Are you a good fit for a credit union?

If you're in the market for a mortgage loan or a refinance, you likely won't save a ton of money by going through a credit union, Penrod says. Regulation in the mortgage industry means that most lenders offer very similar rates and products. But that doesn't mean you shouldn't check with your credit union before you shop around for a new mortgage loan.

"Most credit union loans are originated to hold," Penrod says. "That means (the loans) are put on the institution's balance sheet, so credit unions look to get members into loans they can afford to repay."

But there's another reason credit unions are an attractive option for borrowers. According to Penrod, credit unions typically need to distinguish themselves in the mortgage market by competing on service, which means the borrower will be able to work with the original lender for the life of the mortgage loan. If something goes wrong, the borrowers have a much better chance of working with the original lender who understands their financial situation than with a mortgage servicing company that bought the loan, says Penrod.