Credit Union Mortgage vs. Bank Mortgage

Credit Union Mortgage vs. Bank Mortgage

Banks and credit unions offers same type of services but in a different way. Both offer mortgage loans which are helpful for customers to purchase homes. Credit union efficiences offer comfortable financial services and Credit union marketing ideas to provide members an advantage in their financial problems as compare to banks. There are many benefits becoming a member of any credit union as compare to national and other local banks.

Features

As we know, credit union based on membership means membership which is based on where you live, your work place. But banks are open for everyone but with strict rules for lending requirements.

Functions

Credit union usually works as a non-profit institution and also operated by its own members. Credit union provides adjustable loans rates to its members. It offers multiple loans in process on a single property. Credit union offers lower interest rates or cheap loan rates to its members on mortgages and fees as compare to banks.

Types

Credit union offers fewer types of mortgage loans to its members as other banks offers. Banks and other institutions provide more types of mortgages than credit unions. These types of mortgage include fixed and adjustable rate mortgages. In banks, variable payment options are included for various mortgage loans.

Considerations

Credit unions have fewer employees to deal with customers as compare to banks. Most of the credit unions do not provide 24 hour customer service to their members.