Buying a home is always exciting, but before you can purchase your dream house, you’ll need to find a mortgage loan. While traditional banks and lenders can help you get financing, they’re not always the best option. In fact, getting a mortgage loan from a local credit union has a number of benefits that traditional lenders can’t offer. Here are a few advantages of taking out a mortgage loan with a credit union instead of a big-box bank lender.

4 Reasons to Get a Mortgage Through a Local Credit Union

1. There’s Always Someone to Help

When you take out a mortgage with a larger bank, it’s rare that you’ll speak with an actual person once you have the loan in place. By working with a local credit union, you’ll have the peace of mind knowing there’s always someone there to help you. If you have a question about the application process, they’re only a phone call away. However, if you prefer face-to-face meetings, you can stop by the branch or schedule an appointment with the loan officer.

2. Lower Fee Loans Are Available

Traditional banks have to cater to their shareholders. For borrowers, this often means higher fees associated with each loan and application. Credit unions, on the other hand, don’t have shareholders in the traditional sense. The members of the credit union are, in effect, the shareholders, and it’s in their best interest to have the lowest fees possible. When you apply for a mortgage, you’re more likely to qualify for low rate loans through the credit union.

3. More Understanding of Credit Issues

Most credit unions understand that high credit scores are not the only way to determine if someone deserves a loan. They’re more likely to work with you if you have a lower credit score than a standard bank. However, your interest rate and the amount you qualify for will still largely be based on your credit score and history.

4. You’ll Have Access to Additional Services

When you apply for a mortgage at a big bank or nationwide lender, the services you’re entitled to use may be limited to the mortgage loan. By getting a mortgage from a local credit union, you have access to additional services. You can move your bank accounts to the credit union and qualify for a home equity line of credit if you ever want to borrow against the value of the home.

Ready to start the mortgage application process? Skip the bank and head to your local credit union. At North Jersey Federal Credit Union in Totowa, NJ, their experienced team will help you find the best low rate loans. Whether you are looking to purchase a home or buy a new car, they’ll work with your budget and credit score to find the best options. Learn more about their services online and call (973) 785-9200.