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4 Reasons Why You Should Get A Home Loan Through A Portland Credit Union

 Wednesday, August 28    CCCU

4 Reasons Why You Should Get A Home Loan Through A Portland Credit Union


Getting a mortgage from an Oregon credit union means lower interest rates, higher rates of approval, and the trust you’ve come to know from our services, whether you’re a first time home buyer or seasoned real estate owner. Here are four benefits to getting a mortgage from a Portland credit union.
 
Navigating the housing market, getting through the pre-approval process, researching different mortgage options, and selecting a lender can be an overwhelming process, especially for first-time home buyers in Portland. While you can get a mortgage through investment or mortgage brokers, nationwide banks, insurance companies, and even several online mortgage companies, syncing up with a credit union may be your best bet. If you’re wondering what lender to use to get a mortgage in Oregon, we’ve got you covered!


1. You’ll have access to flexible mortgage offers in Oregon


If you’re not very proud of the current state of your credit and worry that it may disqualify you from getting approved for an Oregon home loan, a credit union could be a good route for you. Portland credit unions want to help Oregon or Washington residents with less than perfect credit history and lower incomes find solutions, and many have special mortgage programs for first-time home buyers.


2. You could get a lower interest rate on a home at a credit union


When you work with your local Portland credit union for a home loan, you might be able to get a lower interest rate than you would through other lenders. You may also get your closing costs and other fees reduced if you negotiate. Mortgage brokers and other lenders have no control over their loan rates because their pricing is set by Fannie Mae and Freddie Mac, the two national U.S. mortgage agencies.
 
Oregon credit unions, on the other hand, can sometimes hold your loan at a rate that’s slightly lower than the national figure. They are nonprofit member-owned banking institutions, which allows them to offer lower rates to their members.


3. You can work with trusted experts in the Portland community


Depending on which route you take, getting a mortgage loan can feel like a rushed and impersonal process. But when you work with a local Oregon credit union, you have the benefit of being able to communicate with trusted experts in your community –– real people who can provide you with straightforward information and answers at any time during the application and underwriting process. In a perfect world, mortgage approval and escrow will go incredibly smoothly without any hiccups or delays. However, in most cases, buying a home in Oregon or Washington is an extremely complex process, and you’ll be glad to have a face-to-face contact to help you navigate any unforeseen issues in Portland.


4. You can get a home equity loan or HELOC from a credit union


As a homeowner, you never know when you might have a need for a home equity loan or a home equity line of credit (HELOC). When it comes to acquiring this type of loan in Washington or Oregon, it will be easier as a member of a credit union. Many Oregon local banks and Portland credit unions offer home equity loans and HELOCs with mortgages for first-time home buyers.
 
Additionally, if you want to use one for your down payment, working with a community lender will allow you to avoid getting private mortgage insurance, which can be costly. If you don’t need the funds for a down payment, you may want to use the money later to renovate or build an addition onto your home. Home equity loans and lines of credit can also be used for investing, debt consolidation, business expenditures, or to pay for emergency expenses such as medical bills.


Finance your dream home through our Portland credit union


If you’re a first-time home buyer exploring your options, there’s a good chance you’re being inundated with pre-approval letters and offers from various lenders. It’s a lot of information to sort through, and you’ll want to be sure you make the right choice! Whether you have not-so-good credit, need assistance with your down payment, or are just looking for the lowest possible interest rate, getting a mortgage from a Portland community credit union to buy a home in Oregon will cover all the bases.
 
As a PDX resident and prospective homebuyer, it’s crucial that you do your homework and learn about Portland credit union mortgages and other lending options. So, should you get a mortgage at the same place where you bank? The short answer is yes! At Consolidated Community Credit Union, we have several home loan programs and mortgage tools designed to provide our members with personalized lending options that work for them. Get in touch with us at CCCU, and find out how you can finance your dream home today!


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