Banks, credit unions, brokers and nonbank lenders, mapped side by side
Credit unions
On the map
Credit unions are member-owned, not-for-profit financial cooperatives, and you must be eligible to join before you borrow. Many offer mortgages, and some keep them in portfolio. Deposits are insured by the NCUA. Pricing and service vary widely, so a credit union quote is worth getting but not worth assuming.
Last reviewed against the primary sources listed below.
Membership first
Eligibility is based on where you live or work, an employer, a group or a family tie. The NCUA's credit union site explains how to find one you can join.
Pros and cons people weigh
| Often cited | Worth checking |
|---|---|
| Member focus and local decision-making | Whether loans are sold anyway |
| Some portfolio products | Product range and turn times |
| Familiar service if you already bank there | Fees in section A of the Loan Estimate |
Common questions about where to apply
Do credit unions give you better mortgage rates?
Sometimes and sometimes not. The only way to know is to compare a credit union's Loan Estimate with others for the same loan on the same day.
Can anyone get a credit union mortgage?
You must be eligible for membership first, which can depend on location, employer or affiliation.