Credit Union for Mortgage

[Anonymous]

Anyone use a credit union for their mortgage? What was the advantage vs. a regular bank? Lower interest rate, lower down payment, etc...?

My wife is a member of the credit union through working at MCPS, but we don't bank there, so I was curious if anyone has had any experience with them.

Thanks!

[Anonymous]

decent rates, stellar closing rates and not feeling like we were being taken with all kinds of last minute fees...

HOWEVER- Navy FCU sold our mortgage and the value of our house went waaaaay down and we have been unable to refinance, so we are paying what is now a high rate, always padi on time etc. but stuck with a relatively expensive mortage on a house that has 20% value.

had a real bank held the mortgage we could have refinanced

possibly this would not apply at the current rates and housing prices, so go ahead

[Anonymous]

Anonymous wrote:decent rates, stellar closing rates and not feeling like we were being taken with all kinds of last minute fees...

HOWEVER- Navy FCU sold our mortgage and the value of our house went waaaaay down and we have been unable to refinance, so we are paying what is now a high rate, always padi on time etc. but stuck with a relatively expensive mortage on a house that has 20% value.

had a real bank held the mortgage we could have refinanced
possibly this would not apply at the current rates and housing prices, so go ahead

Have you been living under a rock for the last five years? "Real banks" also resell mortages. In your case, it is the decline in fair value of your home that prevents you from refinance.

People need to live with in their means, and stop blaming others.

[Anonymous]

Credit Unions tend to be community oriented and have less predatory lending practices like the regular banks. They tend to offer lower rates on loans than the banks.

During the recent government furough, some large Credit Unions proposed to do workouts with the government employees until they got back on their feet.

[Anonymous]

If this is a purchase, not a refinance - credit unions are SLOW. I've had some who have had trouble dealing with a 21-day financing & appraisal contingency and 30-day close, which are pretty standard.

[Anonymous]

While I recommend credit unions for the great rates AND most of them do not sell the loans -- I also want to share that I just closed last week on a refi that I applied for on ... wait for it ... June 27th! 4 months.

So yeah, obviously they give precedence to new loans in order for people to close in time, so refi's get stuffed on the bottom of the pile. But dear lord. This was a refi for 94K balance. It was a no brainer and could've been done quickly.

[Anonymous]

We've done both a mortgage, refi, and auto loan with credit unions, all our banking in fact. Rates are good and they've been quick about processing. NASAFCU held onto all our loans so we haven't had a problem. I will never go back to a traditional bank.

[Anonymous]

Anonymous wrote:

Anonymous wrote:decent rates, stellar closing rates and not feeling like we were being taken with all kinds of last minute fees...

HOWEVER- Navy FCU sold our mortgage and the value of our house went waaaaay down and we have been unable to refinance, so we are paying what is now a high rate, always padi on time etc. but stuck with a relatively expensive mortage on a house that has 20% value.

had a real bank held the mortgage we could have refinanced
possibly this would not apply at the current rates and housing prices, so go ahead

Have you been living under a rock for the last five years? "Real banks" also resell mortages. In your case, it is the decline in fair value of your home that prevents you from refinance.

People need to live with in their means, and stop blaming others.

lots of assumptions there sweetie. not living beyond our means. just paying higher interest rates, than we'd like to. it would have been easier to refinance if the mortgage is someplace identifiable. like a good old fashion local bank. not so many of those around. but if you want to call this thing we're paying the mortgage on a rock, go right ahead. i guess it's a rock with a newish roof.

[Anonymous]

Did our mortgage and refinance at SECU -- excellent and prompt service, great rate, low fees, and have been treated more than fairly all the time. We are very happy with our experience.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:decent rates, stellar closing rates and not feeling like we were being taken with all kinds of last minute fees...

HOWEVER- Navy FCU sold our mortgage and the value of our house went waaaaay down and we have been unable to refinance, so we are paying what is now a high rate, always padi on time etc. but stuck with a relatively expensive mortage on a house that has 20% value.

had a real bank held the mortgage we could have refinanced
possibly this would not apply at the current rates and housing prices, so go ahead

Have you been living under a rock for the last five years? "Real banks" also resell mortages. In your case, it is the decline in fair value of your home that prevents you from refinance.

