Credit Union For Affordable Home Loans 4. June 2015 Administrator (0) Getting a home loan is a big financial decision, which requires one to consider many important factors. It is advisable to consider credit union for a home loan, as it is a not-for-profit organization. A credit union provides home loans to its members at low interest rates. It also offers various others benefits for people trying to purchase a home.Here are some of the benefits of taking home loans from a credit union:Low interest rates: Being a non- profit organization, a credit union is not liable to pay taxes to the federal or state government. Therefore, these are capable to lend loans at a low interest rate. Thus, borrowers are able to lower their monthly home mortgage payments. Low fees: The loan processing fees charged by a credit union is affordable. Where on one hand initial loan fee charged is less, on the other hand, checks and electronic transactions are usually offered free of cost. Control of account holders: Members of a credit union are also its part owners, thus, having complete control over its operations. They have a right to vote on important matters that may affect their financial obligations such as terms of home loan rates and other related activities.Increased flexibility: Credit unions are willing to lend financial aid to its members even if they do not have a higher income. The loan policies are also flexible enough to accommodate the specific needs of an applicant or if they are facing temporary financial issues.Benefits to lower income groups: Borrowers in lower income groups can also be granted membership in credit unions. One can look for the packages that suit them best by reviewing its rates, cost of the loan, adjustability of its cost and its mortgage term.Fewer complications: The procedure of getting a home loan from credit unions is simple and involves fewer complications. There are barely any rules or provisions to be followed, thus making the whole procedure convenient for its members. Usually, the loan application gets approval within a few days, after the documents are verified.Courteous staff: The staff at a credit union is friendly and assists the members in their tasks. They are also more approachable and pay personal attention of the needs to the members. Thus, credit unions are highly consumer oriented and provide more flexible and affordable home loans to its members.