Your New Best Bet for a Mortgage: Credit Unions
By Jeff Brown
NEW YORK (TheStreet) — Shopping for a mortgage? Be sure to check the offerings from credit unions, which are issuing loans at a record pace and are often approving applicants shunned by banks.
During the first nine months of 2012, credit unions approved 60% more mortgages than in the same period a year earlier, an all-time record, according to Callahan & Associates, a credit union research firm based in Washington, D.C.
Credit unions have evolved over the years to offer a wide range of mortgages, car loans, personal loans, student loans and checking and savings accounts — even things such as ATMs.
And if you don’t work for a company that has a credit union, don’t give up, as many credit unions have opened their doors pretty wide. You may find one that will admit you based on your occupation, religion, military service or affiliation with some organization — an affiliation that can be satisfied with a small membership fee. Some credit unions require only that you live in the county where the credit union operates.
A tip: Don’t be discouraged if the credit union’s name suggests it’s only for certain people, such as county employees. Many credit unions have kept their old names even as they’ve eased membership restrictions.