you aren’t worth their time or effort. At a credit union, you are a member, and you even have a voice in how things are run. Members vote for board members who make strategic decisions on how things operate. At a bank, the goal is to make money for the shareholder, not to benefit the customer. So which organization do you think will help you the most?
Lower Rates & Fees
Another reason to join a credit union in New Bedford is that you get to enjoy lower rates and fees than most traditional banking institutions. The idea is that as a not-for-profit organization, credit unions pass on savings to their members whenever they make a financial gain. At a credit union, you might get higher interest on your New Bedford Share Savings account, or you might get lower fees on your Share Draft Checking. Speak with a representative at St Anne Credit Union to learn more about the many different ways that you can save and grow your money at our New Bedford credit union.
As a member, it might also be easier to get a credit union home loan at an organization where you are a current member. Banks will typically have much more strict criteria for things like home loans, auto loans, and equity loans. If you have credit issues or do not have a long-term credit profile, apply for a home loan from your local credit union in New Bedford. It just takes $25 to open a Main Share account at St Anne Credit Union. You don’t need to work anyplace special or belong to a specific organization to join, just live or work in Plymouth and Bristol counties in Southeastern Massachusetts.
Types of Loans at St Anne Credit Union
If you are shopping for a credit union home loan, make sure to take a look at the options available at our credit union in New Bedford. We offer fixed rate Equity Loans up to $125,000 and 75 percent of the value of your home minus your first mortgage. The closing fees include attorney fees, recording fees at the Registry of Deeds, Flood Determination Certificate, and a Credit Reporting fee – all of which is paid for by the credit union. As a member, your cost will be the $350 appraisal fee. Our Equity Line of Credit loan is very similar, and both types of loans can only be given on owner-occupied property.
Our mortgage loans are fixed-rate mortgages that can range between five and thirty years, depending on your unique situation and needs. The best way to compare our credit union home loan opportunities to loans at other institutions is to contact a representative at our credit union in New Bedford to get the latest and most current information for all of our mortgage plans. We can go over your options and any requirements for obtaining a credit union home loan through our organization. If you would like to learn more about St Anne Credit Union in New Bedford, give us a call at 508-993-0011 or stop by our location on Union Street to speak with a representative in person.