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How do I go about financing a home?

Q & A with Leaders Credit Union!


How do I go about financing a home?

A conversation with an experienced mortgage professional is a great place to start.  Speaking with a trusted mortgage advisor will shed light on the process, supply answers about your specific circumstances, and provide you the momentum to begin your home financing journey with confidence. A trusted mortgage company can offer education on available financing options.


From there, the wise seek mortgage prequalification.  Prequalification is an evaluation by the mortgage lender of your eligibility for home financing, including supporting documentation, and your purchase power.  Prequalification starts with a mortgage application and ends with a prequalification letter in hand that demonstrates to home sellers and realtors that you are ready, willing, and able purchase a home.


What are your most asked questions from your customers? 

  1. Can I become a member of the credit union?Credit Unions do have criteria for determining membership eligibility.  With that said, for the vast majority of people, if you live, work, or worship in West Tennessee you are eligible for membership at Leaders Credit Union.


  1. How much down payment is required to purchase a home? It’s a common misunderstanding that a large down payment is required to become a homeowner.  In reality there are many no and low down payment options available, and even down payment assistance programs.  Like all mortgage programs, there are certain eligibility requirements with these specific options and advantages/disadvantages.  Speaking with a mortgage professional is the best place to start determining what options are available and the best fit.


What is Leaders Credit Union?

Founded in 1957, Leaders Credit Union is a not-for-profit, member-owned financial institution.  We exist to serve the needs of our members and their financial well-being is at the heart of every decision we make.  At over 55,000 members strong, our commitment to people, not profits, has allowed Leaders to grow into one of the largest, most stable credit unions in West Tennessee.


How can your services help me?

As a financial institution, Leaders Credit Union offers members a full suite of services.  These include a wide variety of options for checking, saving, borrowing, home financing, investing, business services, and much more.  As a not-for-profit, member-owned financial institution, Leaders offers these services at very competitive rates.  Without the need to seek stockholder profits, Leaders is free to constantly reinvesting to the advantage of our members in the areas of financial products, competitive rates, best-in-class technology, service, and member education.


Specific to mortgage lending, this approach has earned Leaders many accolades and national recognition.  In the category of primary residential mortgage loan origination volume, Leaders consistently ranks in the top 5% nationally (among 5,000+ credit unions), #5 nationally in our asset peer class (among 350+ credit unions), and #1 in Tennessee in secondary market loans (among 135+ TN credit unions).


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