Many financial institutions say they can arrange a home mortgage for you, including commercial banks (e.g., Wells Fargo, Bank of America) and mortgage brokers (e.g., Rocket Mortgage and Ditech.com). Some will charge higher fees than others. However, the best place to get a mortgage is a credit union. As we discussed earlier, a credit union is essentially a non-profit entity, as it is owned by its members and, unlike a commercial bank, does not need to make a profit to pass on to stockholders. Therefore, a credit union will charge a lower interest rate and fewer fees than either a mortgage broker or a commercial bank.
If you are not currently a member of a credit union, you can easily join one. State laws differ slightly on credit unions, but you can now join almost any credit union by opening a checking and savings account and depositing $5.00. Go visit the credit union office that is most convenient to you and open an account. You can then apply for a mortgage. Credit unions are in the business of lending money, so if your credit history is good, they will be happy to work with you.