- 1 University of Virginia Community Credit Union Reviews & Info
- 2 Credit Union Mortgage Vs. Bank Mortgage
- 3 uva credit union mortgage
University of Virginia Community Credit Union Reviews & Info
University of Virginia Community Credit Union is a Federally Insured State Chartered Credit Union with 12 branches, assets of $595,710,870 that is headquartered in Charlottesville, VA. In a financial world that has become increasingly anonymous, UVA Community Credit Union stands apart. Founded in 1954, it is one of the oldest financial institutions in Central Virginia. . see more
Other Names Used: UVA Community CU, UVA Community Credit Union, University of Virginia Community CU
Charlottesville , VA 22901
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Credit Union Mortgage Vs. Bank Mortgage
by Robert Morello
Although less common than bank loans, credit union mortgages are a viable option.
If you are planning to buy a home you will have to decide which lender to use for your mortgage and the two most common options are traditional banks or credit unions. Both options will get you the money you need, but each has its perks and drawbacks, some of which may be significant enough to help you make that decision more easily.
The fees charged by banks are typically higher than those charged by credit unions for the same type and size of loan. Since credit unions are designed only to earn as much as is needed to exist and not to make a profit, they return the extra funds they earn to members in the form of increased interest or reduced fees. All this means that your credit union home loan will likely come with lower closing costs and origination fees. Credit union mortgage rates also tend to be lower than traditional banks although the difference may not be as drastic as you might like. A few tenths of a percent may not seem like much but it can amount to a large savings over the life of the loan.
It is typically less difficult for applicants to get approved for a mortgage through a credit union than it is with a bank. Since they are not corporations that must adhere to a centralized set of rules and restrictions they are more able to work with non traditional types of income and clients with a less than perfect financial background. If you have a low credit score, past loan defaults, are a freelancer or otherwise self employed, a credit union may be more easily approachable and happy to work with you than a traditional bank. Since many credit unions cater to union members and certain types of employees, special courtesies are sometimes extended such as loan tailored to the pay level of your current position within the company.
The goal of any bank in any situation is to make money. The terms of mortgages, risks taken and approval of borrowers reflects this approach. Credit Unions are more concerned with keeping risk low, keeping clients happy and working to custom fit every product so it works out best for both parties. While most banks stick with the standard 15 or 30 year mortgage, credit unions are sometimes willing to take it up to 40 years or rearrange interest payments if it benefits the customer's current situation and it comes with a low risk of default.
Your mortgage will essentially be the same whether you choose to apply with a traditional bank or a credit union. Each institution is free to create its own loan terms and fees and no one option will be cheaper than the other every time. Credit union loan costs may vary by location and membership and banks are always repositioning themselves to be competitive in the market. Shop for your loan in banks and credit unions and compare at least six different contenders head to head. You will typically find far more banks and bank branches where mortgages are issued than you will credit unions so your geographic location may influence the search somewhat. In the end whichever can give you the most for the least is probably the one to use.
Robert Morello has an extensive travel, marketing and business background. He graduated with a Bachelor of Arts from Columbia University in 2002 and has worked in travel as a guide, corporate senior marketing and product manager and travel consultant/expert. Morello is a professional writer and adjunct professor of travel and tourism.
uva credit union mortgage
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Thanks so much Coastal. And by the way, I have been a member for going on 7 years now and have just re-financed my home mortgage with you. I was so impressed with how simple the re-fi was and how easy it was to complete the application process. Great Job Coastal!
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Whether you're a first-time home buyer or looking for responsible financing for your dream home, Coastal offers personalized services and products to help make the process easier and more affordable. Common differentiators for all of our mortgages that we offer:
- We never sell the servicing of your mortgage, making sure you will continue to work with people here in the Triangle whenever you have a question.В
- Underwriting fees are often used by mortgage lenders as a way to add profit for them without adding value to you.В But, not at Coastal.В We only charge a $400 flat fee for underwriting, meaning we don't charge for document prep fees, commitment fees or credit report fees.В This saves you hundreds of dollars in unnecessary fees. Read more about our commitment to eliminating unnecessary fees throughout Coastal.
- Coastal is committed to affordable housing in our community.В Read more about Coastal's commitment to Habitat for Humanity of Wake County and our recording breaking year.
Getting more people into homes is just one more way Coastal offers the Triangle a better way to bank.