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byAlma Abell
Shopping around for mortgage loans in Walla Walla and wondering whether choose a bank or credit union? Here’s why you’ll want to say yes to the second option.
Lower and fewer fees
One of the best things about picking a credit union is the tremendous cost-savings you get when you make the switch. Some banks can have as much as 30 different fees. That’s much too excessive. By going to a credit union like HAPO for mortgage loans in Walla Walla, you can look forward to lower and fewer fees in your future.
Personal service
The problem with big banks is that many provide impersonal service. That’s the farthest thing you can expect when you step through the doors of a credit union. You’ll likely meet with a familiar and friendly face behind the counter. That increases the likelihood of you receiving personalized service. If you’re tired of dealing with unpleasant bank staff, replete with inattention and delays, then head on over to the credit union nearest to you. You’ll likely have a much more pleasant time at it.
Lower financing costs
Credit unions perform much better than banks, with a national average rate of 4.7 percent for home equity loans, based on the data from the National Credit Union Administration. That’s higher than the 5.33 average rate of banks and a good enough reason for you to make the switch if you’re still using a big bank over a credit union for your mortgage.
Access to financing
Some credit unions also offer to finance to low-income individuals. While these offers are dependent on certain conditions and terms, it gives financially-distressed members of the community access to financing solutions. If you have a dismal credit score and you’ve been having a hard time getting financing from banks, trying your luck at a credit union may get you the answer you need.