Kellogg Midwest Federal Credit Union Can Help You Secure A Omaha Home Equity Loan
A home equity loan is a loan for a fixed amount of money that is secured by your home. It is a type of loan in which the borrower uses the equity of his or her home as collateral. You repay the loan with equal monthly payments over a fixed term, just like your original mortgage.
4 Reasons To Work With Kellogg Midwest Federal Credit Union On A Home Equity Loan
1. Lower monthly payments. Interest rates on home equity loans are usually lower than personal loans or credit cards. The long-standing advantage KMFCU has held, on average, extends to nearly all products. KMFCU typically offers higher average dividends on deposits and charge lower interest rates on loans.
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2. Lower fees. KMFCU can pass on lower rates, waive fees, and amp up the customer service experience because we’re a not-for-profit organization designed to serve our members rather than answer to profit-demanding shareholders as banks must do. Over a two-and-a-half year period beginning in May 2009, Bankrate.com says that rates on a $30,000 home equity loan at credit unions averaged 1.2 percentage points less than at banks.
3. Better customer service. Not-for-profits will not only save you on the fees and interest rate (as much a percentage point, says Bankrate.com) associated with the loan compared with a traditional bank, but they often deliver more personalized customer service because they are literally invested in the success of the members. Being a member of KMFCU can mean free checking and even dividends; once you make that first deposit, you become a stakeholder.
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4) Easier to work with. KMFCU is more willing to lend money since we, unlike our traditional banking counterparts, haven’t been bogged down with bad loans made during the housing crisis. KMFCU typically hold our loans in our own portfolio instead of selling them to a third party.
Kellogg Midwest FCU has been helping members in Omaha since 1946. We would love to help you too. For more information on working with Kellogg’s on your Omaha home equity loan, contact us today.