I've spent a lot of time critiquing the banks and mortgage brokers for their one-size-fits-all solutions, poor customer support, and general not-with-it-ness (hey, why be a rebel if you can't make up a word from time to time...?). And next week, I'll be getting back to that topic.
But today I thought I'd share a solution to the big-bank re-financing trap that a lot of people are in. Or, even if you're a new buyer looking for financing.
Take a look in your own backyard. If you're looking for innovative and still local decision making, try out your local credit union. Even if you don't already have an account, a small deposit ($50-$100 in most cases) will open one and give you access to their services.
According to the American Credit Union Mortgage Association, (www.acum.org) Credit Unions are well positioned to take advantage of the current lending crisis. Because they are generally local and association based (credit union membership is usually predicated on some kind trade, academic, or residency affiliation. See, I can use big words too...), reaching out to those members who are not being well served by the bigger banks represents a unique opportunity to grow a Credit Union's membership and asset base. This means that they are actively looking to restart their mortgage lending. Huzzah!
So what are you waiting for?? If you're having a tough time getting a response from your bank, check out http://www.creditunion.coop/ to find a Credit Union that fits you.
Good luck, and go gettem!!
-Larry
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