Difference Between Credit Union and Bank

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Credit Union

Let me first start off with credit unions and you know I’m just going to give you how I see it because I’ve been in this industry for over 20 years prior to being in real estate as an agent. My prior life was a mortgage banker and that’s what I did for a number of years. I’m going to give you things how I see. I’m not a big fan of the credit union. I think credit unions are great. They do car loans that you do checking savings CDs much like a bank. They have really good customer service. They really care about their members and I think that’s great. The problem is I don’t really think the training there and I’m a person that really believes in knowledge. You know I’m not saying that if you work with a credit union or you know someone works with the credit union in or go through a credit union. Not saying this about all credit unions.

I’m using this in a general sense. They just don’t have the best training in the world. The other problem with credit unions is the people who are doing the loans. The loan offices the credit union a lot of them are strict salary. If they’re not strict salary, their salary plus bonuses and I’ll get to this in a little bit later. So that’s why I’m not really a big fan so Years ago when I used to be in mortgage banking. I actually used to go to credit unions. They were some of my clients to get loans from because they didn’t have all the knowledge and they were telling people they weren’t qualified because they could not work with them. Now the good thing about credit unions because they are so customer service oriented they would pick up the telephone and say hey Lance we can’t do this loan can you do it? So at least they’re going to do that.

Can You Do A Refinance With A VA Mortgage?

That’s one of the most commonly misunderstood advantages of a VA loan is that you may have decided to take a conventional loan or an FHA loan for one reason or another and if you’re eligible for a VA Mortgage you can refinance and actually pull cash out, up to 100% of the current value of the home. This can be an incredible advantage, especially if you want to free that capital up for potentially paying down other liabilities or investment or whatever you want to use the cash for. It’s a real strategic advantage of the VA loan that is unlike any other loan of its type in regards to being able to pull 100% cash out. Hey, we understand that everybody’s situation is a little bit different, and we would encourage you to contact us with any questions you have so that we can give you the underwriting guidelines and tell you what your capabilities are and make sure that the VA Mortgage is the right option for you.

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