April 3, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Realizing the American Dream: Borrowing for a home using a credit union

Southland Credit Union, located at 525 Santa Monica Boulevard, says the initial steps to joining is straightforward and the benefits are plenty.
Southland Credit Union, located at 525 Santa Monica Boulevard, says the initial steps to joining is straightforward and the benefits are plenty.

Home ownership is part of what many people consider realizing the American Dream. Purchasing a home, especially if it is your first home, is an exciting experience that comes with challenges. Very few people are able to pay for their home outright and instead, take out a home loan, or mortgage, from a financial institution. They may not realize the credit unions offer mortgages with many benefits.

“Credit Unions are well-known for providing a better value to customers,” said Matt Herrick, Vice President of Sales & Marketing at Southland Credit Union in Santa Monica. “Credit unions generally offer a full range or mortgage options to fit many different buyers.”

If you are a member of a credit union, or considering joining one, there are many benefits to using a credit union for a mortgage.

Many credit unions require the homebuyer to put down a minimum down payment of five percent, which will be matched with conventional financing, Herrick said. Federal Housing Administration (FHA) loans are another option offered by many large banks, but these loans tend to have larger fees, Herrick said.

Herrick summarized some of the advantages of using a credit union for a mortgage:

  • Credit unions offer lower-cost private mortgage insurance (PMI) compared to big banks for homebuyers that cannot provide at least a 20 percent down payment.
  • Historically, credit unions have offered lower interest rates on mortgages.
  • Unlike some banks, credit unions offer loans not only for people purchasing their primary residence, but also for buyers of a second home, investment property and multi-family properties.
  • Many credit unions partner with local real estate agencies to give a commission rebate after a home is purchased, which could save thousands.

Before you go house hunting, visit your local credit union’s loan officer to learn about the benefits of borrowing with your credit union and receive a preapproval.

“We have dedicated loan officers who will talk members throughout the entire process and help them select the best loan that meets their needs,” Herrick said.

Southland Credit Union is located at 525 Santa Monica Blvd. in Santa Monica.

For more information, call 888.898.9199 or visit SouthlandCU.org.

in News
Related Posts

LAX Airport Server Finds Hate-Filled Message From Unidentified Diners

April 2, 2025

April 2, 2025

Waiter Says He Was Stunned by the Message Left by Customers Guillermo Ortiz, who works at Planet Hollywood inside the...

Sunset Strip Staple Le Petit Four Shuts Down After Landlord Pulls the Plug

April 2, 2025

April 2, 2025

End of an Era: Le Petit Four Forced to Close in West Hollywood In a stunning reversal to the upbeat...

Metro LA Pushes Back Sepulveda Transit Community Meetings

April 2, 2025

April 2, 2025

Environmental Review Delay Prompts Metro to Reschedule  Metro announced that community meetings scheduled for early April to discuss the Sepulveda...

County Board Approves New Homeless Agency, Redirecting Millions from Existing System

April 2, 2025

April 2, 2025

With Billions on the Line, LA County Moves to Centralize Homeless Response Los Angeles County is making a dramatic shift...

Put the Phone Down: LAPD and CHP Targets Distracted Drivers in April Crackdown

April 1, 2025

April 1, 2025

Hands-Free Law Violations Could Now Cost You More Than Just a Fine Throughout April, the Los Angeles Police Department will...

Five Arrested in Culver City After Attempted Carjacking and Vandalism Incident

April 1, 2025

April 1, 2025

Gun, Warrants, and Broken Glass: Culver City Police Tackle Two Crimes Police arrested four juveniles in connection with an attempted...

Kim Delaney, Partner Cleared After Weekend Arrest in Marina del Rey

April 1, 2025

April 1, 2025

Emmy-Winning Actress and Partner James Morgan Released Kim Delaney, the Emmy-winning actress recognized for her roles in NYPD Blue and...

(Video) Spending an Afternoon at Pacific Park on the Santa Monica Pier

April 1, 2025

April 1, 2025

Go To Pacpark.com For Tickets and More Information. Go To https://t.co/fDDgcY6b3e For Tickets and More Information.#amusementpark #rides #rollercoaster #summer #spring...

Matū Kai to Debut in Brentwood With Grass Fed Wagyu and Global Flair This Week

April 1, 2025

April 1, 2025

Farm-To-Fork Beef, Wood-Fired Flavors, and Sustainability Meet on San Vicente The team behind Beverly Hills’ acclaimed steakhouse Matū will soon...

Mid-City Freeway Death Under Investigation After Caltrans Workers Find Blanket-Covered Body

April 1, 2025

April 1, 2025

Woman Discovered on 10 Freeway Shoulder Identified; CHP Launches Probe Caltrans workers discovered a woman’s dead body around 9:00 a.m....

Community Support Saves Beloved West Hollywood Café from Closure

March 31, 2025

March 31, 2025

Packed Tables and Emotional Messages Helped Keep the Doors Open Le Petit Four, the popular Sunset Boulevard café known for...

Egg Beaters Recalled Over Possible Chemical Contamination

March 31, 2025

March 31, 2025

Massive Liquid Egg Recall Includes California Shipments Cargill Kitchen Solutions is recalling approximately 212,268 pounds of liquid egg products after...

Los Angeles County’s Measure A Raises Sales Tax On April 1, And It’s No Joke

March 31, 2025

March 31, 2025

Santa Monica, West Hollywood, Culver City, and Malibu Will See Higher Increases Starting April 1, Los Angeles County residents will...

Robbery Boast on Instagram Helps Send Beverly Hills Heist Suspect to Prison

March 31, 2025

March 31, 2025

Flashy Post, Federal Time: Smash-and-Grab Mastermind Sentenced Ladell Tharpe, 39, received an 84-month sentence from U.S. District Judge George H....

Culver City Rolls Out Hi-Lo Siren to Warn Residents During Emergencies

March 31, 2025

March 31, 2025

Hi-Lo Warning System Activated: Culver City Adds New Evacuation Tool In an effort to strengthen emergency preparedness and public safety,...