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Small Lenders With Big Home Loans

When looking for a jumbo loan, don’t forget the little guys.

Credit unions—small players in the overall mortgage market—have increased their market share in originations from 3% to 10% over the past decade, says Guy Cecala, CEO and publisher of Inside Mortgage Finance. “One of the surprises since the credit crisis is how much it has jumped, from 6% in 2008,” he adds.

Members, who typically join credit unions because of military, professional or geographic ties, may even get better loan terms than they might get from a bank or other lender. To stay competitive, credit unions may waive down-payment and mortgage-insurance requirements. Their interest rates aren’t necessarily lower, however. And since credit unions have smaller holdings than banks, many limit the amount that can be borrowed to under $2 million.

via Small Credit Unions Offering Big Home Loans – WSJ.

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