There are several reasons why you might consider getting a mortgage with a credit union in Alberta, and many potential advantages. Read on for just a few of the many reasons why Alberta credit unions are the perfect option for your mortgage needs!
Why get a mortgage with a credit union:
Lower interest rates
Credit unions are co-operative financial institutions owned by their members, which means they often offer competitive interest rates on mortgages compared to traditional banks. Because credit unions prioritize member satisfaction over profits, they often pass on their earnings to their members in the form of lower interest rates or annual returns such as profit shares or dividends.
Credit unions are known for their personalized approach to banking. In fact, they’ve won the “Customer Service Excellence” award from Ipsos for the past 18 years as of 2022!
Credit unions take the time to understand their members’ needs and to provide individualized guidance to members throughout the mortgage process. If you prefer a more personal touch, a credit union is a good choice.
Flexible terms and conditions
Credit unions typically offer more flexible terms and conditions on their mortgages or are open to looking at unique circumstances or alternative factors for mortgage approval beyond just credit scores. This can be particularly beneficial for individuals with non-traditional employment or credit histories.
Credit unions are founded on the idea of looking at the person as a whole, and not just numbers on a balance sheet, which means greater flexibility for members.
Community and values focus
Credit unions are deeply rooted in the communities they operate in. By choosing a credit union, you’re support a local institution that reinvests in the community and contributes to its growth.
Additionally, credit unions often have a commitment to the values of the community, with a focus on social responsibility, charitable giving and other forms of community support. Credit unions are more likely to be aligned to what matters to their members, because they are governed by their members who get a vote and a say in the decisions of the credit union.
To get a mortgage at a credit union, you must become a member, which is a quick and easy process that involves buying your first common share (typically for $1.00). Being a member gets you access to member rewards like annual profit sharing or dividend programs which means you benefit from the success of the credit union with money in your pocket!
There may be other member benefits as well, depending on the credit union, from lower interest rates, higher rates of return on savings accounts, or lower fees on financial products and services.
Want to learn more about why you should get your mortgage from a credit union? Contact one near you today – find one here.