If you want to live in Portland and are considering buying Portland property, you need to be aware of financing options for your mortgage. Commercial banks are an obvious choice, and most of us see advertisements for their services on a daily basis. Another option to consider is a credit union. Whereas commercial banks are owned by outside shareholders, credit unions are owned by their members. They’re becoming an increasingly popular option for home loans. In the first quarter of 2015, 11 percent of home loans were with credit unions, which is an increase of four percent over the past two years.
Credit unions are attractive to borrowers for several reasons. Because they are small and member-owned, you are likely to get more personal attention and individualized service. This can be especially helpful for first-time buyers. First-time buyers can also benefit from special programs to help them meet all the costs of buying a home. Using a credit union for your home loan can result in lower fees, too, which means significant savings over the life of the loan. For buyers who don’t have a traditional credit history, it may be easier to get a loan at a credit union. They are more likely to give loans to lower and middle income borrowers.
Do a little research to see if your college, job, or community offers membership in a credit union. For people who’d like to live in Portland, this can be a great way to find an affordable loan. Feel free to call us if you need help deciding what type of bank to use.