How to get the best credit union mortgage rate

When it comes to mortgages, credit unions offer some of the best rates around. In fact, they often beat out big banks and other lenders. But how do you know if you're getting the best credit union mortgage rate?

Here are a few tips:

Check with multiple credit unions.

Don't just go with the first credit union you find. Talk to a few different ones to see who can give you the best rate.

Compare apples to apples.

Make sure you're comparing the same type of mortgage products. For example, don't compare a 15-year fixed-rate mortgage to a 30-year adjustable-rate mortgage.

Know your credit score.

The better your credit score, the better interest rate you're likely to qualify for. So before you start shopping for a mortgage, check your credit score and work on improving it if necessary.

Ask about fees.

Some credit unions charge origination fees or other fees that can add to the cost of your loan. So be sure to ask about fees before you commit to a loan.

Negotiate.

Don't be afraid to negotiate with your credit union for a better rate. They may be willing to give you a lower rate if you have a good credit score or if you agree to a shorter loan term.

Following these tips should help you get the best credit union mortgage rate possible.

The above advice is great if you are looking to get the best mortgage rate from a credit union. However, there are a few other things to keep in mind as well. Here are a few more tips:

Check with the National Credit Union Administration.

The National Credit Union Administration (NCUA) is a federal government agency that regulates credit unions. You can use their website to find a list of credit unions in your area.

Check with your state's credit union regulator.

In addition to the NCUA, each state has its own credit union regulator. You can use their website to find a list of credit unions in your state.

Consider a credit union that is part of the Credit Union National Association.

The Credit Union National Association (CUNA) is a trade association for credit unions. Credit unions that are part of CUNA often offer competitive rates and terms.

Consider a credit union that is part of the National Association of Federal Credit Unions.

The National Association of Federal Credit Unions (NAFCU) is a trade association for federal credit unions. Federal credit unions often offer competitive rates and terms.

Ask about discounts.

Some credit unions offer discounts on their rates and fees if you are a member of certain organizations or if you set up automatic payments from a checking or savings account.

following these tips should help you get the best credit union mortgage rate possible.

Posted on Jan 25, 2023, in Credit Union