How to Get a Mortgage Through a Credit Union
By early 2010, banks and mortgage companies tightened their lending standards. But consumers have another option if they're struggling to obtain a mortgage loan from a traditional bank: They can rely on their credit unions. These financial institutions offer standard mortgage loan products with competitive interest rates. Consumers need only take certain steps to qualify for one of these loans.
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Things You'll Need
- Copies of your two most recent income tax returns
- Copies of your two most recent paycheck stubs
- Copies of both your checking and savings account statements
- Copies of all of your retirement savings account statements
Instructions
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The Process
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1
Call your credit union to make sure that they offer mortgage loans. If they do, ask what their interest rates are. If these rates are low enough, it's time to begin preparing paperwork.
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2
Make copies of your two most recent income tax returns and paycheck stubs. Also make copies of your bank savings and checking account statements and retirement savings account statements.
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3
Send this paperwork by fax, mail or email (if allowed by your credit union) to your credit union. Loan officers there will study your paperwork to see if your income is high enough for a mortgage loan.
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4
Fill out your mortgage loan application, then send it to your credit union by fax, mail or, if possible, email. This form will ask basic information about your salary, debt levels and assets.
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Tips & Warnings
Lenders, including credit unions, will look at your credit score when deciding whether to approve you for a mortgage loan. If your score is below 620, it will be difficult to find lenders willing to give you a home loan.
Don't forget to shop around. A mortgage loan through your credit union isn't automatically the cheapest available.
