MADISON, Wis. (2/3/12)--Three articles from national media outlets explained why mortgages offered by credit unions have better interest rates.
Because credit unions operate on a smaller scale than banks and are not-for-profit, they focus primarily on lower-risk loans, compared with other financial institutions (goarticles.com Feb 1.)
"As a result, even during a large-scale financial crisis, credit unions do not tend to suffer as much losses as their competitors or banks," the article said. "So factors like mortgage rates are not affected much. The articles added, "You also will be able to apply for auto loans at lesser rates than at any other financial institutions."
A credit union mortgage loan is like any other mortgage loan except for the rate of the interest and terms of the loan, said EnzineMark.com (Feb. 1).
"Credit union mortgage rates may vary from [credit] union to [credit] union, but they are comparatively lower than bank mortgage rates," the publication said.
And when looking to refinance a mortgage loan, consumers should always include credit unions in their searches for the best deal, said articeklrich.com (Jan. 19).
To read the goarticles.com article, use the link.