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Mortgage loan programs available with the bank, lender, or the credit union may differ in various aspects. In order to get the best out of their services, you need to know how these organizations differ and how you can benefit.

[b:3180badf78]Loan Programs:[/b:3180badf78]
Unlike banks which are profitable organizations serving customers, credit unions are sometimes non-profit financial institutions owned by its members. Their services are customer oriented and not aimed at raising profits. They offer loan programs only to its members. Therefore, with a credit union your search for a suitable mortgage is limited.

With a bank, your options are more varied. Because bank loans are designed to profit the institution more than the borrower, they are able to offer a greater variety of choices.

[b:3180badf78]Loan closing:[/b:3180badf78]
When you take out a mortgage from the bank, the closing process may be shorter than with a credit union. Credit unions take a longer time to close on a loan because most of the unions do not use computerized underwriting systems to review the loan documents.

[b:3180badf78]Rates and closing costs:[/b:3180badf78]
When you seek a mortgage from a credit union, you will have to pay lower closing costs and a reduced interest rate on the loan. Although you may have to pay a larger interest rate with a bank loan, you'll get more for your money.

[b:3180badf78]Loan servicing:[/b:3180badf78]
With a credit union mortgage, the union officials will service the loan throughout the life of the loan. However, banks frequently sell mortgages to other lenders for a variety of reasons. This means that your loan may be handled by at least one other organization during the life of the loan, which could create a lot of inconvenience and difficulties for you that you may not have with a credit union.

Looking for a mortgage transaction with a credit union can be a wise decision if you can obtain a low interest rate. On the other hand, banks may offer a higher interest rate, but they will provide a variety of loan packages that may offset the cost. Whichever option you select, consider all the aspects of both mortgage providers and try to determine which will benefit you the most.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)


My father is a retired Central govt employee can we get the Motgage loan rennovation of the house.

Like | Dislike | Share | Posted: Wed, 03/07/2007 - 01:41 | Post subject:

Brian Dela Cruz's picture
Brian Dela Cruz | Joined: April 17, 2006 12:10 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kranthi,

I think you are from India. Currently we do not provide home loan related services there. But we shall still look out for lenders offering mortgage for renovation in India. And, if we can get some contacts, we shall surely let you know.


Brian Dela Cruz

Like | Dislike | Share | Posted: Wed, 03/07/2007 - 03:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own several rental properties and have small loans on each as well as my home. I am thinking of consolidating ALL loans, which will leave my home as well as 2 rental properties free and clear of any debts. IS THIS A GOOD IDEA? The lein will be on a rental property for $80,000 freeing up other houses and I can take off the taxes on rental property. In total it is $400 less a month (totaled) than I am currently paying for 15 years at 7.37 % through my bank. AGAIN, IS THIS A GOOD IDEA? tHANK YOU kAREN

Like | Dislike | Share | Posted: Fri, 11/02/2007 - 11:19 | Post subject:

livinginnky's picture
livinginnky | Joined: September 8, 2007 08:31 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)


The rate of a mortgage on your primary residence will be lower than on an investment property. I can't think of any reason not to have the mortgage on your primary residence. I see this often and the benefits outway the risk as long as you make your payments on time. Often people are worried about taking a loan on their primary residence, but you are taking similar risk placing the loan on investment property.

Like | Dislike | Share | Posted: Fri, 11/02/2007 - 11:22 | Post subject:

Jeanette's picture
Jeanette | Joined: October 19, 2007 08:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)


Now Credit Unions have stricter guidelines than lenders or banks. You cannot have any late payments or past due items on your credit report. Your credit score must be 700 or more.

So, when the banks or lenders will give you a loan with a 1*30 or 2*30 and a 90% LTV, the credit union will throw your 1003 in the waste basket.

Like | Dislike | Share | Posted: Sat, 11/03/2007 - 18:44 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeanette,

I think the recent credit crisis in the US have made credit unions more strict as far as the qualifying criteria are concerned. And why only credit unions, even the lenders in general have become stricter due to the troubles they come across on account of delinquency.

I personally feel it's better to qualify at reasonable rate rather than have a late payment on credit report, get 90% LTV and then go on paying high interest payments throughtout the loan term until and unless one gets the chance to [url=]refinance[/url].



Like | Dislike | Share | Posted: Mon, 11/05/2007 - 02:07 | Post subject:

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