Savings and loans use to offer their community an organization which lend money to the public to help improve the status of its clients, now this roll is lead by your local Credit Unions. Unfortunately not all credit unions provide mortgages and those that do may not have a wide range of mortgage products to offer you like the savings and loans may have.

Even though credit unions may not have many home loan products to offer, what they do have is lower than market interest rates! Credit unions cost and fees are often less than that of other lenders and, perhaps the best part of using a credit union is that their lending guidelines are so personal that they may even be willing to bend the rules for their members who are seeking a mortgage.

Although a credit union sounds ideal, there are a few disadvantages you should know. Some credit unions may not be able to do loans for investment homes, second homes and they may only be able to offer one type of mortgage, say an obscure adjustable rate mortgage. Not only is the type of products offered limited, but so are the dollar amounts in which you can gain a mortgage. If you do find your local credit union has exactly what you are looking for in a mortgage, then more often than not they can provide you with a great loan.