With the release of the HBO movie “Too Big to Fail” more and more consumers and homeowners are intrigued and perhaps shocked over the back room deals and manipulation of many of the nation’s big name banks in the wake of the housing crisis. Many homeowners, first time homebuyers and even REALTORS® are now looking to credit unions as a trusted, local lending resource in their community. Most of the nation’s high quality mortgages lending credit unions work diligently under the radar in terms of home finance alternatives. Consumers are a bit confused and unaware they in fact qualify for membership and in some cases are eligible to join more than one credit union! This well kept secret “as the saying goes” is spreading in local communities and around the country. The Credit Union message is clear in the wake of a continuing search for an alternative trusted financial institution, “why not us and why not now.”
Reports that a few “mega banks” dominate the home lending market are accurate. The question is are they earning the trust of consumers and REALTORS® or is it that most people are just unaware of the valued trusted alternative resource, namely Credit Unions. “Millions of people are members of credit unions and hundreds of millions more are eligible to join and likely don’t even know it,” says Bob Dorsa, President of the American Credit Union Mortgage Association, a non-profit association for credit union home lending advocacy. Likely “thousands of REALTORS belong to credit unions but generally do NOT think of the credit union as a lending resource for client simply due to a lack of any working relationship,” he added.
Credit Unions are found in almost every community, town and city in the country. Not all credit unions offer home loans but consumers need to pay more attention to obtaining competitive information including contacting a local Credit Union. Many credit unions operate under the radar and conserve their financial resources by NOT advertising all over the place. Instead they focus on offering better terms and lower fees to their members. The housing crisis has millions of homeowners in a state of uncertainty. First time homebuyers should not resign themselves to the thought of renting as their only option. Credit unions are among the most trusted financial institutions on the planet and deserve a chance to preserve the American Dream for every generation wanting to own their home.
Credit union membership nationwide is in excess of 90 million people. Credit Unions originated close to $200 billion in home loans in the 2 and 1/2 years, which should provide confidence and interest for millions of people who need help.
For more information as to how to find or join a credit union, please contact your state’s Credit Union league or contact ACUMA at email@example.com for more information.
CONTACT: Bob Dorsa, +1-877-442-2862
Web Site: http://www.acuma.org
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Filed under: Real Estate