Credit Union membership has increased the past few years to a record high of 1.3 million members. The rising rate fees and scandals involving regular savings and loan institutions have many choosing to go with credit unions to handle their banking needs. Credit unions offer affordable financial services to their members, including better interest rates on credit cards, and auto loans. Home Loan Interest Rates are also lower at a credit union, allowing customers to afford home ownership.During the economic downturn, credit unions were able to increase their number of mortgages by 55% while conventional banks were asking for bailouts. When mortgage rates rise, loans taken with a credit union tend to be two points lower than the national average and save consumers more money over the life of a loan. Many customers are simply not aware that credit unions offer a variety of loan options just the same as conventional for-profit banks. Home Loan Interest Rates can vary depending on the type of loan a customer is looking for, talking with a mortgage lender can provide customers with an option that is right for them and their budget.There are different loans available to consumers and mortgage lenders can explain them all in detail. Credit unions can assist in helping members refinance a mortgage and help someone with an Adjustable Rate Mortgage (ARM) get a 15-30 year fixed rate to keep the payments stable. Taking advantage of the equity in a home is also more affordable; these rates are directly affected by the prime set by the Fed and can be two or more points higher than a regular mortgage loan. Federal credit unions offer equity lines of credit with an interest rate as low as 1.5%.
A mortgage is one of the largest loans a person will take out in their lifetime and can be costly in the long run if they do not do proper research before signing on the dotted line. Qualified credit union members can find many answers discussing with a skilled mortgage lender to see all the benefits their membership has to offer. At Phfcu.com member can view all the available loans and current interest rates, members can even apply online to start the loan process or find a branch closest to them to talk with a mortgage lender. Their knowledgeable staff will guide them and walk them step by step through the process.