Should I check with a credit union for a home or land loan?

Credit unions are one of several places to request a quote. They are not-for-profit cooperatives owned by their members, and the NCUA says they return earnings to members through lower fees, higher savings rates, and lower loan rates. To join, you usually need to fit the credit union's field of membership, such as an employer, family tie, location, or group. Deposits at federally insured credit unions are covered by the National Credit Union Share Insurance Fund up to $250,000 per account category. Each credit union sets its own lending products and property rules, so ask whether it finances land, construction, or factory-built homes.

Sources

• How is a credit union different than a bank?National Credit Union Administration (MyCreditUnion.gov)