Home mortgage financed by a edge vs. credit coalition?
In the near future (early 2008), I hope to purchase my first home. However, I would approaching to know if there is a difference between a traditional bank (as Wachovia and Regions) and credit union as far as mortgage programs and qualification requirements? I am a member of both, but have hear it is harder to qualify at traditional banks vs. a credit union. Does anyone hold any comments or personal experiences? Thanks!
Answers:
Go with your credit union, they are better adjectives around.
It depends, often times a credit union can hold a better rate and be easier. If your in a credit union, you may be smaller number of a risk, and often times the CU will offer discounts to member. Sometimes its easier since it is often more personable at a CU. Most banks and outher traditional lenders, use fani mae or freddi mac for invester delievery...a CU is more apt to enjoy private investors so there may be less restriction and more flexibility to get the loan,
I'd go to both and see what they can give me. Chances are that the Credit Union will win the see. Source(s): http://index-go.com/finance-loans-mortga…
Get quotes from both...and don't forget companies like Indymac and Countrywide Financial (the biggest in the business, I believe)
Watch for things similar to: early payout without cost....
Good luck!
Related Questions:
What are the repurcussions of foreclosing on one home and not the other when paying two mortgages?
Obviously I know the person's credit is screwed up for 7 years. I want to know if there is any other legal dealing that can be taken against that person, or their primary home which never misses...
Answers:
Go with your credit union, they are better adjectives around.
It depends, often times a credit union can hold a better rate and be easier. If your in a credit union, you may be smaller number of a risk, and often times the CU will offer discounts to member. Sometimes its easier since it is often more personable at a CU. Most banks and outher traditional lenders, use fani mae or freddi mac for invester delievery...a CU is more apt to enjoy private investors so there may be less restriction and more flexibility to get the loan,
I'd go to both and see what they can give me. Chances are that the Credit Union will win the see. Source(s): http://index-go.com/finance-loans-mortga…
Get quotes from both...and don't forget companies like Indymac and Countrywide Financial (the biggest in the business, I believe)
Watch for things similar to: early payout without cost....
Good luck!
Related Questions:
What are the repurcussions of foreclosing on one home and not the other when paying two mortgages?
Obviously I know the person's credit is screwed up for 7 years. I want to know if there is any other legal dealing that can be taken against that person, or their primary home which never misses...