08-21-2012 09:46 PM
Good evening, I currently bank with NFCU in which they've proven to be a wonderful institution that have treated me well. I recently acquried a new auto loan with them and also have a CC, and a LOC with them as well. I'm in the market for a new mortgage in which I'm going to apply for in November. What is the consensus on having all your business with one institution? Is it recommended or not... I've been told that I should consider USAA for my mortgage. Thanks in advance
08-22-2012 09:45 AM
Well if you are going to have all of your loans with one institution then NFCU is surely the one I would pick. I don't remember what your credit profile or portfolio look like but you certainly want to diversify your credit cards across more than one bank. Just in case a particular banks system was to go down or they were to take adverse actions on your account based on real or mistaken information.
As to USAA for a mortgage that is who I went through. Their mortgage division is an outside contractor and I cannot say I was 100% satisfied with the quality of service. My loan process was a lot longer than what they had estimated and although it was a short sale purchase and some of the issues were from the sellers bank I found USAA to not be as quick and responsive as I would have liked when it was their turn in the process. I do have all of my insurance products with them (Home, Auto and Umbrella) and could not be more pleased with the service or price. Maybe talk to them and NFCU when the time comes for the pre-approval of your mortgage.
08-24-2012 06:35 AM
it is my opinion that you should always shop around for the best rates and products to maximize your money. Especially with something as big as a mortgage, a small difference in interest rate can turn into thousands in savings. That's money in your pocket.