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29 Apr

The Credit Union Advantage


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There are so many reasons to use a credit union for your mortgage.

You might consider a credit union if:

1 – You are building a new home

2 – You are purchasing a home with acreage attached

3 – You are buying in a rural area

4 – Listen up because this is the big one – you are worried about the new stress test rules.

They have very competitive rates – sometimes better than the big banks, outstanding conditions, and they might just have the perfect mortgage for your situation. But for some reason – maybe just a lack of public knowledge – people shy away from credit unions when it comes to financing their mortgage. Well it’s a good thing you have a mortgage agent to show you all your options because by overlooking credit unions you could be missing out on the perfect mortgage for you.

Credit unions are provincially regulated, unlike banks which are federally regulated. This means that they do not follow exactly the same regulations that banks do which can be very useful in a variety of scenarios.

If any of these scenarios describe you call me and let’s talk about how we can get you set up with a mortgage through a credit union.

How credit unions can help with those other scenarios:

  • Building a House – Credit unions have different regulations on how “draws” are set up which make it easier to get funding throughout the different stages of building.
    • Buying a Farm – Traditional banks can be very picky about homes and property with acreage attached to them.
  • Buying a House in a Rural Area – Traditional banks can also be very picky about WHERE your home is. Basically, they are worried about getting their investment back should you default on your mortgage.

The great thing about using a mortgage broker / agent, no matter what your circumstance, is that they have to learn about ALL the products available to their clients. Whereas those “mortgage professionals” at banks only need to know what THEIR institution offers. If there’s a better product out there for you, they probably won’t know about it. We have no commitment to any one institution so we are completely free to suggest whatever we feel is best for you.

For more info about credit unions check out the link below or click here to get in touch with us!

Credit Unions – An Alternative Lender