Credit unions will soon be right up their with other mortgage lenders when it comes to leading edge technology.

Wait? You didn't know you could get a home loan from a credit union? You can, but most people don't realize it. In fact, they are probably the most overlooked source of housing finance.

These service-oriented cooperatives aren't any cheaper than mortgage companies, banks or local savings and loans. There usually isn't more than a quarter-percent difference among all lenders, anyway. But credit union rates are competitive. And their fees are frequently quite a bit lower because there's little of the junk fees and garbage fees you tend to find with traditional lenders.

Credit unions often provide better service, too. And since most are employment-based, they usually have a better understanding of your job situation than any unaffiliated lender.

Credit unions are not-for-profit institutions owned and controlled by their members. They were first introduced in America in 1909 to combat loan sharking and high interest rates that were common at the time among financial institutions serving working class folks.

Originally, they made small "bridge" loans to help their members through difficult times. Then they branched into auto lending and loans for other consumer goods. As they grew, so did their deposit base, enabling them to expand their services even further to include checking accounts and larger loans such as mortgages.

In the larger scheme of housing finance, though, they are still basically just bit players. Yet 38 percent of the nation's 11,700 federal and state-chartered credit unions offer first mortgages. And they serve 80 percent of everyone who is a credit union member.

And now, thanks to an alliance between Freddie Mac and the CUNA National Mortgage Corp., a leading financial service provider, they will be able to offer the same suite of on-line mortgage evaluation and processing tools that their larger competitors have.

Using Freddie Mac's system, members will be able to shop on line, submit streamlined applications, get back customized pre-approvals in four minutes or less and lock-in rates, all via their local credit union's website.

There are several reasons credit unions aren't better known as a potential source of financing for home buyers. For one thing, real estate agents rarely recommend that buyers check with their credit unions, so they are easily overlooked. For another, credit unions don't normally employ a stable of loan officers who beat the bushes for business.

But perhaps the biggest drawback is simply a lack of knowledge on the part of members. Many are not even aware their credit union is in the mortgage business, industry experts concede.