I refinanced with my credit union, Apple FCU, last year. It was an epic nightmare. It took 5 months, and I have 50% equity and good credit. I complained numerous, numerous times to no avail.

I really, really wanted to be loyal to my credit union, but this experience burned me.

When my husband and I bIught a house this year, we used a for-profit mortgage company. Great service, great rates, smooth all the way.

Huh. My credit union (JHFCU) has been just awesome - low rates, quick turn around, no hassle.

Every time we've gone to our credit union (US Senate), the rates they've quoted have been higher than the rates we've gotten through a mortgage broker.

Credit unions like to pretend they are banks (even though they don't pay federal taxes), but they aren't even close in capability.

I agree with the recommendation of caliber funding. Local but not large chain banks are your best bet for quality of service and efficiency.
- signed a realtor who deals with lenders every day

We did through the CU at work and it was horribly slow (claimed back logged). In addition, they lost some of the really important papers with our SSN and bank acct numbers. We got a year of free credit check, but it was no consolation b/c I was so furious. And calling them was a nightmare b/c I talked to a different person each time and had to reexplain the situation about 50x. Never again.

Slow, slow, slow. Is your financing contingency 45 days as well? In my experiences their rates aren't better than other lenders.

Pen fed sucks they are overwhelmed and will only communicate over mail

When I bought my condo, long ago, I used my credit union (Wright Patman Federal CU). They were unbelievably slow, and acted like they were doing me a favor. We ended up closing very late - I think it took a full 3 months. They always wanted another document, piece of paper, whatever, at the last moment. I remember having to drive out to their offices (Fairfax for mortgage loans) to take them some document they asked for at the last minute. When we were going to buy our house late last year I called them for rates, but they did not offer favorable rates, so we didn't use them.

Normally I'd recommend Pentagon Federal, but I've heard they are overwhelmed with refis right now and it can take a couple of months before you even hear back from them.

We just did pen federal and it was a nightmare and our loan got completely screwed up. The representative did not answer calls or emails. Navy Fed rates were higher and their customer service seemed just as bad.

We've gotten mortgages from 2 credit unions and both times it was fine.....Pentagon Federal Credit Union was a little high maintenance but nothing that would make me not do it. Highly recommended.

Not a credit union, but look into First Internet Bank of Indiana's rates. We just refinanced with them (and originally financed with them) and had great customer service and rates both times.

Anonymous wrote:My DH and I are under contract on a townhouse in bethesda and are starting the mortgage/financing process. We have gotten a quote through a mortgage broker company for a standard 30 year fixed mortgage at a good rate. My husband has an account with a credit union and wants to look into going through them because they probably have lower rates, but I have heard they can be notoriously slow. We have about 45 days until we close...Anyone have experience with a credit union?

I haven't had good luck with trying to use my credit unions for mortgages. I belong to Navy Federal and Pentagon Federal. Navy's rates are higher and have points (unless you are military) and Pentagon doesn't seem to have as good customer service. I called Pentagon the other day and they told me they won't even do pre-approvals anymore....

I had prompt service and a good rate from a private broker, Caliber Funding.

My DH and I are under contract on a townhouse in bethesda and are starting the mortgage/financing process. We have gotten a quote through a mortgage broker company for a standard 30 year fixed mortgage at a good rate. My husband has an account with a credit union and wants to look into going through them because they probably have lower rates, but I have heard they can be notoriously slow. We have about 45 days until we close...Anyone have experience with a credit union?