Choosing a Credit Union for Your Mortgage

The mortgage that you choose for your home is as important as the foundation upon which it stands. By choosing a credit union like Bellco Federal Credit Union for your mortgage, you gain better interest rates and friendlier terms. Enjoy a smooth mortgage process by choosing a financial institution with your best interests at heart.

Since opening our doors in 1938 as Bell Telephone Company Credit Union, our mission has been to improve the financial prospects for the people and businesses of the area, and we continue to work toward this goal today. We are owned by our members and work for their betterment rather than profits.

Credit unions are like banks in the fact that they take deposits and provide lending solutions. We’re also a safe place for your money, with the NCUA being our equivalent to the FDIC with banks. The key difference is that we’re beholden to our owners/members rather than shareholders’ profits.

Bank Originated Mortgage versus Credit Union Mortgage

Finding the perfect property is only half of the house-hunting battle. You’ll also need to find and secure the best mortgage for your needs. We often revert automatically to banks for lending, but a federal credit union like Bellco FCU may be the better choice.

Easier Approval with Credit Unions - Credit unions like Bellco FCU have more leeway to lend than banks. Bellco FCU can originate mortgage products for people with lower credit scores and with smaller down payments than traditional banks. Once originated, we’re less likely to sell the mortgage; we typically keep the mortgage for its duration.

Bellco FCU prioritizes member relationships, and we make decisions and process services locally. Established, long term members with credit unions often have more success borrowing as well due to the documented history.

We offer pre-approvals as well. Make coming in to speak with the finance professionals at Bellco FCU a priority in your property hunting journey.

Lower Interest Rates with Credit Unions - As we’ve discussed, our motivation is not making a profit for shareholders; our motivation is to improve the lots of our members/owners. We typically offer higher rates for deposits and lower rates for borrowing products. When taking out a mortgage, even the smallest difference is helpful over the entire term of the loan.

Escape the Burden of Fees with Credit Unions - Some fees aren’t avoidable for mortgage processes, but others are tacked on by banks unnecessarily. You can save thousands by choosing credit unions like ours that refuse to add on extra fees.

Gain a Mortgage Created for Your Situation - You, as a member of the Bellco FCU family, matter to us. We offer specific products to our members/owners that are right for their specific situations and future goals. When you come to us, expect to receive some solid guidance when you need it without any hidden agenda driving the interaction.

The Myths of Credit Union Disadvantages

  • Membership Requirements

  • Credit Union Locations

  • Outdated Tech Services

  • Lack of Insurance Coverage

  • Limits to Lending Potential

Not a single one of these so-called “disadvantages” is a substantial, real reason to avoid credit union mortgages.

Interested in choosing a credit union for your mortgage? Learn more about all of the products and processes related to Bellco FCU by calling (610) 373-5192 or following this link for a prompt online response.