Premier Sothebys Intl Realty
Kelly Lee McFrederick, Premier Sothebys Intl RealtyPhone: (727) 410-3605
Email: [email protected]

Financing Your Mortgage through a Credit Union

by Kelly Lee McFrederick 03/23/2020

Image by Burst from Pexels

Buying a home is an exciting time. As you start to comb through listings and decide you’re ready to take the plunge to purchase, you’ll want to pursue getting pre-approved for a mortgage. This way, you'll know how much you're approved for and can shop for homes within your price range. Additionally, having a pre-approval boosts your chances of having your offer accepted once you’ve found a house you want to buy. If you aren't already pre-approved, this delays your ability to put in a bid, which means someone else may be the one moving into your dream home.

To get yourself qualified for a mortgage, it’s a good idea to shop around for rates. Many people find they do best with a credit union, however, there are some drawbacks you might want to consider before making your decision of the type of lender you want to work with.

Credit Unions Require a Membership

Unlike traditional banks, credit unions aren’t open to everyone to use. To apply for a mortgage through a credit union, you’ll have to join as a member. The drawback is not just anyone can join. To qualify for membership, you’ll have to be affiliated with a specified organization or meet other designated criteria set by the credit union’s guidelines.

Many people find they are successfully able to locate a credit union they are eligible to join, but it’s not a given. To check to see if you meet the criteria for membership to a credit union near you, check MyCreditunion.gov.

Fewer Branch Networks

Credit unions are community-based non-credit entities. As a result, most of them are geographically concentrated and operate with fewer branches than traditional banks. This means your options may be extremely limited if you want in-person service.

Having a physical branch to visit when you want to resolve problems is a convenience many people often want when working with a financial institution. Consider how important this access to your lender would be to you. If you’re comfortable with strictly phone contact or online options (which might also be limited, depending on the size of the credit union), in-person access may not be an issue for you.

Limited Financing Options

Larger commercial banks typically have a broad range of financing options. While you might find a good rate at a credit union, you’ll typically find far fewer product offerings than you would at a larger bank.

Depending on your individual credit and financial standing, a credit union may not be able to offer you the best interest rates on a mortgage. Additionally, since they are smaller entities, they don’t always have nearly as much cash on hand as traditional banks, which means they might be limited in the number of mortgages they can approve at a given time.

When shopping for lenders to pre-approve you for a mortgage, you have many options between traditional banks, credit unions, mortgage banks and mortgage brokers. If you diligently do your homework, it’ll empower you to find a lender that can meet your financing needs.

About the Author
Author

Kelly Lee McFrederick

Kelly Lee McFrederick, a native of Clearwater Beach, Florida and graduate from the University of Florida, is well regarded and respected as a proven real estate associate for over 15 years, broker associate, real estate instructor and Certified International Property Specialist and now Instructor status. She thrives in the international marketplace and is a member of the Tampa Bay Chapter of the Asian Real Estate Association of America. Kelly Lee continues her passion in real estate with certifications in Resort and Second-Home Property Specialist and memberships in the International Consortium of Real Estate Associations. She travels to approximately four countries a year building relationships and sharing listings and information on Florida. In 2017, Kelly Lee traveled with the Asian Real Estate Association throughout Southeast Asia and spoke about Florida real estate in Singapore and in 2018 traveled with Pinellas International Council to Dominican Republic on another real estate trade mission.

Her most valuable attribute is her client commitment. She believes in representing every client with the utmost in professionalism and proficiency. Kelly Lee brings a wealth of experience and current knowledge to all her customers and is dedicated to helping them achieve their goals, being their strongest ally and proven negotiator. As an experienced luxury home, condominium and town home specialist, with proven experience in development, she is currently listing and marketing luxury town homes in 747North, a new downtown development in St. Petersburg. With continual sales in multi-family and commercial, Kelly is aggressive in marketing all properties. Utilizing professional 3D photography,staging, wordsmith copy-writing and all marketing tools through Premier Sotheby’s International Realty, she takes full advantage of her associations with the top brokerage and social media to promote and reach all buyers.

Kelly Lee has lived and enjoys vivaciously the Florida Gulf Coast lifestyle, from growing up on Clearwater Beach to residing in urban downtown St. Petersburg, she shares it all on her “You Tube” channel.  An avid tennis player, golfer and a lifetime spent boating up and down the Florida coast, she understands the Florida legacy. Kelly Lee is also a generous contributor and member of the St. Pete Chamber of Commerce, a dedicated alumna of the 2014 Leadership St. Pete class, social member of the Vinoy Renaissance Hotel, St. Petersburg Yacht Club, and membership chair of Infinity Charity donating time and money to those in need. She is involved with committees that encourage the growth of the community and is a notable board member of the Arts Alliance of St. Petersburg. Preparing to buy or sell your home or property, Kelly Lee McFrederick, as an Accredited Home Staging Professional Master, and past trainer for StagedHomes.com, is passionate and knowledgeable on the Gulf Coast of Florida and is the choice when looking for a real estate professional serving the Gulf Coast.