DCU Home Equity loan

[Anonymous]

I just cannot say enough good things about DCU!  I have my auto loan through them with a 1.79% rate and decided to app with them for a home equity loan.  After doing a bit of research, they had the best rate at 3.49%.

Filled out the online app on 9/4 (Labor Day). Received an email on 9/6 from a loan officer who outlined the process and needed information.  The appraisal was a drive-by and was done on 9/13.  Loan was approved on 9/20. Received the clear to close on 9/22 and closing will take place on 9/29.

On their website, it says it will take from 45-60 days for the entire process.  I'm amazed at how quickly they have gotten this done.  Everything was done via e-mail....Don't think I ever had to speak with anyone!  

I've been a member with them since May 2016....If anyone is on the lookout for a good quality CU....Look no further!

[andyaycw]

I've heard great things about DCU and have been considering them for quite some time. 

Just to confirm - youo applied for a closed-end HELOAN, and not a HELOC? 

If it was a HELOC you applied for, do you know what they used as a qualifying payment for the HELOC? Curious, since I know some lenders use 1% of the line, some use a fully amortized amount, etc.  

[Anonymous]

It was a home equity loan with a 5 year term.

[Revelate]

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@andyaycw wrote:

I've heard great things about DCU and have been considering them for quite some time. 

Just to confirm - youo applied for a closed-end HELOAN, and not a HELOC? 

If it was a HELOC you applied for, do you know what they used as a qualifying payment for the HELOC? Curious, since I know some lenders use 1% of the line, some use a fully amortized amount, etc.  

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I have a DCU HELOC, not certain what you are referring to?  Wasn't an origination fee of any sort.

[andyaycw]

@Revelate: Sorry, I should have been more clear =)

I was referring to how DCU calculates the debt ratio in their underwriting process. Some lenders use 1% of the line amount, others use the fully amortized, others use a combination of X% above the start rate plus a fully amortized payment amount, etc. etc.  

I've been eyeing a DCU HELOC for quite some time now, but I've been getting conflicting answers from their up-front team members on what they use to qualify, and I don't want to burn a hard inquiry only to find out I don't qualify for the line amount I want. I have a HELOC right now for $25k with another credit union, and I'm looking to get a minimum of $100k. 

[Revelate]

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@andyaycw wrote:

@Revelate: Sorry, I should have been more clear =)

I was referring to how DCU calculates the debt ratio in their underwriting process. Some lenders use 1% of the line amount, others use the fully amortized, others use a combination of X% above the start rate plus a fully amortized payment amount, etc. etc.  

I've been eyeing a DCU HELOC for quite some time now, but I've been getting conflicting answers from their up-front team members on what they use to qualify, and I don't want to burn a hard inquiry only to find out I don't qualify for the line amount I want. I have a HELOC right now for $25k with another credit union, and I'm looking to get a minimum of $100k. 

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Ah I actually don't know the answer to that one; for the first HELOC it's easy: 80% of your home value (or 90% depending who is underwriting the HELOC) minus whatever you still owe on it... and that's basically it up to a maximum cap, and there they are clearly the second lien holder.

When you get 2x HELOC, I'm not sure who winds up in second vs. third position if you default (and that does matter to the lenders) and also how they calculate it in terms of the current HELOC is what percent of the closing.

They may have you close it as a function of their own extension, that's probably easiest for everyone and if I were the lender that's how I'd play it personally but maybe there's some other options available... I doubt you're the first person looking to get  a second HELOC, but I'd be interested ot hear how it all plays out.

[Atonswife]

jim858 and Revelate would you be willing to share what your scores were and what information/documentation they required for the loan or heloc. I have a bit of a situation that I posted about here in the forum and am just trying to get as much information as I can. 

I've been with DCU since 2015. I refinanced my car through them and they were great. Now I would like to see if I can get my mother to join and possibly obtain a loan or HELOC.

TIA