FAQs

Answers to your questions on all things Brotherhood Credit Union, online banking, mobile banking, mortgages and more.

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General Education Digital Mortgages Auto

General Education

A credit union is a not-for-profit financial cooperative. It’s member-owned and controlled through a board of directors. The board establishes and revises policy, sets dividend and loan rates and directs certain operations. The result: members get a safe, convenient place to save and borrow at reasonable rates with an institution that exists to benefit them.
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, NH, with the St. Mary’s Cooperative Credit Association. A church-affiliated credit union, St. Mary’s opened its doors in 1909. Today, one in every three Americans is a credit union member.
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional group, otherwise known as a “field of membership.” You’re in the field of membership based on where you live or work or your membership in a social or professional group.
Yes. All savings accounts are insured up to $250,000 by the National Credit Union Association (NCUA). Shares in excess of $250,000 are insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC).
It’s easy. Simply apply online or stop by a branch.
BCU’s routing number is 211383956.
BCU has three convenient locations on the North Shore:
  • 75 Market St., Lynn, MA 01901
  • 254 Humphrey St., Marblehead, MA 01945
  • 167 Washington St., Peabody, MA 01960
Call our 24-hour, toll-free hotline at (833) 809-9965.
Call our 24-hour, toll-free hotline at (800) 654-7728.
You can make deposits into your BCU account in several ways:
  • Visit a branch
  • Deposit checks or cash at a BCU ATM
  • Set up Direct Deposit
  • Use Mobile Deposit with our mobile banking app

Digital

Online Banking

You’ll need to enroll in Online Banking using your BCU Account Number, Social Security Number and email address.
You’ll be required to create a password with a minimum of 8 characters, including at least one letter and number.
Yes, you can transfer money between BCU accounts by clicking the Transfer link from the top main navigation of Online Banking.
To view your eStatements, click on an account from the main Online Banking overview page. Navigate to the Account Details page and click “Documents.” A window will pop up to bring you to the list of your statements.
On the main Online Banking overview page, click on the account number to display the details.
You can sign up for eStatements in four quick steps:
  1. On the main Online Banking overview page, click “Profile” in the upper righthand corner.
  2. Click “Manage Statements,” which will open a pop-up page.
  3. Click on “PDF document” and another page will pop up with a code.
  4. Enter the Confirmation Code as instructed and click “I agree.”

Mortgages

BCU offers a wide variety of mortgage options, and we’re happy to help you choose what’s right for you. Call (781) 598-5555 to speak with the Mortgage Department.
When you apply for a mortgage loan, there are several items you’ll need to provide your lender. The following items help lenders determine an approved amount for your mortgage loan:
  • Completed application
  • Last 2 years of W-2 forms
  • Four most recent pay stubs
  • Bank statements from the last 2 months, including 401k or other retirement accounts
  • If you rent, 12 months of cancelled checks, including landlord’s name and address
  • Social Security and/or Pension letter (if applicable)
  • Other documents may be required
Refinance
  • Most recent mortgage and home equity bills
  • Most recent real estate tax bill with assessed value
  • Homeowner’s insurance policy showing premium and flood insurance policy (if applicable)
Purchase
  • Signed “Offer to Purchase” (OP) or Purchase and Sales Agreement (P&S) signed by all parties
  • Name and telephone number of the real estate broker
  • Condominium documents if purchasing a condominium
  • Proof of down payment
  • Cancelled checks for the down payment for OP or P&S
Fixed-rate mortgages have a set interest rate, so the payment stays the same for the life of the loan. Choose a fixed-rate mortgage if you plan to own your home for a longer period of time and prefer the predictability of a fixed monthly payment.
With an adjustable-rate mortgage (ARM), your initial interest rate is set for a 1-, 3-, 5-, 7- or 10-year fixed period. After that time, your rate could increase or decrease. ARMs usually offer a lower initial rate than a traditional fixed-rate mortgage, which may provide you with lower monthly payments for the initial fixed period.
Usually, your monthly mortgage payment consists of three parts: principal, interest and taxes, but it can also include private mortgage insurance (PMI). The principal is the amount in your monthly payment that reduces the original amount borrowed. Over the life of a standard mortgage loan, the entire original amount borrowed is generally scheduled to be fully paid off, or amortized. The interest rate is the fee charged to borrow the outstanding balance for the past month. In addition, a monthly amount may be collected and held in a separate escrow account to cover property taxes and mortgage insurance. Your lender uses the money in the escrow account to pay your tax and insurance bills as they come due.
PMI is private mortgage insurance, a special insurance that protects the lender in case of borrower default. It’s typically required when the borrower makes less than a 20% down payment.
Applying for a mortgage with BCU is easy. Just complete our online application.
Both buyer and seller agree to transact the home sale with the help of their realtors, the closing agent and their attorneys. Buyers sign their promissory note, mortgage documents and the Truth-in-Lending Statement (TIL). Closing costs are collected at this time, too. They will be itemized on the HUD-1 statement for easy review. Both parties sign paperwork that transfers ownership of the home from seller to buyer. Buyers get keys, codes and access to the home that is now theirs.

Auto

  1. Gather necessary documentation. Before you apply, help expedite the application process by gathering documents like proof of income, identification, and financial statements.
  2. Fill out the application accurately. Complete the loan application and be sure to double-check your entries to avoid any errors that could lead to delays in the processing of your application.
  3. Consent to a credit check. BCU will perform a credit check as part of the application process. Be prepared for this and understand that your credit score may temporarily decrease due to the inquiry.
  4. Provide additional information if requested. You may be asked to provide additional information or documentation. Be prepared to provide any requested information promptly to increase your chances of approval.
Once you’ve submitted your application, the lender will review it and make a credit decision. If approved, you’ll receive the funds in your bank account or as cash or a cashier’s check, usually within a few business days. Then you can use the funds and start making your monthly loan payments.
When applying for an auto loan, it’s essential to have the following documents ready to expedite the process and increase your chances of approval:
  1. Proof of identity, such as a driver’s license or passport.
  2. Proof of income, such as pay stubs or tax returns, to show that you have the means to repay the loan. Additionally, be prepared to submit documents detailing your employment history and current financial obligations.
  3. Proof of address, as seen on a utility bill or home loan statement.
BCU looks at your credit score, income, and debt-to-income ratio. A good credit score is key to securing a lower interest rate and better loan terms, so it’s important to maintain a positive credit history. We also prefer to see a stable income to ensure you can make timely payments. Having a low debt-to-income ratio also shows that you can manage your finances responsibly. By taking steps to improve your credit score, increase your income, and decrease your debt, you can better position yourself to qualify for a personal loan.
No, seeking pre-approval for a loan will not affect your credit score. When you apply for pre-qualification, we’ll perform a soft credit check that does not appear on your credit report. This allows you to shop around for the best loan terms without worrying about damaging your credit score.
  1. Proof of income, such as recent pay stubs or tax returns, to demonstrate your ability to repay the loan.
  2. A valid driver’s license and proof of insurance are typically required.
  3. Any information on the vehicle you’re considering, including the VIN, lienholder’s release, and title.