{"id":7191,"date":"2014-11-18T14:43:21","date_gmt":"2014-11-18T14:43:21","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=7191"},"modified":"2014-11-18T14:43:21","modified_gmt":"2014-11-18T14:43:21","slug":"credit-unions-step-fill-lending-void","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/credit-unions-step-fill-lending-void\/","title":{"rendered":"Credit Unions Step in to Fill Lending Void"},"content":{"rendered":"

Credit Unions Step in to Fill Lending Void<\/h2>\n
\"Credit<\/a>

Credit Unions Step in to Fill Lending Void. Image courtesy of Stuart Miles \/ FreeDigitalPhotos.net<\/p><\/div>\n

The number of mortgage originations issued from credit unions in the first half of 2014 has climbed 10 percent year-over-year. This has elevated credit unions to having more than 8 percent share of the home loan market\u2014about triple their share prior to the recession\u2014making them a growing option for home buyers looking for financing, according to data from the Credit Union National Association.<\/p>\n

In June, the nation\u2019s 6,557 credit unions surpassed 100 million members (you still have to be a member of one to get a loan, but many credit unions are tied to employment, trades, religious groups, or specific communities). Nearly two-thirds of credit unions offer mortgages.<\/p>\n

\u201cWe\u2019ve seen a very strong increase in originations over the course of the last several years,\u201d Mike Schenk, vice president of economics and research at CUNA, told the Los Angeles Times.<\/p>\n

Mortgages comprise about 41 percent of all credit union loans compared to 25 percent in 2000. The average loan amount at a credit union is $130,000, and 70 percent of the loans offered are for 30-year fixed-rate mortgages. But many credit unions do offer different financing options for members. For example, Pentagon Federal, with 1.3 million members nationwide, introduced a 15\/15 adjustable mortgage, where rates reset only once at the midterm mark to reflect the current market rate. Also, the National Institutes of Health Federal CU offers the five-year fixed-rate mortgage, dubbed the \u201csee ya\u201d loan, which allows home owners to refinance and coordinate it to a time of a special event, such as retirement or when the children go to college, in order to end their mortgage payments by that time.<\/p>\n

Credit unions don\u2019t typically charge cheaper interest rates, but they \u201ctend not to tack on a bunch of superfluous fees that other lenders seem to love,\u201d the Los Angeles Times notes in a recent article. \u201cAnd because they are local and member-controlled, they are more likely to consider applicants with a story to tell than some underwriter five states over who is forced to stick to standard guidelines.\u201d<\/p>\n

Source: \u201cShopping for a Loan? Credit Unions Can be Consumer-Friendly Option,\u201d Los Angeles Times (Nov. 9, 2014)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Credit Unions Step in to Fill Lending Void The number of mortgage originations issued from credit unions in the first half of 2014 has climbed 10 percent year-over-year. This has elevated credit unions to having more than 8 percent share of the home loan market\u2014about triple their share prior to the recession\u2014making them a growing … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-7191","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nCredit Unions Step in to Fill Lending Void - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/credit-unions-step-fill-lending-void\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Credit Unions Step in to Fill Lending Void\",\"datePublished\":\"2014-11-18T14:43:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/\"},\"wordCount\":385,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100246758.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/\",\"name\":\"Credit Unions Step in to Fill Lending Void - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100246758.jpg\",\"datePublished\":\"2014-11-18T14:43:21+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/credit-unions-step-fill-lending-void\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100246758.jpg\",\"contentUrl\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100246758.jpg\",\"width\":400,\"height\":378,\"caption\":\"Credit Unions Step in to Fill Lending Void. 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