Find mortgage deals at credit unions

Home loan written on blackboard

When you’re shopping for a home loan, checking the mortgage rates and deals offered by a not-for-profit credit union might save you money.

The 3.7 million members of the world's largest credit union, Navy Federal Credit Union, for example, can get a credit of up to $2,500 toward their closing costs.

Because credit unions are usually tied to a workplace, social group or community, they can also be very responsive to local financial troubles.

The Limestone Federal Credit Union in Manistique, Mich., this week offered a three-month payment break to employees laid off by local employer Manistique Papers Inc.

The Credit Union National Association can help you find a local credit union where you can shop for a mortgage deal.

As with any "free" offer, you’ll want to check to make sure the deal is really a deal:

The fact that a lender is a not-for-profit doesn’t mean it’s not planning to make a profit from your loan. So, read all the fine print and check disclosure documents carefully to make sure you deal is really a deal – no matter who’s offering it.

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