Those planning to purchase a home should consider using a credit union, says Brian Eyestone, president of Members 1st Credit Union, 1200 E. Gannon Drive, in Festus.
“I think there are a lot of people who either don’t know about credit unions or have some misconceptions,” said Eyestone, who has been at Members 1st for 24 years. “(They ask) ‘How is it any different than my bank?’ Well, are you the owner of your bank now? When you open an account at the credit union, you’re one of the owners because we are member-owned.”
He said Members 1st Credit Union’s focuses on offering good service.
“As a member-owned, not-for-profit financial institution, our focus is on providing our members with outstanding service while offering low loan rates, higher deposit rate and fewer/lower fees than most other financial institutions. We also price our first mortgage loans so that the interest rate our borrowers receive is below the market rate and our closing costs are lower than other lenders. This can save homebuyers thousands of dollars versus financing somewhere else.”
Eyestone said anyone who buys or refinances a home will work directly with the credit union president through the entire loan process.
He said Members 1st works with the Federal Home Loan Bank to offer loans an eighth to a quarter percent below the secondary market. In addition, the credit union does not charge internal fees, such as an application or processing fee.
Eyestone said bigger banks try to generate more revenue from loans, but Members 1st approaches loans with the idea that if a member gets a mortgage loan through the credit union, down the line, he or she may open a checking account or a CD or take out other loans.
For more information, call 636-931-7144 or visit me1stcu.com.