Durham Mortgage Broker vs. the SECU Credit Union?

A client referred his son and daughter-in-law, a new home buyer, to me to finance their first home.

She had spoken with the SECU (State Employees Credit Union) and had
what she thought was an excellent program and rate.

She was calling me as a courtesy to her dad-in-law.

After speaking and finding out her priorities, I gave her two choices.

She took the choice that was .625% lower in interest rate and
adjusted in 10 years rather than five.

After we locked, she asked how can I can be so much better than a big
credit union. She had thought my rates and closing costs would be higher.

She was so surprised.

I explained that there are 4 types of mortgage lending models-
Big Banks, Credit Unions, Mortgage Brokers, and Correspondent Mortgage Bankers,
and that each has it’s own strengths and weaknesses. I explain it on this


For instance, there are things the SECU can do that a traditional agency
lender cannot do. In fact, I have referred buyers to the credit union when
I know they have a better program or benefit for the buyer. (Yes, that can be painful to do!)

The lesson for loyal SECU credit union members is to find out what the
credit union program is, and then, just to be sure, double check with a
lender you can trust for a second opinion. You should be able to get a clear
straight answer and be able to decide for yourself.

If you’re a home buyer and would like a comparison or a mortgage pre-approval,
you can contact me here.



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