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Dawn & Dennis Martin- The Martin Team, Coldwell Banker Residential 26Phone: (303) 870-5896
Email: [email protected]

Should You Finance with a Credit Union?

by Dawn & Dennis Martin- The Martin Team 01/17/2021

Image by Pete Linforth from Pixabay

Property buyers today may think of a credit union as an alternative form of lending and ultimately meant for people who don't fit the stereotypical borrower. But this assumption may a little unfair once you learn the facts. Credit unions present several unique opportunities that you simply won't find anywhere else. We'll give you both the good and bad, so you can make a better decision. 

A Non-Profit Oasis

As a non-profit institution, credit unions tend to have better rates than traditional banks. Plus, they're a little more personal than a regular bank in that they're investing in a single community as opposed to the whole country. So while you may not get the level of sophistication you would from a well-known bank, you will get the kind of personalized service that's hard to find today. 

Signing Up

Before you finance a property, you first need to qualify for your credit union. This essentially means proving you're connected to the credit union somehow. Often, it's based on where you live, but you may be able to join based on anything from your employer to your church to your family members. Before you dismiss your eligibility, talk to a credit union officer to see if there's a connection.  

Once you qualify for the institution, you'll need to become an official member. To do this, credit unions typically have its customers purchase shares in the organization. (These fees are generally affordable and they're the key to securing your membership. 

The Specifics

The practical advantages of a credit union mortgage are the flexible terms and requirements as well as the reasonable fees and rates. Plus, the credit union staff tend to take into account the relationship you've built with them. So while a national bank will encourage you to apply for a mortgage through the company, the fees may not change significantly from those of a stranger — regardless of your track record with the bank.

Why Skip the Credit Union

There are a few reasons not to finance with a credit union. For one, a credit union isn't going to have as many products as a bank would, which could inevitably cause you to miss out on a worthwhile opportunity. It's also likely to be a more traditional style of banking, meaning you may not have options for online banking. And as with a regular bank, a credit union may change leadership, which can, in turn, change the terms of your mortgage for the worse.

Regardless of where you finance, it's probably worth discussing your options with a credit union. As you shop around, you'll get a better sense of which products and terms are right for you. 

About the Author
Author

Dawn & Dennis Martin- The Martin Team

A Winning Tradition Together, Dennis and Dawn Martin represent a winning tradition for home buyers and sellers throughout the Denver Metro area. Like the great Rocky Mountains themselves, this father and daughter business team continues to stand tall when it comes to providing the highest level of real estate service possible.  

Competitive, caring and fiercely committed to always going the extra mile on behalf of the people they serve, Dennis and Dawn view each client they serve as another member of there extended family. They believe great service stands the test of time, which is why they're always looking for new and better ways to improve on there already high standards.  

It's also why so much of their business comes from referrals and past clientele. Call them before your next move and put their winning traditions to work for you.  

A Fitting Partnership As native residents, Dennis and Dawn Martin are proud to be part of this rich heritage, Indeed, those who know them best will tell you they are yet another great Rocky Mountain tradition,  That's because this unique father and daughter business team have been making a positive difference in the lives of local residents throughout the Denver Metro area for several generations.  

The Martins like to refer to their service as "Hi Tech and Hi Touch. Dawn is the computer savvy entrepreneur who utilizes the very latest technology to streamline the home buying an selling process for clients,   Dennis the hands on consultant who pride himself on his extremely personal and caring service. For clients, however, it's really the best of both worlds, which is why so many people , including their kids and grandchildren, return to the Martins for all their real estate needs.  

So when you're ready to buy or sell your next home in the Denver Metro area, tap into another great Rocky Mountain tradition. Give Dennis and Dawn Martin a call. With over 50 years of local real estate experience between them they represent A Winning Tradition for home buyers and sellers alike