In the wake of the housing bubble’s burst and the aftermath leading to the Great Recession, credit union membership has grown. The driving forces behind membership increases are assisting in home purchasing and refinancing of existing home mortgages. Since their inception, credit union memberships have resulted in customers wanting to open low interest checking accounts, higher interest savings accounts and to request loans for auto purchases. But with Americans actively seeking assistance with home purchasing, they have been flocking to credit unions to meet that demand.
Although most credit unions’ business does not center on mortgage lending, customers are flocking to them due to the unions’ ability to meet their members’ financing needs. In the wake of the housing industry’s collapse, many brokerage firms were driven out by the bleak outlook of the economy. Markets left with a gigantic gap in their housing finance sectors discovered that credit unions easily filled said gap. Many large banks were also left unable to meet the demand of the mortgaging business, paving the way for credit unions to replace them.
If you are considering purchasing a home or would like more information regarding the options to be taken in home mortgaging, contact Brownsville’s most trusted credit union, Valley Federal Credit Union, at (956) 546-3108, or contact our Harlingen branch at (956) 425-5668.