Are you considering People’s Credit Union for mortgage refinancing or to purchase your home? Does People’s Credit union offer competitive mortgage rates and fees compared to other lenders like Amerisave or Navy Federal Credit Union? Here is my unbiased review of People’s Credit Union to help you make an informed decision and avoid leaving cash on the table at closing.
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that can save you thousands of dollars on your next home loan.
People’s Credit Union serves the State of Rhode Island and features open membership.
Does People’s Credit Union offer their members competitive rates and fees compared to other banks and credit unions?
People’s Credit Union Profile
Founded in 1922, People’s Credit Union primarily serves the State of Rhode Island. Membership is open to pretty much anyone with a pulse living in the State. They offer accounts and services for both individuals and businesses. They are a member owned, not-for-profit financial cooperative. Profits are returned to members not in the form of a dividend but with higher interest rates on savings accounts, lower rates on home loans as well as low costs services and fees.
People’s Credit Union has been in business for over 87 years and has never changed their name. Their philosophy of business is “People helping People.” Their website boasts 30,000 members and 375 million dollars in assets. PCU offers a wide range of products for businesses of all sizes and individuals ranging from checking and savings accounts, credit cards, personal loans and mortgages.
People’s Credit Union Contact Information
People’s Credit Union
858 West Main Road
Middletown, RI 02842
People’s Credit Union Review
People’s Credit Union’s website is fairly basic but functional. It offers online banking as well as purchase and refinance mortgage rates are published on the site. Interest rates seemed slightly higher than those being offered by the best mortgage companies online; however, the rates do not require discount points.
Refinance rate quotes are not available online as the website refers you to one of People’s Credit Union Mortgage specialists for more information. Additionally, fees like the origination fee are not disclosed on the website. Overpaying closing costs is a common mortgage mistake that can make recouping your out-of-pocket expenses difficult, even impossible.
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Should you trust People’s Credit Union with your next home loan? The answer depends on how much they’ll charge you to arrange your refinance mortgage and if you’ll be able to recoup that expense from any savings you’re getting from your new payment. You can improve you’re the benefit you’ll get from mortgage refinancing by minimizing fees like the loan origination fee and avoiding junk fees like application and processing fees.
You can learn more about getting the best deal for your next home loan while avoiding unnecessary points and fees by checking out my free Underground Mortgage Videos.