Spring is here and whether you are a home buyer beginning to research mortgage options for a home purchase or a homeowner considering refinancing opportunities and options which will address your current economic conditions, selecting the right financial institution with which to do business is extremely important. The relationship with the financial institution you select will be one that will last for many years; therefore, it is important that this relationship provide you with the best rates, the best terms and the best financial conditions possible in the market today.
But where does one start when considering available lending resources? “When researching mortgage options, many home buyers and owners make a mistake by limiting their mortgage search to strict, traditional mortgage lenders,” explains Ralph D. Spencer Jr., President & CEO of Suffolk Federal. “Those who have done the research and have become informed realize that viable mortgage financing options do exist. Credit unions, for example, may propose stronger benefits that traditional lenders may not be able to offer,” he continued.
By comparison, banks are for-profit enterprises, while credit unions are not-for-profit. That result enables credit unions to pass along their savings to their members. In addition, credit unions generally provide:
- Attractive Mortgage Terms
- Unique Mortgage Programs
- Flexible Qualification Requirements
- Better and a Higher Level of Customer Service
Research shows that when a homeowner or potential homeowner is making the decision regarding who they want to do business with, in many cases the borrower is now placing a stronger emphasis, not just on the rates and terms which the mortgage will offer, but on the potential relationship with the lender. And, because the concept of member relationship is extremely important to a credit union, the credit union in many cases is able to fulfill the relationship requirement the borrower is seeking better than a traditional financial institution. In addition to strong relationship opportunities, borrowers who do business with a credit union are receiving many supplementary benefits including lower interest rates and fees, better member service, terms and conditions.
“At Suffolk Federal, a key difference is focused on our commitment to our members and our focus on building and maintaining strong community relationships which enable our members to flourish. As a member of Suffolk Federal, the member is also an owner of the credit union,” explain Spencer.
To be considered for a mortgage at a credit union, a borrower must be a member. Each credit union has its own list of requirements. For example, at Suffolk Federal the qualifications to become a member include:
- Proof that you live, work, worship, attend school or regularly conduct business in Suffolk County, NY, or have an immediate family member of current membership.
- A valid driver’s license, passport, military ID or state ID.
- A U.S. Social Security number.
- U.S. citizenship or resident alien status.
- External account information, if funding from an external account
Credit unions are structured to ensure they are invested in their membership’s personal and professional financial success, so it is a natural conclusion that the credit union will provide strong mortgage advantages for home owners and potential purchasers making the credit union a unique and viable lending option to be considered.