Tips for Getting a Home Loan from Your Credit Union
While issuing home loans used to be a job only for banks, a credit union today offers competitive rates for home mortgage loans in O’Fallon. In fact, more and more consumers are turning to a credit union to secure their home mortgage loans for the best home financing options. Keep reading to find out why you should consider your finances, understand your options, and know your rates to get the best home loan.
Consider Your Finances
Before you get a home loan from your credit union, it is important to have a complete understanding of your financial situation . Your credit union may also offer online banking and online checking accounts, so you can consolidate for maximum efficiency. Whether you bank with your credit union or elsewhere, you should review your bank statements, W-2s, and other investment information. That way, you know your budget and are ready to begin applications for home mortgage loans even before you find the home of your dreams.
Understand Your Options
To get the best home loan from your credit union, it is important to research and understand your options. That way, your credit union will see that you are committed to the loan process and are a solid investment for them. You can choose between a 15-year and a 30-year mortgage.
Know Your Rates
After preparing the necessary documents and analyzing your financial situation, you should schedule a consultation to discuss your home mortgage application with a representative from your credit union. The credit union will analyze your credit, income, and financial history to secure the best home loan for you. Because interest rates can fluctuate, you may be able to lock in a good rate if you act quickly.
Are you interested in learning more about how to get the best rates for home mortgage loans? Contact GCS Credit Union of O’Fallon by calling (618) 797-7993 today. Our credit union has been providing loans, savings, and bank services since 1941. Our employees are dedicated to focusing on your financial needs and not making a profit.