Understanding the Credit Union Process

Ocean State Credit Union is a federally certified, chartered, full member FDIC insured financial institution that offers a range of financial products such as savings accounts, certificates, CDs, money market accounts, personal accounts and credit cards. This institution was created so that people living all over the world could get access to low interest banking services. At the same time it promotes responsible banking practices and dedication to community. It is also one of the few such institutions that are located west of the Chesapeake Bay in Virginia. It is part of the Financial Service Area (FSA) of the Department of Treasury.

To apply for an FHA loan you will need to visit an approved site on the internet. A link to the application form can be found on the ocean state credit union website. You will need to complete the form and return to the union office. To get a copy of your application you can contact the union directly or visit their main page on the internet. The union can provide a copy of the application either through email or fax.

Once your application has been processed and approved you will be required to supply basic information such as name, social security number, phone number and address. You will also be required to provide information about your personal and business history including dates of employment, amounts of loan and monthly payments, names of people who co-signed for you and the details of any loans you have previously taken out. Additional information such as current home value, current debts and the interest rate you are eligible for will also be asked. Once all the required information has been submitted with the application will be processed and a decision will soon be made.

An FHA Loan is very useful for first time home buyers as well as people who are looking to refinance their existing mortgage loan. Most credit unions will require that you have applied for a loan through them before you are considered for a quote. As a member of an FHA Loan Union, you will be entitled to a variety of benefits. The most beneficial of these benefits are: low down payment requirements, no closing costs, lower interest rates, first time home buyer tax credit, reduced taxes, no annual fees, and additional savings based on your location.

One disadvantage to being a member of a credit union is that there will be a regular appraisal of your property every year. This cost is estimated using historical data and is often higher than what a conventional mortgage or loan would cost. To protect your home from foreclosure and to ensure that you do not lose your home to foreclosure, it is advisable to apply for an FHA loan. An FHA Loan is available to people with less than perfect credit.

Insurance. Many times a fee is charged for insurance when obtaining a mortgage. The insurance is charged because the institution is shielding themselves by offering a lower rate. The Ocean State Credit Union will often require proof of insurance before they give you a quote. You will want to compare several insurance rates before choosing a policy.

Union Discounts. Many financial institutions offer discounts for members of unions. If you are a member of an ocean state credit union, you may be eligible for this discount. It is important to ask your agent about any union discounts available to you when applying for a loan.

Members Only Review. Some unions have restrictions about credit members only being able to apply for loans and mortgages. Others allow all union members including those non-members. The most important thing to remember if you are denied credit or otherwise treated unfairly by a credit union is that you should know your rights. All members of a credit union have rights. Know these rights so you can voice them.

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