Credit union mortgage rates Meaning and Definition

Pronunciation

(/ˈkrɛdɪt juːˈnɪən ˈmɔːrɡɪdʒ reɪts/) 🔊

Part of Speech

Noun phrase

Definition

The interest rates offered by credit unions for mortgage loans, often lower than those of traditional banks and other financial institutions.

Examples

• Credit union mortgage rates are often more competitive than those of traditional banks.
• We compared credit union mortgage rates to find the best deal for our home loan.

Synonyms

• Mortgage rates
• Home loan rates

Antonyms

• High-interest loans
• Commercial mortgage rates

Additional Information

Credit unions are not-for-profit financial cooperatives that offer mortgage loans to their members. Credit union mortgage rates are often lower because credit unions do not have to answer to shareholders, unlike traditional banks. This allows them to offer more competitive rates to their customers. Credit unions also offer more personalized service and may have fewer fees than traditional banks. When shopping for a mortgage, it is essential to compare credit union mortgage rates to those of other lenders to find the best deal.

Etymology

The term “credit union” originated in Europe in the 19th century, and “mortgage rate” has its roots in Latin.

Usage Notes

Credit union mortgage rates are usually discussed in the context of personal finance and real estate.

Cultural References

Credit union mortgage rates are often mentioned in personal finance blogs, articles, and podcasts.

Idiomatic Expressions or Phrases

A “credit union mortgage” is a common phrase used when referring to the type of loan.

Related Words or Phrases

• Bank mortgage rates
• Home loan options
• Financial institutions

Collocations

• Credit union mortgage rates are often used when discussing personal finance.
• Credit unions offer competitive mortgage rates to their customers.

Frequency of Use

Credit union mortgage rates are frequently discussed in the context of personal finance and real estate.

Common Misspellings

• Crediet union mortgage rates
• Creidt union mortgage rates