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Old 01-10-2008, 02:24 PM
 
114 posts, read 475,901 times
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I'm going to be a first-time homebuyer in the next couple of months....

Has anyone had experience getting their mortgage from a credit union (more specifically, the CDC Federal Credit Union)? If so, would you recommend using a credit union over a mortgage broker? I'm not sure if one is able to offer better interest rates over another, but credit unions, being not-for-profit financial cooperatives, sound good.

Are there major differences between using a credit union and a regular mortgage broker?

Thanks!
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Old 01-17-2008, 12:51 PM
 
1 posts, read 5,917 times
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Depends on your scenario. If you have good credit and stay within guidelines the credit union is much cheaper. Today's Wells Fargo rate for 15 year jumbo is 6.125% with 1/8 point. Navy Fed Credit Union is 4.875% with 3/4 point origination fee. You break even at six months and save 0.4 point/year thereafter.
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Old 01-17-2008, 01:35 PM
 
297 posts, read 1,538,537 times
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If you decide to go with a mortgage broker, you can PM me for a reference. We have personally used her 4 times and have referred her many times, and all we have gotten is positive feedback! Easy to deal with, great communication, and good rates.
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Old 01-17-2008, 02:33 PM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,086,067 times
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I would shop and compare both the credit union and the mortgage broker. I would think that a mortgage broker could probably get you a better deal as it is their job to shop your loan and get you the best possible scenario - otherwise they have no sale and will make no money. At least you would have something to compare it to.

I would suggest Christine Lim of First Fidelity Funding. You can call her at 404 388-8800. She does a lot of loans for my clients and seems to give them the best rate.
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