i heard that credit unions (some) have started doing mortgages, does anyone know anymore about this. I rang my local cu and was told they don't do them but others may.
yeh i rang them earlier, they were not much help. the girl said they do not have access to indivdual cu info as to who does m/gages or who doesn't.
i would have to call them all and find out, which doesn't help really cos you can only join a cu if you live in their area.
i am a member in another cu so i'll ring on the off chance that they do them... are they much more exp to go through - does anyone have any direct experience.
As far as I know credit unions who advertise mortgages do so as agents for one of the major mortgage companies only. I don't think Credit unions offer a comprehensive mortgage package or have a stand alone mortgage offer.
AFAIK, CUs are forbidden from borrowing or lending long-term. Any mortgage offered are probably done so as a broker/agent (as mentioned by oldtimer) as opposed to underwriters.