Home Buying in Atlanta>Question Details

aquariuss, Home Buyer in Atlanta, GA

I currently bank with a credit union. Is a credit union a good source for home loans. My credit score 710. Any advice?

Asked by aquariuss, Atlanta, GA Tue Feb 26, 2013

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Good answers.

In Georgia, credit union loans (for some politically mandated reason) are exempted from paying the intangibles tax, a tax on mortgage loan originations.

"The tax for recording the note is at the rate of $1.50 for each $500.00 or fractional part of the face amount of the note. The maximum amount of recording tax on any single note is $25,000. Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due.

"The tax for recording the note is at the rate of $1.50 for each $500.00 or fractional part of the face amount of the note. The maximum amount of recording tax on any single note is $25,000. Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due."
Web Reference: Http://intowninsider.com
1 vote Thank Flag Link Tue Feb 26, 2013
Twitty,

A credit union is an excellent source for a home loan. A little known fact is Georgia credit unions are exempt from paying the State intangibles tax of $3.00 per thousand, so on a $200,000 loan you will save $600. Best wishes on your home purchase.

Sincerely,


Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
RE/MAX Hall of Fame – REALTOR Phoenix Award
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Internet Professional
203K Certified Specialist
Attorney
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
bruce@locationlocationlocation.com
http://www.LocationLocationLocation.com
1 vote Thank Flag Link Tue Feb 26, 2013
Dear Twitty:

I agree with the answers below listed... Each Credit union may have their "own" programs so to speak, but the FHA and VA may or may not be available if that is a loan type you are in need of. I would check to see what the "underwrite" process consist of with that particular credit union. Is it in-house, a board decision or exactly. I am with a direct endorsement lender, which means we in house Underwrite on behalf of FHA, VA, Conv and USDA loans. That means it does not leave our location. That is an importnant factor in my opinion. For 23 years in the business, I have always worked for a Direct Endorsement Mortgage Lender "company".

Thank you for the opportunity~

Lynel Adams
Sr. Mortgage Loan Officer
Silverton Mortgage Specialist, Inc
NMLS 359696
770-318-6740 Direct
0 votes Thank Flag Link Wed Feb 27, 2013
Credit Unions can be a good option IF the products they offer suit your specific financial needs. Most credit unions do not offer Gov. loan programs or special homebuyer programs offered at the State, Local, or National level. If you’re looking to get a conventional loan and have 20% down and have strong credit, your local credit union will be a great option. If you don't fall into that category you should at least talk with a reputable lender to explore the other options available within the market.

Chris Irvin
Brand Mortgage
678-251-7889
NMLS #456546
0 votes Thank Flag Link Tue Feb 26, 2013
Great answers - thumbs up to Bruce and Lee for the fine points on the state intangibles tax - that's a $1200 savings on a $400K home.

Best,

Robert Whitfield
Broker/Owner
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Advantage Realtors
678-585-9691
RobertWhitfield.com
TheHomeBuyersRep.com
Corporate Relocations | New Construction | Luxury & Investment Properties
0 votes Thank Flag Link Tue Feb 26, 2013
It would really all depend on the loan program you are in need of. Credit Unions are often offer only a very simple product line and very often have stricter guidelines. Some credit unions don't even offer FHA or VA mortgages. Very few of them offer the more specialty programs such as USDA, HomePath, HomePath Renovation, FHA 203K Renovation, HomeStyle Renovation, etc.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Tue Feb 26, 2013
Credit unions are a great source for home loans. You do not have to pay intangible taxes on loans closed with them (this runs $3.00 per $1000.). However, they have only one source to give you a rate. Mortgage brokers have more than one source. Typically you'lll find the credit union is a bit higher in their rates. Feel free to contact me if you need the names of other mortgage brokers.

Kathleen Kane
ReMax Around Atlanta
404-309-4633
0 votes Thank Flag Link Tue Feb 26, 2013
Credit Unions have stricter standards than a regular mortgage company but they are a very good source for funds if you qualify.
0 votes Thank Flag Link Tue Feb 26, 2013
I love credit union and would much rather do business with a credit union over a bank any day. Credit unions have a competitive advantage over banks and mortgage lender since there borrowers don't pay intangible taxes on loans closed, however my rates, service and different loan products are almost always better. Thanks Larry D 404.493.2288
0 votes Thank Flag Link Tue Feb 26, 2013
Yes working with a credit union for a home loan would be an excellent idea. Most do not sell their loans on the secondary market and in general their loan approval process can be much easier. The filp side is they may only offer limited loan options and depending on what they are you may prefer working with someone else. My advice to all of my clients is when they have a credit union option that it makes sense to check them out first.

Best of luck to you.
0 votes Thank Flag Link Tue Feb 26, 2013
Picking out a mortgage loan suited for your needs, can be confusing, especially if you qualify for more than one kind. Is a good idea to start with your credit union and see what they have to offer you. But, you still need to shop around for a mortgage broker that can explore all your financial option and advice properly. Mortgage broker have access to many banks, private lenders and different programs. Ask for quotations of closing costs and compared who can give you a better deal.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
0 votes Thank Flag Link Tue Feb 26, 2013
Credit Unions can be a great source for your home mortgage. However, do shop around. Make sure you check out rates with mortgage brokers, banks, and your credit union before deciding. They all offer different rates, PMI, etc. Find one that works best for you. I would love to help you find your new home. Please feel free to give me a call any time. I will also be happy to provide you with the information for my mortgage guys.
Sherry E. Bailey
Keller Williams Realty First Atlanta.
678-644-5820
sherrybailey68@gmail.com
0 votes Thank Flag Link Tue Feb 26, 2013
Your credit union is a great place to start.
0 votes Thank Flag Link Tue Feb 26, 2013
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