advantages of securing a home mortgage with a credit union


Family walking into their new home together.

Buying a new home is an exciting event, and it's also a big expense for any budget. According to the Consumer Financial Protection Bureau, the average mortgage balance is $244,000 for new homeowners. Though many people turn to banks out of habit, taking out a credit union mortgage may be the better choice for many homeowners. Wondering which financial institution should handle your home loan? Read on to explore five distinct advantages of choosing a credit union mortgage.

1. personalized service

If you want to be just another name on a lengthy list of borrowers, you'll be fine with taking out a bank mortgage loan. But a credit union aims to get to know you, as well as your preferences and needs. Along with delivering top-notch service, their understanding of your lifestyle and financial status will help you obtain a mortgage loan that meets your individual needs.

2. savings for members

Unlike other financial institutions, credit unions aren't out to boost their own bottom line. By offering lower fees, they pass on savings to their members. This model contrasts with banks, which pass on any extra generated revenues to investors.

3. a cooperative business model

By joining a credit union, you become a member of a local organization that helps build the community. Members are not simply clients — they're partners. Instead of distributing savings and better rates to investors or higher-ups, the cooperative model benefits members.

4. better rates and terms

Anyone seeking a mortgage knows the importance of locking in a good rate. Because credit unions pass profits on to their members, they're often able to offer both lower mortgage rates and better terms compared to banks.

5. perfect credit isn't mandatory

If past financial difficulties have lowered your credit score, a credit union mortgage may still be an option. In particular, lower- to middle-income families are likely to benefit from special loan programs, including some that are specifically geared toward first-time homebuyers.

benefits of a BlueOx home mortgage

Our partners at Mortgage Center provide you with incredible support throughout the entire process. Their team of home loan experts has the answers to all of your questions, so you'll feel confident that you're getting the right mortgage for your situation. For over 30 years, Mortgage Center has been giving first-time homebuyers the guidance and support they need to finance the home they've always wanted.

  • Financed and serviced through our partners Mortgage Center
  • Make payments online or in-branch
  • Quick, seamless, and tailored to your needs
  • Local, hometown, superior service
  • Fixed-rate purchase and refinance options
  • Free pre-approvals and low closing costs
  • Competitive rates and flexible terms

apply today!

Get in touch with our partner, Mortgage Center, today at 800-353-4449, or apply online now!

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