Savings and loan associations

Savings and loan associations are not technically banks in the traditional sense.

They are mutual financial institutions that offer mortgages, refinance loans, and alternative home loans using escrowed savings.

Also known as “savings,” the institutions’ functions vary, and some or publicly traded companies.

Here are the services you can expect from a savings and loan association:

• Accounts: You can open current and savings accounts through a savings and loan association.
• Loans: Savings associations offer a wide range of loans, and most of them are home and real estate related.
• They are simpler, locally-oriented institutions that encourage people to buy homes in certain neighborhoods.