DCU mortgage experience

[j2figuer]

My husband and I just closed on our home today. We obtained our loan from DCU and we are very happy with the way the process was handled. We applied online and received an email from our assigned loan officer the following day. One note about their online application, a credit inquiry is done before you even get to the end of the applications, as opposed to when you actually submit it. They asked us to sign authorizations to obtain employment verification, tax transcripts, etc. I informed my LO that we had filed an extension on our 2016 taxes, and even though we had already submitted them, the transcripts may not have be available at that moment. I was very surprised that she said it wasn't a big deal at all. The entire process went very fast, all communication was via e-mail ( I had selected that as my preferred way of communication) and the closing went very smooth. We have been members with DCU for about 3 or 4 years and have a car loan with them. Overall, we are very happy with them and would not hesitate to recommend them. 

A little information about our loan:

Purchase price: $100,000

Down Payment : $20,000

15 year, conventional loan

Home is located in Illinois 

[Anonymous]

Hey j2figuer,

I really appreciate you taking the time to post this!  I'm not finding much for recent (or any, really) reviews for DCU mortgage services.  DCU became my primary bank when I refinanced my auto loan with them about a year ago, and I've been so happy with their services it only makes sense to have them at the top of my list when looking into a mortgage.  I'll be starting with DCU then possibly Ally as a second pre-approval target. 

In anticipation of buying a home in Jan/Feb 2018, I started looking through and filling out their online app last weekend, and I was really displeased when I received alerts that my credit was pulled from all three bureaus before I even submitted the app!!  It was like page 2 of the app, right after entering my SS#.  Well before completing the app, let alone submitting it!  Not cool!  In fact, I still haven't submitted it yet as I'm waiting for a couple items to udpate on my credit reports first.

Anyway, I do have a couple questions for you if you don't mind:

1) Fees.  Would you consider any of the closing costs, appraisal fees, that sort of thing about on par for the industry? If not, better or worse?

2) Loan servicing.  Does DCU service the loan themselves once closed (I believe I read somewhere they do, but not sure)?  If so, is it just another account in the online portal, same as an auto loan or savings account?

Anything else you can think of that may be helpful for me (or anyone else looking at DCU) would be greatly appreciated!

Thanks, and congrats on your new home!

[j2figuer]

Hello FatherOblivion,

I would be happy to answer your questions! 

Fees- To be honest with you, we didn't really look into other lender's fees as we had pretty much made up our mind about going with DCU, and wanted to avoid additional credit inquiries. 

I'm not really sure where other lenders fall in regards to their closing costs but what I can tell you is that the closing costs on their website were almost exact to what we paid. Just go to the area that allows you to do a personalized quote in the mortgage section and look at the '' total cost'' tab.

As far as the servicing, yes, they promise to service your loan even if it's sold off.

I logged into my account today and the loan was not available to view but I was informed that it would be listed under my existing online profile soon, just like my existing car loan. 

I also had a hard time finding any information regarding DCU mortgages so let me know if you have any other questions.