|
Answer:
Dear
Sally,
There
is no credit union related to BUYandHOLD. However,
it's very likely you will be able to find one to join,
given that there are an estimated 10,000 of them in
the U.S.
Although
initially limited to people who worked together, over
the years membership has widened, initially allowing
spouses to join. Now, many credit unions have expanded
the concept of "family" to include siblings and children,
and in some cases, even cousins, aunts and uncles.
And
a growing number are community oriented -- that is,
defined by geography, not by employment or family.
For example, the Saugus (Massachusetts) Federal Credit
Union is open to all who live or work in the three
counties of Suffolk, Middlesex or Essex.
I
recommend that you begin your search by going to www.cuna.org.
(CUNA or the Credit Union National Association is
the industry's trade organization.) On the home page,
click on "How to Join a Credit Union." (The home page
is continually changing; so if you don't find "How
to Join" then click on "Consumer Information" which
will take you to "How to Join.") Here you will find
three suggestions that directly apply to your situation:
(1)
That you check your city or town's Yellow Pages under
"Credit Unions."
(2)
That you use CUNA's "Online Credit Union Locator".
I typed in the zip code for the town in Iowa where
I grew up and found a credit union that explained
it had expanded beyond it's original membership base
and was urging people to contact them about eligibility.
(3)
That you call CUNA at 800-358-5710. You will then
be given the name of a contact person in the state
where you live. This person will further help you
with your search.
About
Credit Unions
For
readers who may be unfamiliar with credit unions...
these are cooperatives or not-for-profit associations
of people who pool their savings. By law, they must
have a so-called common bond, which may mean working
for the same employer, belonging to the same church,
club or government agency or living in the same neighborhood.
Because
they are not-for-profits, they are tax-exempt and
have low overhead costs. Credit unions almost always
give savers and borrowers better interest rates and
terms than commercial institutions. Depending on the
particular credit union, they offer some or all of
the following: savings accounts, a type of CD, vehicle
loans, mortgages, personal secured and unsecured loans.
Current
Rates
To
find credit unions with the best rates in the country,
go to www.bankrate.com.
Here are the current average rates as listed on the
website:
| |
Credit
Unions |
Banks |
| 30
year fixed mortgage |
6.38% |
6.40% |
| Home
equity loan |
6.76 |
7.93 |
| 1
year CD |
4.29 |
3.14 |
Those
are just averages. Some credit unions are offering
even better terms. As we went to press, for example,
the 30-year fixed rate mortgage with the Pentagon
Federal Credit Union in Alexandria, VA was only 6.25%.
Good
Luck!
|
