Browsing through the CAR May 2008 magazine, the special tear out section for clients had an article on Credit Unions Fill Lending Void. Right, we never think of credit union for mortage loans.
Credit union has about 2 to 3 percent of share of mortgage lending and looks like it will up to about 10-15% by 2015 per George Shipman, VP of Real Estate lending for California Credit Union.
Though credit union membership usually are tight about who can become a member, the regulation has become somewhat relaxed in recent years.
THE ADVANTAGE - credit unions are non-profit organization so they are not beholden to stockholders.
What's the benefit of credit union. Generally, the credit union offers better rates, fees and charges. In the past, the credit union had reputation being slow in the lending approval to escrow process. Since they were small, they were not able to offer competitiveness like other companies. According to Shipman, credit union nowadays, with more than $300 million in assest now have full time real estate departments.
Find credit union by city at: www.bankrate.com/brm/news/cu/states/CA.asp
Find credit union at: www.finacreditunion.com/
Locate one on the National Credit Union Adm Webstie: www.ncua.gov
Above info courtesy of California Assn. Realtors.
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