Banks vs. Credit Unions

Before you run to your bank to check their rates, have you heard of a Credit Union? Credit Unions were brought over from Europe to North America in 1900 and the US more specifically in 1909, by Alphonse Desjardins. Credit Unions were originally set up to help poorer urban and rural communities that banks often overlooked. Today, Credit Unions are still non-for-profit types of lending and banking institutions who typically will have better interest rates than a bank. The main drawback? Options. Credit Unions are usually slimmed down and offer only the highest volume types of transactions. So, if you’re looking for a 15-,20-, or 30-year fixed rate mortgage, no problem. If you want to get an Energy Efficient Mortgage because your home is LEED certified, they probably won’t have that. Here is an additional article about how Credit Unions and Banks are different. So look into it and know what your options are.