The New York Times reports that some home buyers are turning to credit unions to obtain mortgages with lower rates and fewer fees. Credit unions are non-profit, cooperative financial institutions owned and run by their members. Membership is limited to groups in a common professional association or occupation or a certain region.
The Times reports that since the 2008 subprime mortgage market crisis credit unions have provided more than $100 billion in first-time loans, including both mortgages and refinancing.
The state Department of Banking regulates credit unions.
