The summer is prime real estate buying season for most Americans, and credit unions nationwide are gearing up to help consumers obtain the most affordable rates and terms on their home loans.
A home is one of the most significant investments an individual will make during his or her lifetime, and credit unions are playing a more central role in extending the funding consumers need to purchase a home. Freddie Mac's Primary Mortgage Market Survey shows rates for a 30-year fixed mortgage is averaging at 3.75 percent, a new record low. Average rates for 15-year mortgages dropped to an unprecedented 2.97 percent.
Credit unions are prepared to not only help lock Americans into lower rates, but also provide the personal service, home buying resources and financial education programs to help buyers avoid the types of irresponsible loans big banks extended that led to the housing market crisis.
Many larger financial institutions have also imposed lending restrictions that are making it difficult for Americans with steady incomes and good credit scores to qualify for home loans. Credit unions are better equipped to provide funding to eligible Americans in their communities and help them realize their homeownership goals.