People need to live with in their means, and stop blaming others.

lots of assumptions there sweetie. not living beyond our means. just paying higher interest rates, than we'd like to. it would have been easier to refinance if the mortgage is someplace identifiable. like a good old fashion local bank. not so many of those around. but if you want to call this thing we're paying the mortgage on a rock, go right ahead. i guess it's a rock with a newish roof.

Are you implying that if your mortgage was still with NFCU or with some "good old fashion local bank" that it would be easy to refinance even after your home "went waaaaay down"? The answer to that is a resounding "no." Or, "noooo." What was impeding your ability to refinance was your home's value relative to your equity, not the institution that held the mortgage.*

And, look up "living under a rock." It's an expression; PP was not insulting your house.
*Well, unless it was Bank of America. They are complete assholes about everything.

[Anonymous]

Anonymous wrote:We've done both a mortgage, refi, and auto loan with credit unions, all our banking in fact. Rates are good and they've been quick about processing. NASAFCU held onto all our loans so we haven't had a problem. I will never go back to a traditional bank.

We had a great refi with NASA FCU, too. Long time members there. We were happy to have everything consolidated with our main financial institution.

NASA FCU sold out mortgage within a week. It's all fine, and we'd use them again, but we were a little annoyed.

[Anonymous]

I just closed my first home using mortgage from FCU. Good rate and many closing cost discounts.

[Anonymous]

Bank of America sold my mortgage. I can't refi thanks to prices falling. Has nothing to do with the original lender.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:decent rates, stellar closing rates and not feeling like we were being taken with all kinds of last minute fees...

HOWEVER- Navy FCU sold our mortgage and the value of our house went waaaaay down and we have been unable to refinance, so we are paying what is now a high rate, always padi on time etc. but stuck with a relatively expensive mortage on a house that has 20% value.

had a real bank held the mortgage we could have refinanced
possibly this would not apply at the current rates and housing prices, so go ahead

Have you been living under a rock for the last five years? "Real banks" also resell mortages. In your case, it is the decline in fair value of your home that prevents you from refinance.

People need to live with in their means, and stop blaming others.

lots of assumptions there sweetie. not living beyond our means. just paying higher interest rates, than we'd like to. it would have been easier to refinance if the mortgage is someplace identifiable. like a good old fashion local bank. not so many of those around. but if you want to call this thing we're paying the mortgage on a rock, go right ahead. i guess it's a rock with a newish roof.

Are you implying that if your mortgage was still with NFCU or with some "good old fashion local bank" that it would be easy to refinance even after your home "went waaaaay down"? The answer to that is a resounding "no." Or, "noooo." What was impeding your ability to refinance was your home's value relative to your equity, not the institution that held the mortgage.*

And, look up "living under a rock." It's an expression; PP was not insulting your house.
*Well, unless it was Bank of America. They are complete assholes about everything.

Ugh, +1. When you take out a mortgage, please consider the long-term implications. Don't assume you can refinance, build large amounts of equity, etc. That "relatively expensive mortgage" you took out is a serious commitment and you knew what you were getting into up front, but probably chose to ignore. Drives me crazy when when people don't realize that and say they're "stuck."

[Anonymous]

Anonymous wrote:decent rates, stellar closing rates and not feeling like we were being taken with all kinds of last minute fees...

HOWEVER- Navy FCU sold our mortgage and the value of our house went waaaaay down and we have be
en unable to refinance, so we are paying what is now a high rate, always padi on time etc. but stuck with a relatively expensive mortage on a house that has 20% value.

had a real bank held the mortgage we could have refinanced

possibly this would not apply at the current rates and housing prices, so go ahead

Um, no, not necessarily. Banks resist refinancing underwater mortgages. That's why all of those government programs were created, but even they have specific rules.