Credit Union better than Conventional Mortgages for low lows?

[Jacky Lei]

I was talking with my lender who said if I looking to buy a SFR for $70k it's looking around 9% if I do conventional 30 year right now. She even suggested I look at credit unions for small loans since it would offer better rates. Anyone have any experience with that? Would love to learn about this as I always thought using up one's 10 conventional loans first is the best way to go before going for more creative financing.

[Andrew Garcia]

Quote from @Jacky Lei:

Thanks @Andrew Garcia! Do credit unions generally work nation wide or only in the state where the property is located? I haven't worked with them before so curious is closing costs and process is mostly the same and how do you usually start looking for them?

 @Jacky Lei, typically they are local and want a depository relationship. If they are selling to Fannie/Freddie, the process should be very similar but if they are holding it as a portfolio loan, it may be wildly different.

In whatever town or city you are looking to buy in, simply google "{city} credit unions". That should help you find a few.

You can still utilize conventional financing. You need to work with a lender that is better priced, though.

Hope this helps!