Financing in 07030>Question Details

Rose, Both Buyer and Seller in 32164

can i borrow from a credit uniion and if so which is better bank or credit union?

Asked by Rose, 32164 Tue Dec 27, 2011

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Jerry Barker’s answer
most people dont understand this but they are both the same thing, Financial Institutions, and when it comes to banking, from you stand point you just need to find the best interest rates. try using http://www.sjrates.com to help you with that, it lists the links to interest rates at all of new jerseys banks and credit unions. If your concerned about other things, I dont like credit unions because they pride themselves on not paying taxes, which means they simply sponge off the local economy, leaving the tax burden on the public that lives in that vicinity, and they operate the same as a bank. So if im going to be ripped off by a financial institution than that company might as well pay taxes in my community to help keep my real estate taxes down.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Dec 30, 2011
You can borrow, from anyone. I believe if you find the right program, thats what counts.

Call me i can help consult you on your transaction





Jose Martinez
Sr. Mortgage Consultant
201-406-6983
NMLS 307342
0 votes Thank Flag Link Sun Apr 14, 2013
Credit unions are leaches in the community, they tie up prime real estate, conduct business like a bank, and pay no taxes in the process, leaving the tax burden on the citizens in their communities.
0 votes Thank Flag Link Fri Jan 25, 2013
Yes, you can borrow from a Credit Union that you belong to. With regards to which is better; a bank or a credit union, in my experience, as a member of a Credit Union you not only receive competitive rates and excellent service (this is not to say that you will not receive excellent service from a bank, however, with the relationship to your employer a Credit Union has a vested interest in providing exemplary service to its members) and, finally, as a member your Credit Union already knows who they are dealing with so it makes for an smoother Approval Process.
0 votes Thank Flag Link Fri Jan 25, 2013
most people dont understand this but they are both the same thing, Financial Institutions, and when it comes to banking, from you stand point you just need to find the best interest rates. try using http://www.sjrates.com to help you with that, it lists the links to interest rates at all of new jerseys banks and credit unions. If your concerned about other things, I dont like credit unions because they pride themselves on not paying taxes, which means they simply sponge off the local economy, leaving the tax burden on the public that lives in that vicinity, and they operate the same as a bank. So if im going to be ripped off by a financial institution than that company might as well pay taxes in my community to help keep my real estate taxes down.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Dec 30, 2011
most people dont understand this but they are both the same thing, Financial Institutions, and when it comes to banking, from you stand point you just need to find the best interest rates. try using http://www.sjrates.com to help you with that, it lists the links to interest rates at all of new jerseys banks and credit unions. If your concerned about other things, I dont like credit unions because they pride themselves on not paying taxes, which means they simply sponge off the local economy, leaving the tax burden on the public that lives in that vicinity, and they operate the same as a bank. So if im going to be ripped off by a financial institution than that company might as well pay taxes in my community to help keep my real estate taxes down.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Dec 30, 2011
Rose,

You have to belong to a credit union to borrow from them. If you are looking for a mortgage, speak to both your CU and a few well established mortgage brokers/banks to get the best possible rate/terms that meet your needs.
0 votes Thank Flag Link Wed Dec 28, 2011
I will just mention my own personal experience with a big bank I approached a few years ago for my own mortgage. Let's call it the C brand.

C brand promised a descent rate and fair terms, except when it came down to it they dragged the loan approval process for over two months, requiring the seller to extend the sales agreement term. This by itself almost cost me the deal. Then they started fussing about a minor issue finally refusing the loan after 70 days of processing. You can imagine how that infuriated the sellers as well as myself.

I took this to a local mortgage brokerage and got approval with same terms on the same day! For me that was enough of a lesson.

I suspect the small nature of the Credit Unions is similar to brokerages in terms for the treatment of their clients. They don't have a million clients clamoring to borrow from them and subject to they picky choosing as do the big banks.

I am saying all of this as a buyer and investor, not as a Realtor.
Web Reference: http://hobnjre.com
0 votes Thank Flag Link Wed Dec 28, 2011
If you like the manner in which the big banks have treated their customers as reported consistantly in the media, then you most certainly should go with a big bank.

If you want to do business with lenders who are invested in your community, who actually lend to local merchants, who don't nickle and dime you to death, whose income is not DEPENDENT on PENALTIES AND HIDDEN FEES, you should be looking at credit unions and local lenders. Most credit unions today have very liberal membership guidelines. Yes, you must be a member, but the guidelines may be as vague as, only people whose names contain no numbers, live in county, know or know of someone who may have worked for the company whose name is on the sign.

Caution: Open only one account at the local lenders. Do not have a house loan, HELOC, or a car loan at the same place.
0 votes Thank Flag Link Wed Dec 28, 2011
Yes, Its MEMBERS OWN....and they Keep their loans in house
0 votes Thank Flag Link Wed Dec 28, 2011
Rose, it really depends on your situation. Talk to both a mortgage lender (broker) and a credit union and see what gets you the best rates and pricing for your situation. In my experience, usually credit unions are the best, but that is not always the case. Also, talk to a local agent, sometimes they can provide you with great resources.
0 votes Thank Flag Link Tue Dec 27, 2011
Hi Rose,

You should speak with several mortgage lenders and your credit union to compare all of the mortgage programs/rates they have and what ones are best for you.
I am currently going for a loan for my own real estate purchase and the rules have changed dramatically.
The documentation you are required to produce is more detailed and can be overwhelming.
Let me know if you need a referral for a mortgage company. I can give you a few companies to compare.

I hope I was able to help you.

Best regards,

David Bistany
Liberty Realty, LLC
525 Washington St.
Hoboken, NJ 07030
wk-201-222-2900
c-201-852-3291
dbistany@libertyrealestate.com
Web Reference: http://libertyrealty.com
0 votes Thank Flag Link Tue Dec 27, 2011
The one that is better will be the one who offers you the lowest rate and with the smallest fees to obtain your loan...

You as a consumer have the right to compare rates. Ask each to give you a breakdown of their fees and interest rate then compare the two...

Good Luck!!
Web Reference: http://www.SLeonRealtor.com
0 votes Thank Flag Link Tue Dec 27, 2011
Are you looking for a mortgage ?
0 votes Thank Flag Link Tue Dec 27, 2011
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