A credit union is a not-for-profit financial institution that is run by its members, who usually have something in common.  Credit unions offer many of the same services as banks, such as servicing accounts and offering home loans, but often give better interest rates than banks.

Credit unions have become very popular over the last few years among people trying to get loans.  Because interest rates are lower at credit unions, people can save thousands when they refinance a mortgage or apply for a home equity loan or line of credit.

Refinancing a home loan may save a borrower a lot of money on his or her monthly mortgage payments.  Because interest rates are lower now than they were when many people got their first mortgage, refinancing a home loan can take points off of the loan's interest rate.  By refinancing, thousands of dollars could be saved, money that could be better spent elsewhere.


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