Do credit unions really have the best deals on a home mortgage?
From the research I’ve done, the rates seem quite a bit better than most other banks. Is there a downside to getting a home mortgage from a credit union? Why wouldn’t everyone do it if the rates are so much better? A: The credit union is a member owned type institution, so there might be some rate savings. You must remember the way the mortgage business work. Some banks and credit unions only have a few mortgage products available. This is based on the make up of your managers of your credit union or bank. Some of these managers are very conservative therefore they will not offer any mortgage products except the ones they consider less riskier. They have a way of getting money to loan to their clients as long as they don’t have an over abundance of negative assets on their books, that they can borrow from the federal reserve at very low rates to them. Then you have mortgage brokers and some mortgage bankers, they don’t have any money nor away of getting any so they qualify and get appr
