Credit Unions?

msmagooNovember 24, 2012

Has anyone gotten a mortgage through a credit union? Particularly, USAA or one through the state employee union. I have been checking their interest rates and their mortgage (in my cause refinance) rates are really low. Their auto rates are too. We have never been a member what all is involved? I'd appreciate any comments or advice you all can offer.

Magoo

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sheilajoyce_gw

I joined our credit union over 40 years ago. I had to open a savings account with $5. Our daughter bought her car with them, and so she also had to join with $5 to open a savings account.

    Bookmark   November 24, 2012 at 9:49PM
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fran1523

I belong to two credit unions and wouldn't do business with a commercial bank if my life depended on it. I've had a csr loan and a HELOC through one of them with no problems. They perform all other kinds of services too like coin counting and industrial shredding.

    Bookmark   November 25, 2012 at 8:19AM
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jannie

My husband joined a credit union thru his job about 30 years ago. He is now retired but remains a member. We have had all our car loans and 2 home equity loans with them. They offer free checking, no minimum balaces required . I can't think of a downside.

    Bookmark   November 25, 2012 at 8:47AM
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katlan

Am very happy with our credit union. We joined and then our kids joined also. They have their credit cards through them, also auto loans.

They offer money market accounts and other types of accounts. All sorts of advice for money management, rates, calculators, etc.

    Bookmark   November 25, 2012 at 9:09AM
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patti43

We're really happy with our credit union. To me, credit unions are more personal than a regular bank. We tried to fianance our villa through them, but they don't fianance condos, which villas are classified as.

In our paper this morning, I saw that another CU was advertising car loans for 1.90% for 5 years. Wow! That's pretty good, huh?

    Bookmark   November 25, 2012 at 10:59AM
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marie_ndcal

Had good luck with a couple of credit unions in CA. Not sure about here.

    Bookmark   November 25, 2012 at 1:15PM
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nanny98

I was going to post yesterday, but DH said my information was out of date.... so, here is my 'out of date' info. We have belonged to a military credit union forever. It used to be that you had to meet certain requirements to become a member, and all family members sort of belonged to the original member. We have had the most excellent service from our CU for all kinds of loans and savings accounts, including mortgage. I would not hesitate to join a local CU and believe that they are more closely involved with local community than the big banks. I do wonder if there are restrictive requirements now days.

    Bookmark   November 25, 2012 at 2:07PM
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bee0hio

I don't believe that USAA is considered a credit union. But you do have to have served in the military or have a connection with a veteran... spouse, parent, or child.... I think it is.

We have our auto & home insurance with USAA, Roth IRA's, & also used them to find a great deal on a used car. They are very highly rated insurance-wise.

    Bookmark   November 25, 2012 at 3:34PM
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msmagoo

USAA looked kinda like a credit union. There is certain criteria and you have to join. The refinance mortgage part doesn't get very good reviews, but I suspect it may be the financial environment the country is in right now.
If anyone else has something to add as far as recomendations please do
Thansk!

    Bookmark   November 27, 2012 at 5:53PM
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joyfulguy

It's like a people's bank (but that can't use that word) Looks kinda like "bank" may be one o' those "four letter words" that they talk about.

The policy is made by the members.

The profits go to the members, in proportion to the amount of business that they did with the credit union.

ole joyful

    Bookmark   December 6, 2012 at 4:44PM
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drewsmaga

We got a mortgage through a credit union and closed on our new house last month. They had the best rate.

    Bookmark   December 7, 2012 at 1:07AM
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joyfulguy

Some are community-based, and some are mainly for a certain type of citizen, workers in a certain company, etc. They require that a potential member buy a share, sometimes $5.00 - 50.00, which is refunded on their withdrawal/death.

They are owned and operated by their members, who choose their Board at an annual general meeting, usually with some retiring each year.

Some, as one in this area, have a number of branches ... and this one's half dozen or so branches are all within about 70 miles of this city.

Some of the profits, as allocated by the Board, are shared among the members, in proportion to the business which they have done with the Credit Union.

Some offer life insurance up to the amount of, I think, the minimum balance that one had in one's account over a certain number of years.

ole joyful

    Bookmark   April 10, 2013 at 6:30PM
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