Which credit union is the best to get a mortgage loan from?

i would like to buy a house this year but I have never done that before. I have been told that going through a credit union is better than bank of america, which is where i have my accounts right now. so i've been looking up credit unions to open an account with, just wanted to know if they were all the same, or if some were better than others. if you have any advice on buying a house for the first time, that would be nice too.Which credit union is the best to get a mortgage loan from?
No matter whether you go through a bank or Credit Union, you will need to shop lowest interest rates. C.U. usually have lower interest rates for mortgages. BankRate.com is a good source for discount mortgage companies, with interest rates/APR quotes, along with their contact information. Another thing to remember, the 'interest rate' is NOT the most important piece of information, but the APR is, then the PITI, (Principle + Interest + Taxes + Insurance.) Why? All the closing costs are figured in AFTER the interest rate is quoted. You are really paying the APR not the interest rate amount. PITI is the total cost of everything a normal R.E. Purchase has built in it. Being a young person, I recommend your tell them you want the mortgage,


';Escrowed'; when financing. This means all your taxes and insurance are included in your mortgage and you won't have to worry about paying a bill for $2400.00 or more around the end of the year. Makes Christmas nicer too.Which credit union is the best to get a mortgage loan from?
So you think that you're ready to buy your own home? Hopefully you've done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever%26lt;!--It's also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?





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At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage--%26gt;loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.
Going through a credit union is no different from going through a bank or mortgage company, whatever you've been told. In fact it often takes alot longer to get through the process with a credit union.





If you're a first time buyer you might consider attending a free seminar so you have the facts. They are offerred by cities and non-profit organisations (like Acorn) all over the US and usually last 4-6 hours. They are usually free and well worth the time. Then you can plan your purchase with factual information.
consumers kalsee if you have those in your area but if you want to make some extra money go to yuwie and type in 502738
Just go to a bank that sells to many different lenders so you have many options of loans.
Don't be fooled by the people that tell you that. Credit unions may be good at auto loans or personal loans but they generallly don't have the capital to be able to compete with the larger lenders when it comes to mortgages.





I am no huge fan of B of A but I almost guarantee they will have more programs at better rates than your credit union will. Shop around with many sources to determine what is best for you.