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Credit Unions are offering 2.5 points less than other lenders, am I missing something?

Hello I am about to go into escrow, I have credit unions offering me 2.85% on a 7 year ARM, all other lenders, including the highly recommended ones by savvy friends are offering a 5.25% on the same ARM. I would be saving almost 1000$ a month.

What in the world? there is people paying that much over just because they do not know that Credit unions have amazing ARM rates? is this a norm? I am a fist time buyer, so I am just amazed how I almost paid 1000$ over, and how people are paying that much period. Please explain.

I live in socal, great credit and putting 10% down on a 650,000 home.

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TLDR: 7 year arm on a 2.85% from credit union and 5.25% from all non credit union lenders. How is this even fair?

submitted by /u/cpgalvez
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source https://www.reddit.com/r/RealEstate/comments/ubftin/credit_unions_are_offering_25_points_less_than/
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