A credit union is a not-for-profit co-operative financial institution that is owned and controlled by its members. Only a member of a credit union may deposit money with the credit union, or borrow money from it, in the form of a residential mortgage loan, or auto loan etc.
A credit union differs from a traditional financial institution (banks etc.) in that the members who have accounts in the credit union are technically the credit unions owners. Credit union revenues (from loans and investments) do, however, need to exceed operating expenses and dividends (interest paid on deposits) in order to remain in business.
Credit unions offer many of the same financial services as banks, including share accounts (savings accounts), share draft (checking) accounts, credit cards, share term certificates (certificates of deposit), and loans as mentioned above.
Credit Union Advantages
The advantages of securing your home loan through a credit union as opposed to a bank, are that credit unions typically will offer discounted rats for PMI, lower closing costs, competitive rates, and time saving features like having your monthly mortgage payment automatically deducted from your account. Credit Unions also typically offer special programs for first time home buyers
Some of the top Credit Unions include: Watermark Credit Union, Veridian Credit Union, Onpoint Credit Union, IQ Credit Union, Elevations Credit Union, Altura Credit Union, Advantis Credit Union, TVA Credit Union, Keypoint Credit Union, Founders Federal Credit Union, Empire Federal Credit Union, Velocity Credit Union, Vantage Credit Union, United Credit Union, Truliant Credit Union, Suncoast Credit Union, Scott Credit Union, Provident Credit Union, North Island Credit Union.
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