Credit Unions Offer Creative Mortgages to Save You Money. Credit Unions in the past were not normally where you would find a mortgage. However times have changed. Modern credit unions have become sources for some great mortgages.

Navy Federal Credit Union for first time home buyers has some great mortgages. This credit union alone last month had $1 Billion in closings.They are not the only credit unions feeling an increase in business, the industry’s share of mortgages has increases 4 times since 2008.

What makes them particularly attractive is for typically shorter term loan and or mortgage finances such at 7, 10, and 15 years. A lot have very low if any closing fees usually for a little uptick in interest rates.

For creativity, Pentagon Federal Credit Union has some of the most unique loans you won’t usually find with banks or brokers and leveraged correctly could save you quite a bit of money.

One example, is this 30 year loan that is a 15/15 adjustable rate mortgage. There you start out at a lower interest rate than with a traditional 30 year loan. The beauty of this is where the typical loan is only held for 7 years it usually saves you money. However if you the loan is held after that it resets at the going rate at 15 years.

Basically the creativity behind credit unions as opposed to banks is their differences in how they view their customers. Banks are backed by shareholders and they profit from keeping you in debt forever. Credit unions’ intention is usually to get you out of debt as fast as possible for the benefit of its member owners and they are also not for profit.

Link: Credit Unions Offer Creative Mortgages to Save You Money via clarkhoward.com