Fifty-six percent of buyers nationwide who purchased a home in the first quarter closed on the very...
Benefits of Getting a Mobile Home Loan Through a Credit Union
Purchasing a manufactured or mobile home can be a great way to find an affordable place to call home. However, you’ll probably need to fund this big purchase. Unfortunately, most large lenders and banks offer little flexibility in terms, conditions and rates when it comes to financing manufactured or mobile homes. But a credit union, on the other hand, can be a great way to help pay for one of these homes.
Let’s take a look at the benefits of taking out a manufactured or mobile home loan through a credit union.
- Lower interest rates
One main advantage of a home loan from a credit union is lower interest rates on your loan. As member-owned institutions with lower operational costs, credit unions are better able and more willing to offer favorable interest rates on large loans.
- Easy eligibility requirements
When you take out a large loan through a credit union, you can expect a flexible process. If you’re already a member of the credit union, you’ll likely be approved for your loan fairly quickly. Otherwise, it will take a bit longer for you to join the institution and qualify for the loan, but if your financial health is strong, you’ll likely be approved without much trouble.
- Personalized service
As smaller, community-minded institutions, credit unions pride themselves on building and maintaining a personal connection with each member. You can expect to find a high level of service throughout the application process and the life of the loan.
- Stability throughout the life of the loan
Home owners who choose to take out a home loan through a bank or large lender will typically see their lender change several times throughout the loan term. With a loan from a credit union, though, you can usually expect to be paying this same institution until the loan is paid in full.
- Flexible terms
As smaller, member-owned institutions, credit union rules are rarely unyielding. When you take out a manufactured or mobile home loan through a credit union, they’ll work with you to customize various aspects of the loan to better meet your needs.
To learn more about Mutual Security Credit Union’s loans, call, click or stop by today!
Your Turn: Have you taken out a loan for your manufactured or mobile home through your credit union? Tell us about it in the comments.