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Author Topic: How to select a credit union that is right for me  (Read 12909 times)

Offline All-Ears

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How to select a credit union that is right for me
« on: September 19, 2016, 11:34:28 am »
How do you go about choosing a credit union?

Are some of them better for real estate investors then others?

What sort of terms am I looking for when selecting a credit union?

What credit unions are the biggest and best?

Offline Gold River

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Re: How to select a credit union that is right for me
« Reply #1 on: September 25, 2016, 10:54:15 pm »
Hi,

    Credit unions are good for some types of loans, as real estate investors we don't normally use a financial institution as we normally want to shop the market with a mortgage broker.

Typically conventional lenders which include credit unions run in parallel with other institutions like Wells Fargo, Chase, Citi Bank, Bank of America, Bank of The West, etc.

Good luck,

 
                GR

Offline cleverpancakes

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Re: How to select a credit union that is right for me
« Reply #2 on: September 27, 2016, 09:19:38 am »
Maybe you should check for the rate and fees offered by the credit union.

Offline Gold River

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Re: How to select a credit union that is right for me
« Reply #3 on: September 27, 2016, 01:57:39 pm »
Hi,

    First of all I don't specifically buy single family anymore so I don't go looking for mortgage loans for homes.

A credit union is fine, but a California credit union won't loan in Ohio and a New York credit union won't loan in Alabama!

You can only have up to 10 conventional property loans for single family without having to consolidate interests into a blanket loan.

If your intending to buy real estate say in one county a credit union may be fine, but credit unions are Fannie Mae / Freddie Mac direct lenders and since they sell or originate your loan into the federal mortgage system their rate might be better or worse for owner occupied vs rental property portfolio!

But there is no reason to post if you know in your case that your local state credit union has the best rate today for what you need today!

Otherwise it's hard to know what you are doing and what state your in, if you like credit unions then open an account; in fact open an account with 10 different credit unions or 100 different credit unions as it's only $100 dollars to open each account!

Good luck,


                 GR

Offline BlakeBuysHouses

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Re: How to select a credit union that is right for me
« Reply #4 on: October 19, 2016, 11:25:22 pm »
Personally you are better off not borrowing money from a bank or credit union. If you can learn how to buy properties without getting loans from a credit union you will be better off in the long run and can buy as many properties as you want.

 




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