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.
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.
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.
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.
Liberty Realty, LLC
525 Washington St.
Hoboken, NJ 07030
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...